40% of the Pandemic QE amounts to $1.92 Trillion. Here is the chart:
That means there is still another $3 trillion to go before we get to Jan 2020 levels.
Other central banks haven't fully unwound their pandemic money printing either. And Japan is still doing QE - and will likely continue for another decade. The world is still awash with funny money.
Some of that money is still fueling inflation, some going into the stock market, some going into the launch of ever more memecoins or sh$tcoins, take your pick.
These cycles only end when something breaks. In 2001, thousands of dot com companies collapsed. In 2008, the banks collapsed. This time round, it's possible millions of minor crypto coins go kaput and get delisted. Or something major breaks in Europe, like the euro or the EU.
Judging from past cycles, the breakage will happen after the US Presidential election. So 2025 is likely to be a bad year for the world.
Don't believe all those people talking about a soft landing or "no landing" and just accelerating growth. It's never happened before, do people really think this current Fed are the geniuses that pull it off? This time is never different.