A cursory glance at the main three assets markets for this year in the UK:
And finally, House Prices, this chart from Zero Hedge helpfully pointing out a still historic 30% over-valuation...
So there we are 3 huge bubbles in the main asset classes and we have not even got into the Debt side yet. All the while the real economy slowly gathers pace for very modest recovery.
What could possibly go wrong with this picture? My main concern is that we tend to have recessions every 8-10 years. The last one started in 2008, so we are now on the climb to the top of the economic cycle. In 2015 we will likely reach the peak, juiced on stimulus - will this peak even be as high as 2007/8 in terms of overall GDP - probably not.
All the while, we are stealing from the future to pay for today's stimulus.