Whereas the real economy is being squeezed to some extent (see my last post on banking in Italy here), asset markets are enjoying record “inflows” (via Zerohedge)…

And do not forget the crazy lending binge, i.e. “social financing” in China which at least partially is dripping into western asset markets via M&A,

part of which would obviously have to be added to above documented central bank buying.

Most observers focus on retail fund in and outflows since that’s what crashed the dotcom bubble. This is like generals preparing for the last war, fund flows are minuscule compared  to central bank buying. Nowadays, the only question that matters is: how long can central bank buying last and how will it end?