the near-US$185 trillion pool of Global Liquidity, the aggregated amount of international cash savings and credits. This is two-thirds bigger than World GDP, and because it includes elements of shadow banking and repo market activities, it exceeds traditional money supply metrics by some US$70 trillion. Global Liquidity is US$12 trillion higher so

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Global Liquidity is up an impressive near-40% since 2019 and by more than a whopping 125% since the 2008 GFC. To add context, the IMF estimates that World GDP across the major economies is barely 50% higher in nominal terms and a lesser 30% up in real terms.

So it’s little surprise that this excess liquidity has flooded into financial assets. Since

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