When you print money, and this has been observed by Copernicus already in the 17th century and by David Hume and Irving Fisher, the money does not flow evenly into the system. So when you print money, some things go up, and others don’t. Some things go up, and then there is a bubble, and then collapse, like the NASDAQ in 2000 and the housing bubble in the US in 2007, and so forth and so on. So you just don’t know exactly when the bubble bursts, and not all assets’ prices are touched positively.
I was going to say, if you bought gold in 2011, at the peak, $1921, September, 2011, you lost a lot of money, but the logic would have said, “Oh. There’s money printing; the gold price will go up.
And so the way gold went down by essentially 40% since then and oil prices collapsed by 40% since then, the US stock market could also collapse, easily, by 40%. Actually, I’d be surprised if it only collapses by 40%. But I don’t know precisely from which level. That is the problem.
