The two key points stated above were that a drop in global liquidity in 2018 generated significant losses in the financial markets and the largest injection of global liquidity from December 26 to February 15th brought the money supply to a record level and pushed global stock markets back higher. This can be clearly seen in Lacalle’s charts:
https://srsroccoreport.com/insane-stock-market-rally-due-to-massive-global-monetary-liquidity/
