Two months ago, Albert Edwards first suggested that investors are focusing on the wrong catalyst for the next crash, which according to the grumpy SocGen strategist would emerge out of China, contending that as Trump exerts mounting pressure on the Chinese economy via tariffs, "the worry is that a Chinese policy response will send the global markets into a tailspin, just as the August 2015 devaluation did."

Today, in his latest note, Edwards doubles down on his assertion that a China hard-landing may be "the grey rhino that investors are ignoring" even as he once again admits that "naysayers, such as I, have consistently been proved wrong about the ability of China's policymakers to successfully navigate choppy waters without capsizing the economic ship. And it is wholly natural that investors, having been proved overly bearish about the economy in the past, have given up worrying about a Chinese hard landing – but now that ship looks to be taking on water once again."

But, as he alleged back in October, when he wondered if "China's luck is running out", Edwards doubles down, only instead of using the traditional sinking ship metaphor, this time the SocGen permabear compares China's economy to driving a motorcycle, and specifically a close personal encounter he calls the "Tank Slap", which he describes as one where the front wheel wobbles violently out of control from side to side, with the handlebars hitting both sides of the petrol tank.