Good stuff, as always, but I would say that in the economy of today, where asset inflation is the goal of the economic system, there is one giant, segmented bubble with investors inflating one segment then another just because they have to do something with all the money the is constantly flowing to the 'investor class'.

As opposed to money created when banks issue loans, currency--money created for central banks and central governments to use for their purposes--remains in the economy forever. Think about how much of that has been created globally since 2008 (including, especially in the U.S., the response to Covid). The system is designed for all money to flow to the investor class (to include financial firms), where, as currency, it circulates endlessly from one asset to another.