The central banks have pumped out that much money is has all ended up in assets - shares, property, you name it.
Instead of the money going into real companies producing real services and goods, most has been speculated.
Well ding dong now the Piper has to be paid.
It is going to be extremely ugly here in Australia. Unemployment is going to rise and so are interest rates. They must rise as the banks will be unable to keep funding their property loans via overseas bond sales.
Interesting article in todays AFR, big 4 banks are operating on horrendous leverage of more than 20x Tier 1 capital. Shameful that the government allowed this to happen. They are in a much worse state now than before the GFC and yet their shares are all at record highs.
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