The Financial Times writes, “Central banks’ actions aimed at stimulating economies, including quantitative easing, have deliberately sought to push investors into riskier assets, and share prices have risen sharply since 2009 – leading to fears of stock market corrections if economic growth disappoints.” If private investors have been encouraged to buy equities because prices are high, and prices are high because central banks have been driving them up with made-up money, then we have all the makings of a real world-wide Ponzi scheme.
