Let’s open with the overproduction of crude oil and use that as a factotum for all commodities. The world is not producing too little but too much of almost everything.

It’s easy to think of today’s scorching-hot meltdown in equities, precious metals, oil and a majority of agricultural commodities, bond yields and the U.S. dollar as cyclical, corrective or somehow coincidental.

It has been by any reckoning a very erratic week in most markets. Equities, precious metals, bond yields, and oil were whipped here and there, up and down after last week’s FOMC vote.