High government debt levels globally require central banks to print money via quantitative easing (QE) to make interest payments, and this creates a cycle where more QE is needed every 3-4 years as debt rolls over.
This leads to the debasing of fiat currency, causing asset prices to be bid up, irrespective of company performance or valuations. Tech and crypto usually outperform in this environment as their growth potential offsets the debasing effects of QE.
I plan on getting out of the cycle, will you?
