It's not a bubble if its driven by revenues and not just high interest debt lol. Also you might be interested in PE ratios alongside interest rates. You are so

It's not a bubble if its driven by revenues and not just high interest debt lol. Also you might be interested in PE ratios alongside interest rates. You are so close to putting it together on your own, but keep detouring into permabear territory. As you point out, there is more money in the system and less places for it to go, so not only is the consumption piling into these services, people are also willing to pay a higher ratio for the shares. This means that PE ratios in isolation cannot tell you anything, a PE ratio to interest rate ratio will tell you everything. As long as confidence isn't shaken in the currency, more of that currency in the system will push interest rates lower. So all you are seeing is where the money goes.