David Rosenberg says has a striking analogy for the world economy. Where others see stability and recovery, he sees "a car being driven by a drunk, lurching from side to side on the road, narrowly avoiding the ditches each time."
A better analogy would be, an irresponsible parent who throws a house party for his teen-age children, and provides an open bar for all their under-age friends. The result is chaos and destruction, and much criticism and complaining from his loyal spouse.
To make amends, the guilty party immediately orders repairs to the house, sparing no expense, and overdrawing the joint checking account by huge sums. Within a few weeks, all is returned to normal.
Beaming with joy at the success of his repair efforts, he announces to his spouse and teen-age children "Now we are going to have a really, really great party," and proceeds to order in all the food and beverage the house will hold, and invite all comers.
I'm thinking of the Fed, and other Central Banks.
Disclosure: I am long SPY.