Just to put things into perspective: Dax has at ATH, but if you put index in relation to #ECB's balance sheet, it trading at the same level as in 2011 or in 2008/2009, so equities have traded sideways since 2008, counteracting ECB balance sheet expansion & fiat money debasement. pic.twitter.com/bjrlhWBueX

— Holger Zschaepitz (@Schuldensuehner) May 29, 2021