Define and defend "unhealthy." Money is created out of thin air every day. That's how banking works. There are hundreds of T of undervalued assets around the

Define and defend "unhealthy." Money is created out of thin air every day. That's how banking works. There are hundreds of T of undervalued assets around the world. You can buy a beautiful castle in Sicily for $100. The Fed's holdings are nothing. The assets on the Fed balance sheet are also largely inert. Like the archeological underpinnings of a skyscraper. Dig and you will find interesting things, could put them into museums. But they do little from a structural perspective. The translation of capital into productive work and actual value worldwide is still extremely inefficient. This inefficiency is the guard against inflation. Pay more attention, as always, to actual businesses, their P&Ls, projections of future cash flows.