The way I understand it is: Since 2008 central banks around the world lowered interest rates in order to stimulate investment. But for the first time ever, the

The way I understand it is: Since 2008 central banks around the world lowered interest rates in order to stimulate investment. But for the first time ever, they set the interest rates to below the inflation rate. This below-inflation interest rates means that borrowing from central banks and putting the borrowed money into any asset is on average going to be a win, because the currency gets weaker faster than the interest accrues on the loan. This causes the institutions and individuals with good credit (usually backed by lots of held collateral) to borrow as much as they can and put it into stocks, real estate, crypto, or anything that is not cash and not subject to depreciation. This borrow and buy feeding frenzy will continue as long as interest rates are lower than inflation, because it is free money for those who partake.