Were you feeling a bit chipper on Thursday, comforted by the promise of a long weekend?

Well, there’s nothing like a healthy dose of Albert Edwards to curb one’s enthusiasm.

The latest from SocGen’s incorrigible – but affable – perma-bear finds Edwards in rare form, picking apart the global central bank victory lap with a rather devastating look at inflation expectations and the extent to which (willful) ignorance is bliss when it comes to base effects from higher crude prices.

This is actually a really good note. That’s not to say that Edwards’ other recent missives aren’t good, but rather he seems to have actually sat down and thought about this one as opposed to resorting to the old stream-of-bearish-consciousness, “my ‘ice age’ thesis still applies, I promise” rant.

The first paragraph is vintage Edwards and he even manages to get in a Marc Faber reference for a little extra “doom-age.” Read below and enjoy as the sellside’s greatest bear speaks on the dangers of hubris…

Via SocGen