Hypothesis: the face-ripping rally in stocks and total disconnect from the real economy is the result of trading bots that have mistaken the flood of central bank liquidity as a demand spike.

The algos haven't yet been updated to reflect the fact that there's a man behind the curtain with an infinite supply of liquidity pumping, pumping as fast as he can.

And it's far from clear that the distinction matters anymore. Assets have become a kind of video game. When you strip stocks and bonds from their anchors to valuation (P/E multiple or inflation), you're left essentially with something very similar to gold and cryptocurrencies - assets that are difficult to value by any conventional means, but which become sensitive to central bank shenanigans. This could explain why all asset classes are now moving in unison.