The state of gold, page-1624

While the number of trees or electrons in the US doesn't represent a constraint to US money supply, the US banking regulatory capital requirements do.

Give it time until the next crisis. Meanwhile any such exponential rise from here in the stockmarket with whatever trigger for the next boom will surely be another opportunity for banks to go back to 1% margin. Well the obscene bonus is still there even with large US Govt equity holdings.