The Nasdaq has increased tenfold between the beginning of 2009 and the end of 2021, the S&P 500 a little more than five-fold. It was difficult to imagine, when the Fed started its ultra monetary stimulus (followed more or less belatedly by its various counterparts in the developed economies) that the world would go from one crisis management policy to another for more than a decade. The method of massive monetary stimulus has become, over the years, monolithic, inflating huge bubbles. Continue reading “The Industrial Revolution Will Outlive the Liquidity Bubble”