Awash with cash, away with the fairies

Stimulatory monetary policy has hooked markets on cheap liquidity and and turned central bankers into dealers. Propping up markets in this way isn't sustainable.

Equity markets are bullish for the wrong reasons – because of stimulus from central banks rather than fundamental strength, according to Citi’s Matt King.

Through unconventional monetary policy, central banks have expanded their balance sheets by $US9 trillion over the past five years. It is a number so large it is impossible to find something tangible worth that much.

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