&gt;<i>They used this excess of digitally printed capital to buy real capital assets such as global equities.</i><p>Equities aren&#x27;t real capital, in the economic sense, either.  Real capital is land, plants and equipment; equities are financial capital.<p>&gt;<i>&quot;the Swiss National Bank digitally printed an enormous amount of Swiss Francs and bought Euros in order to peg their currency lower (didn&#x27;t work)</i><p>What do you mean it didn&#x27;t work?  They maintained the peg for <i>years</i>.  One of the reasons they <i>unpegged</i> the currency was that the Euro was depreciating, thus maintaining the peg was causing the SNB to depreciate against other currencies, like the USD.<p>&gt;<i>what is the fair market price of global equities when some buyers can print money? Does it matter?</i><p>There&#x27;s no mystery.  Fair market price is the agreed upon price in a transaction.  If you think that for some reason all prices are distorted due to central bank printing, then account for that distortion in determining what price you&#x27;re willing to accept or bid.