New quarter, new realisation, the actual outcome is, a serious financial event is inevitable. We’ve had central bank interventions from the Bank of Japan, Bank of Korea and the Bank of England. The Fed are hiking firmly to get them into restrictive territory. A hard landing is coming. There’s a whiff of bond market dysfunction and a smell of UK pension funds approaching near collapse. The dominoes are lined up, but rather than a world toppling performance watching pure magic in motion, the elephant will crash into the room and it’ll all go down hard.