Not long ago, phrases like "China hard landing" and "Euro crisis" kept traders, investors, and policymakers up at night.

Sure, many of the related problems have gone unresolved. 

But the idea of crises have certainly receded.  And this is reflected by a plunging volatility index (aka VIX or fear index) and surging stock markets.

Bloomberg BRIEF economist and chart guru Michael McDonough just tweeted this chart tracking stories with the words "China," "slowdown," "Europe," and "crisis."

It's unclear if the decline in stories caused volatility to recede or vice versa.

Regardless, the correlation seems pretty clear.  Here's McDonough's chart: