Global fund managers have almost no faith in the latest stock market rallies around the world and have begun to fear the worst from Brexit, putting aside near record sums of money in cash as they brace for a ‘summer of shocks.’

Investors have already lost confidence in China’s economic rebound this year and are shunning British equities like the plague, fearing a financial crunch if Britain votes to leave the EU.

Bank of America’s monthly survey of funds shows that 27% now think Brexit is the biggest ‘tail-risk’ for the global economy, overtaking neuralgic concerns about a devaluation by China or a wave of defaults by Chinese companies.

Longstanding fears that central banks are running out of policy ammunition or risk ‘quantitative failure’ have slipped to third place. The new worry is ‘stagflation’ in the US, a toxic mix of slowing growth and rising inflation at the same time.

What is puzzling is that this mood of deep alarm conflicts with clear evidence of accelerating monetary growth worldwide, usually a harbinger of better times ahead.

We all got it wrong.

Everybody who wrote Donald Trump off as a political charlatan destined to flame out; everybody who called Trump a clown who would return to his reality show and leave us all alone; everybody who suggested that this circus couldn't -- couldn't! -- continue...we were all wrong.

Now it's time to take away a few lessons.  Here are five.

First, failure to utilize ideological purity tests leads to the rise of leftist candidates within your own party.

Second, ignoring social issues means that the only way to appeal to disgruntled blue-collar voters is by moving left on economics.

Third, moral narrative is far more important than policy knowledge.

Fourth, when you believe there are no good guys, character doesn't matter.

Fifth, lack of institutional trust leads to the rise of protofascists, not to a general allegiance to liberty.

Let’s discuss each.

The eurozone’s short-lived recovery is already losing steam as stimulus fades and deep problems resurface, raising fears of yet another false dawn and a potential deflation trap if there is any external shock over coming months.

Since the end of November, the euro has steadily risen against the dollar from a low of 1.05 to 1.14 today (5/11).  But the sugar rush is coming to an end.

Industrial output fell in 1.3% Germany and 0.3% in France in March as manufacturing stalled, confounding expectations for robust expansion. The relapse in a string of countries suggests that flash estimates of 0.6% GDP growth in the first quarter were too optimistic and may have to be cut.

“The recovery is not gaining any traction. I am really quite worried about another spasm of the debt crisis over the summer,” said Lars Christensen from Markets and Money Advisory.

The eurozone has been basking in a sweet spot over the last year, with stimulus from cheap oil, a weaker euro, ECB bond purchases, and an end to fiscal austerity, all coming together in a "perfect positive storm". “If that can’t produce growth, nothing will,” says Nouriel Roubini from New York University.

The Green religion is dying. You can see the evidence of this in the latest Gallup survey showing the number of Americans who identify as “Environmentalist” down to 42 percent (from 78 percent in 1991).  But even more telling, I think, are the glimmers of anti-Green skepticism we’re now starting to see in movieland and on TV.

See, for example, Kingsman (2014) which cast Samuel L Jackson as an insane Malthusian bent on wiping out most of the human race for the good of the planet; and also Utopia (2013), the genius, black as your hat thriller about a similar “the Earth has a cancer; the cancer is man” type conspiracy.

Now there’s a Nordic Noir TV series I strongly recommend you watch – just out on DVD – called Follow The Money.

The Guardian hated it – which is a recommendation in itself. But what’s even better is the reason why I suspect the Guardian hated it: it couldn’t quite get its head around the fact that the bad guys aren’t in Big Oil or the Military Industrial Complex or some faceless corporation. Instead, the baddies work for a renewable energy company with the caring, sharing name Energreen.