I reckon it's a pithy statement the finance news is prone to making, and requires further elaboration. It's clear to us all when one says there is a bubble in

I reckon it's a pithy statement the finance news is prone to making, and requires further elaboration. It's clear to us all when one says there is a bubble in housing, but this doesn't make much sense, and may well on further elaboration be found to be nonsense! If one were to be treating cash an as investment, i.e. in a savings account, then one would think a cash bubble would be where you're getting a relatively good return, and were the bubble to burst, the return would collapse. That's clearly not the case now: cash returns little or a loss (interest - inflation). And in terms of its value, rather than its return, well it's been losing value there too, relative to stocks and housing. So hard to see a bubble there either.