Gary. To me this is the most sobering aspect of QE. The global planners of markets and economies must create a narrative to move blame away from their own experiments in constantly assisting with tens of trillions in debt since 2008. To talk of "bulls go on longer than you think" without addressing the fact that at the end of the bubble a narrative has to be told the public in order to shift blame from these elite planners, it is not only horribly misleading, but Orwellian. Thanks for your comments. Keep talking to anyone who will listen to you.

In March 2015, the JP Morgan annual stockholder report discussed the shrinking of Treasuries in ciruclation since 2007 even though the supply worldwide had expanded greatly. The evidence supported what you are talking about here. Central banks, sovereign wealth funds, etc, had been buying up US Treasuries and other Tier one assets (Basel III), while the supply at the dealer level had been shrinking dramatically. Your article only reinforces what I told my readers last year, and makes perfect sense. This is going to produce a huge shock to those holding heavy stock allocation with the mindset that higher stock prices mean MORE liquid assets, when development in US Treasuries since 2007 makes it clear this is not the case. Excellent article.

Gary. The track record of central banks has never been a "one and done". These organizations have come to believe there IS nothing that will stop them from printing up more money "when needed".

Thanks David.

Gary, I am not calling# Friedman a socialist, but there are direct links between writings of #Keynes and #Marx. Deficit spending was taken from Das Capital. I agree that that #QE has done little to nothing for fueling the trillions created into developing opportunities for jobs and sustainable growth across the entire economy. Instead it has fueled the greatest gap between the highest levels of wealth and the lowest levels of poverty. This is clearly not a successful model. As long as the power to fix the problem is concentrated in the hands of less than a half dozen central banks owned by the global investment banks, I don't see how we are headed in the right direction. Wish I say commitment to the people, but I haven't and don't see it today.

Thank you Danielle.

Moon. Unless govenments stand up to these global central banks, which they have no track record of doing as a group, then the banks own the nations. Just my two cents. Sure wish it were different.

Gary. I know that we are stuck with central banks pushing us more and more toward the global cliff. Over decades we have embraced the idea of "more debt and faster" as the solution to the latest debt crisis. All we are doing is training each generation that unlimited debt and state intervention is the only way out. That is why we are in the monumental mess we are in.Just my two cents as we watch so many first in history events, and the vast majority of the public totally clueless how much is taking place that the "expert" central planners have never seen before either. Frankly, financial socialism was never a theory I have supported.

Gary and Moon. As maddening as the time we are all living in, it always encourages me to find individuals seeing the same big issues as I see. Thanks for your comments.

Samson. I remember in the fall of 2006 one of the rating agencies giving a CDO bundling CDOs a rating of A+. The following spring in 2007, just as the banks were topping there was an SEC release which explained how the big banks had their own risk models, and thus regulated themselves based on these models. We know how that turned out in 2008. The big banks started down in February 2007, and the markets rolled over between 8-9 months later. June and July 2015 were the highest peaks since 2008 for the 6 largest Wall Street Banks. JPM is the only one close to its summer 2015 high. With the Dow closing over 18,000 only five days this April after leaving this level on July 20th last year, it would seem the efforts to levitate US stocks is running out and the broader indices will start catching up with the big bank stocks, as well as the other major equity markets.. Thanks for the informative article.