Look at what the PM market is saying. A trendline down is broken hard back up some 20% IN USD TERMS because coordinated global currency devaluation is the actual end result of this absolutely psychotic madness being wrought by central bank intervention gone completely and totally bonkers.
Now this is at first manifesting itself as a deflationary tidal wave engulfing like any good tsunami all that lies before it and most importantly, within its direct reach. However, the lesser seen side effects of the obvious devastation can be more far reaching. This includes the political stability or lack thereof associated with the basic economics of can people get along in their daily existence doing better or doing worse.
We will see a hyperbolic take-off in NOMINAL TERMS in the equities market AFTER our next cycle flash crash due to global currency devaluation.