Well, you seem to be deliberately refusing the distinction between new wealth and moving wealth around.This is a chart of the market cap of listed US companies.
As you can see, the total has increased from around $7T 25 years ago to over $30T today.
Unless you can show me another part of the economy that lost $22T in value over that time I consider that new wealth.
Don't you?
Interesting, I admit.
How much ‘new money’, which is not ‘new wealth’, has the Fed created in that time?
Haen’t the acceptable P/E increased in that time too?
It’s not a simple subject I admit.