A nice Christmas present for you good folk on the gold forum.

No, US shares haven't gone up thanks to cheap money

"One such narrative fallacy is that sharemarkets have risen for the past few years because of super easy monetary policy pumping untold amounts of cash into the system that’s largely gone to chasing up asset prices, and without it the house of cards would come crashing down".

"This is supposed to be particularly true for the US, which has been the best-performing global market in the post-GFC period, and where the Federal Reserve led the way in aggressive post-GFC monetary policy. These include the zero interest rate policy, fondly known as ZIRP, and quantitative easing, also frequently referred to as printing money".

"You might be surprised to learn that narrative is wrong, baloney, a load of codswallop. The US market has gone up because of good old-fashioned earnings growth."


https://www.copyright link/wealth/personal-finance/no-us-shares-haven-t-gone-up-thanks-to-cheap-money-20191218-p53l5n

Now that is what is a present, some good old fashioned level-headed truth.