The money did not got anywhere. It probably stayed within the banking system. Money is created only via debt, not by bank to bank lending, and not by printing.

The money did not got anywhere. It probably stayed within the banking system. Money is created only via debt, not by bank to bank lending, and not by printing. Also, money is actually becoming cheaper (10 year yield is at its lowest) and we are probably entering a negative yield regime. The underlying root cause is technology and demographic. I.e. the "glut" is due to low demand and not due to high supply. This is one of the reason that you see this big valuations.