Thus the Financial Times today. “Record asset prices belie many startling economic inconsistencies,” elaborates the newspaper. Well put. It is indeed amazing that stockmarkets fail to notice the crises in Ukraine and the Middle East. The sanctions against Russia should worry every investor, to be sure. On top of that, the European recovery is still a dream. The sanctions cannot but make it into a pipedream. But the article misses the real reason behind the so-called inconsistencies: cheap money available to ever-richer investors. Across the Atlantic, the money is available almost for free after years of relentless quantitative easing. Unable to start any new venture with their funds, investors are jacking up the prices of existing assets. Sadly, the article fails to even hint at this simple explanation of record asset prices. The way central banks in America and Europe are going, chances are that new records are in sight. The only question is when the central bankers will notice that they are creating yet another bumbling bubble.