The money printing has kicked the can longer than I expected. Just because everyone refers to the current environment as the "new normal" doesn't mean it's normal though. We have extremely high valuations, almost no volatility and seemingly nothing matters, and markets everywhere have been distorted by the coordinated CB buying. There is almost no price discovery any more, which is completely irresponsible and has led us to this "everything bubble". I think we'd have seen far more side effects if only one CB was doing it, but they're all doing it. We can't really point to gold and silver reflecting this because they are constantly manipulated lower, though I see Bitcoin keeps soaring.

The CB's are like Sisyphus trying to push the world economy uphill, against ongoing fiscal disasters (US budget and pension shortfalls) and demographics changes, and look out below if they ever step away, or are forced to back off.

It's utterly crazy to me that just a few short years ago people were openly mocked as tin foil hat wearing clowns for suggesting CB's were supporting equity markets, and now look where we are, with major CB's openly buying shares and admitting they take cues from the market too.

Speaking of valuations, wow at the likes of EA. With analyst ests of $4.22 for March 2018 and $4.95 for March 2019, it's now trading at over 23x earnings almost two years out! One of their big franchises is now on hiatus too, Mass Effect, after the dismal performance of Andromeda and subsequent layoffs at the studio.