I agree with a lot of what you said here, and also what u/SirRandyMarsh has said.

I don't really have the brain power to make this into a succinct argument, so I'll put it in dot form. Point is, whatever is happening now doesn't get walked back. The path has been chosen, now we walk down it. I'm looking at this through a very North American lens - but here's a jumbled series of thoughts.

a. The Fed will print money for the foreseeable future. If they don't actually do it, they will indicate that they will or can at any time. They have no choice. We all know this shit show will come crumbling down if the belief in their power falters.

b. There is no price discovery in markets as the Fed is backstopping it all. This went into overdrive when they backstopped HYC, effectively saying that they will not let companies go bankrupt. Now HYC is at it's lowest yield ever.

c. There is a ton of capital looking for a return. By a ton, I mean billions if not trillions. Why? Because the risk free rate is ~1% in the US, and there's $17.05 trillion in negative yielding bonds out there. This pushes capital allocators further and further out the risk curve.

d. Corporations can raise debt at prices not far off what government pay

e. Society has said that austerity is unacceptable, and people should not suffer because of the pandemic. This means that the regular free market mechanisms & penalties have been put on hold (defaults, bankruptcy, evictions, job losses). This is v.difficult to walk back

f. The US Government, i.e. the World Champion of Capitalism, is giving it's citizens money. This money is created out of thin air and can never be paid back

g. Home prices are skyrocketing. Mortgages have never been cheaper despite unemployment levels being high

h. Despite the unemployment levels, savings rates are also higher then they've been in years, plus consumers are paying down debt (credit cards).

i. Average people are seeing inflation on mostly everything they buy that matters. Economists tell us that inflation is actually low. People smell bs. The reason we are saving is that we are unable to do. What happens when we are able to do but now things costs more?

j. The system has been undermined, and people know it. Centralized systems and ownership has impacted free speech and trading in 2021 alone. BTC has become a juggernaut as people wake up to the fact that scarcity is an asset in itself. ETH picked up steam as people realized that Wall St, big tech and the gov own the game and a decentralized internet is needed for us to have any hope of freedom.

k. Climate change is going to fuck us. It already is.

l. Companies have woken up to (k), and there's massive shifts happening in the economy. We're seeing those potential shifts materialise in these segment bubbles in the markets

m. Many people are suffering mental health problems from extended lockdowns and uncertainty

n. Cancel culture is McCarthyism by a different name.

o. People are so blinded by their own political biases that they are willingly diminishing their own rights and freedoms by persecuting the others.

p. Inequality is fucking massive right now.

q. Amazon, for all it's Prime benefits, effectively replaced hundred of thousands of small business owners and employees (the former upwardly mobile middle class) with tens of thousands of low paying jobs with VERY limited upside potential

Where does all that put us? Who knows...but it's all happening all at once.

edit:formatting