> There's been just as much "cash" created by stock market overvaluations and un-backed securities. Yes, though they originate from the free-cash printing. Bot

> There's been just as much "cash" created by stock market overvaluations and un-backed securities. Yes, though they originate from the free-cash printing. Both through the central bank (Federal Reserve) and private banks that were allowed to do fractional reserve lending, the US infused immense cash into its economy, which led to all the phenomena you mentioned. Because in countries that cant have zirp, such overvaluations of stocks and securities are scarce. Indeed, the derivatives market took a life of its own and created derivatives of derivatives backed by derivatives that were loosely tied to real-world assets and that also contributed to the bloat. But the real deal was always the zirp.