<i>A question to ponder: what is the fair market price of global equities when some buyers can print money? Does it matter?</i><p>Well, I don&#x27;t know about &quot;fair&quot; but the phenomena you describe has the upshot that equities wind up being worth more money as money itself become less valuable.<p>The situation you describe is a massive inflation in the sense of massively inflating a currency. The main is that by hook and crook, a wage-price inflation has been avoid - first world workers have just sucked-up some of the cost inflation and other parts of the first world cost of living have been kept under control by cheaper good from China and elsewhere.<p>Similarly, other visible manifestations of inflation have been controlled: the price of gold has controlled by simply mining more gold - contrary to gold bugs, there is still quite available in the ground at a high enough price <i>and</i> the world is in little danger of gold being taken as real money again. And you described the inflating of the Swiss franc with other &quot;safe&quot; currencies undoubtedly following.<p>It all still hinges on the average first world workers being willing to work for continually inflating dollars. The process is abetted by cost-of-living measures based on fairy tales - the ability to ignore continually increasing rents around the country is notable here.<p>So a way to look at all this:<p><i>&quot;Stocks aren&#x27;t going up, everything else is going down&quot;</i>