Noland: Latent Market Bubble Risks

``After struggling with challenging macro analysis and unsettled "risk-on, risk off" market dynamics over recent years, Draghi's "do whatever it takes," Bernanke's $85bn QE a month, and Kuroda's "shock and awe" "Hail Mary" seemed to ensure a breakout "risk on" year in 2013. The enticing backdrop worked to ensure the speculator crowd became fully committed -- only to now see global risk markets abruptly reverse course. Anytime the crowd suddenly seeks the exits, risk markets will confront immediate liquidity issues. This dynamic is compounded by the fact that thousands of funds have "weak hands." It wouldn't take significant market losses before redemptions and viability become pressing issues. ''