That cash is coming from sales of inflated assets that have grown during The Everything Bubble. The Everything Bubble grew during a decade of negative real rat

That cash is coming from sales of inflated assets that have grown during The Everything Bubble. The Everything Bubble grew during a decade of negative real rates and, thus far, has not popped during rate normalization (although you can argue that rates are still very low or negative in real terms, depending on your measure of inflation.) If The Everything Bubble eventually deflates (maybe it's different this time) and mountain towns remain expensive then I will be proven wrong. And I have to admit, the longer interest rates stay high and asset prices do not adjust down the less certain I am of my thesis. We will see.