Paper wealth

Inflation only actually accounted for roughly 38% of the price growth over that same period.

More than one third was simply paper wealth creation.

And investment only accounted for 28%.

This divergence between price driven wealth increases and that driven by investments is problematic.

The money supply is starting to shrink.

In the current dynamic of global balance sheets, that's a precarious situation to be in.

If sentiment shifts and people suddenly attempt to cash out on their paper wealth en masse by selling their investments into an environment where money is tighter, well, now you have a scenario where more assets are chasing fewer dollars.

And the global economy risks entering a balance sheet reset.