Ever Greater Distortions Hint at Rising Crash Probabilities

``... the first error is the belief that only bank reserves are created, when in reality, both bank reserves and deposit money are created in QE operations (the latter is clearly "money", as it can be used for the final payment of goods and services in the economy). The second error is to argue that because new money isn't just dropped from helicopters (not yet, anyway), but involves asset purchases, it somehow doesn't qualify as "printing". However, it is important to keep in mind that the money used for these purchases is still created ex nihilo, at the push of a button... As far as the stock market is concerned, what is actually still "left standing" at this point is only the small handful of stocks responsible for the bulk of its gains over the past 18 months; the majority of stocks can be considered to be in downtrends already ... ''