It is as if the objective of governments and central banks in OECD countries is to drive up asset prices

In OECD countries, governments have decided to conduct an expansionary fiscal policy at full employment; central banks have decided to keep interest rates extremely low and to continue to increase available liquidity. This helps boost growth, but not very significantly as regards monetary policy. But the main effect of these economic policy choices is to push up asset prices: if growth is stimulated, interest rates are markedly lower than growth and liquidity increases, asset prices inevitably rise sharply. The price to pay to obtain stimulation of growth is therefore a high risk of asset price bubbles .