It seems pretty evident that what’s driving the markets/bubbles are the infusions of cash by the central banks.

The reason goes to the very essence of humanity. Our insatiable desires, combined with this need to quantize everything. With money as the quantization of desire.

We treat money as the signal to extract from the noise of society, the economy and the environment, yet it functions as the medium which enables society and the economy to function. Requiring ever more to be added and ever more inventive ways to store what has been extracted.

Sooner, rather than later, the elephant is not going to fit in the room anymore and then, maybe, the economists will notice it. Even those doing their best to ignore it.

https://medium.com/dialogue-and-discourse/the-worm-in-the-apple-of-modern-capitalism-a46081000d5a