mondayitis, page-68

Kenneth if you look at charts for commodities copper, gold, oil, CRB index for example - they all start rising before shares start rising. Further during the previous boom it was real estate prices that preceded higher share prices in the US, here the RBA was still raising rates long after share prices started falling and there are numerous other exceptions to the order of numbering.

Looking beyond the simplified model, the clock is depicting an idealized liquidity cycle in the firm control of a single, all-powerful central bank - reality is a lot messier.