>As @rtpg says, that stops not when Fed stops printing money but when market realises that the high asset prices "globally" become obviously unsustainable. I t

>As @rtpg says, that stops not when Fed stops printing money but when market realises that the high asset prices "globally" become obviously unsustainable. I think it's clear to every investor that certain asset classes (eg. equities) are hugely overvalued. The problem is a lack of alternatives. People in pension funds, hedge funds, asset managers, etc. all try to meet their return targets. As long as national banks keep printing money and buy up all the government issued securities that search for yield is going to continue. Either the national banks stop printing money (or rather reduce their QE programs) and the bubble will burst or expectations for deflation rise so high that holding cash becomes a valid alternative. We've seen some hints at that in Switzerland, where corporations are starting to hold huge amounts in cash at their headquarters to avoid negative interest rates. Still, this rise of deflation is exactly what national banks are trying to avoid and as the article pointed out: Don't bet against them. I think they might even come up with some clever new ways to introduce even more cash into the economy.