Is Reality Finally Catching Up With Financial Markets?

I believe the global financial markets are now in what I would call a Wile E. Coyote moment, frequently depicted in the old Warner Bros. animated series called "The Road Runner Show." In this cartoon series, a coyote, while pursuing a roadrunner, would inevitably end up running off a cliff and be suspended in mid-air until he looked down and hurtled to the bottom. I say this because, in case you didn't notice, last week we had the first public admission that fear is starting to grip monetary officials as a result of the Iran conflict. The United…