Nice chart!
I think it’s wisest to start the global liquidity comparisons to risk assets in the GFC time period, as this is when the Fed (and central banks, in general) wrested control of the markets almost entirely from underlying economies.
Global liquidity points to market overvaluation by 15% when indexed to 2019. However, if you go back to 2002 liquidity and markets JUST broke even.
Blue line is liquidity and orange is wilshire. Bottom charts show the gap between the two.
nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z nostr:npub1k7vkcxp7qdkly7qzj3dcpw7u3v9lt9cmvcs6s6ln26wrxggh7p7su3c04l thought you guys would find the liquidity vs markets from 2002 particularly interesting 
Discussion
Agreed! Fascinating (if only for viewing purposes) still on the 2002-present.