Let us be clear. We are in the biggest bubble in history. Investors underestimated the fall in March, now they are overestimating the recovery. Therefore, they are vulnerable to bad news. And there is a lot of bad news to come. When that happens, the placard raised will read FIRE, and investors will trample each other heading for the exits. The bursting of the bubble will leave a financial crater so deep capitalism cannot avoid toppling into it, necessitating a socialist revolution if society is to recover and escape all that has become scorched. The FED, in securing the fortunes of present-day capitalism, has cost it its future.

As far as the Stock Markets go, the pandemic never happened. As Graph 1 below shows, the Nasdaq has reversed its fall and is now trading at the FED induced peak around the middle of February. 

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