If M2 grows at ~10% annually and the S&P 500 averages ~9.7%, it means stock market gains are largely a monetary illusion rather than real productivity gains. 🚨

The money printer fuels asset prices, not necessarily wealth creation. This explains why risk assets—stocks, Bitcoin, real estate—inflate as liquidity expands. When the printer slows down? Markets correct.

The real question: Without artificial liquidity, what would true price discovery look like? 🔥