Real estate is not in a bubble. Stocks are not in a bubble. Gold is not in a bubble. #Bitcoin is not a bubble. The currency we price said assets in is the bubble. When the currency bubble begins to unwind, we misdirect toward asset prices and excuse new stimulus to keep it up. Do you think this is a reasonable conclusion?

The entire reason we diversify is because we don’t have thermodynamically sound money. The entire reason we breed large animals for transport is because we don’t have a mass transit system. The entire reason we kill whales for oil is because we don’t have mechanical luminosity.