When money is available at low cost, rational investors will invest until there’s nothing left to invest in. The risk profile of all investments will rise. This is one reason why bubbles develop. Crashes happen when money becomes more expensive or there are no investment avenues.
Once a crash occurs, policymakers tend to loosen money supply again to encourage activity. This happened after the global crash of 2007-08. It worked in the sense that the extra liquidity prevented a full-fledged depression.
But, the quantitative easing (QEs) run by various central banks sets up new incentives for risk-taking. The post-2007 experience also indicates
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