Here at the start of 2020, we’ve just said good-bye to the “twenty-teens, a decade defined by central bank intervention.
Since the the Great Financial Crisis that began in late 2008, the world’s central banking cartel has increased the global money supply by a net total of roughly $14 trillion — often handing off the money-printing baton to one another over the years.
And despite being in “recovery” for the past ten years, the majority of the world’s central banks are back shoving liquidity into the system once again.
So, where has all this intervention gotten us?
Many would say to the peak of the biggest asset price bubble ever blown in history.
- Total US Market Cap is trading at 153% of GDP — the highest ever
- The top 1% owns nearly half of the world’s wealth (the 500 richest own $6 trillion!)
- The bottom 60% of the world’s adults have less than $10k/household
How did we get here?
How will these extreme imbalances resolve themselves?
Last week, Mike Maloney, Grant Williams, Charles Hugh Smith, Chris and I all convened to tackle exactly these questions.
Back in 2018, each one of us was ringing a bell warning of a massive asset price bubble. 2019, however, only saw prices further shoot the moon (S&P up 28%, Nasdaq up 35%). And ever since ‘Not-QE’ was announced by the US Fed on Oct 8th, the rate of increase has only become more manic.
Exactly WTF is going on?!?
To find out, watch this short trailer:
And then click here to watch the full 90-minute video discussion.