Yes, you could have also said it in 1987 in Japan. The Nikkei 225 had returned 23% ARR since 1950 (for 37 years) and would return another ~60% before falling an

Yes, you could have also said it in 1987 in Japan. The Nikkei 225 had returned 23% ARR since 1950 (for 37 years) and would return another ~60% before falling and going nowhere (except down) for the next 30 years. We have never actually had a true deleveraging in the system (in terms of absolute debt loads), so we're kicking the can on that down the road. It's working for now, but it's not going to work forever. We'd need either a deflationary crush or an inflationary debt jubilee to reset the leverage - it's going to be painful either way. That has been the modus operandi since the late 80s (in the U.S.) - increasing deficits, increasing debt, and bailing everyone out, but it will eventually stop working (number go up won't work forever).