I don't think they ever really wake up, they just begin to notice things that hit them in the face, then they change direction as a herd. I.e. when the crash starts happening they will sell and move to cash, but when they sell is when they should have be buying hard assets for the coming inflation. It's a very unfortunate situation but its a fact of life that very few care enough to get educated about finance.
One thing I'm not sold on yet is whether or not all this cheap money will be enough to keep asset prices up through this period of stagflation, I'm leaning toward no but we will wait and see, knife edge type situation.
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