To get a glimpse of what's in store, take a look of Japan. The land of a stagnated economy since 1990s to spurring the greatest points jump in history. How, Japan's love affair with ETFs on the Tokyo Exchange. Yesterday BOJ bought nearly a $1B worth of ETFs. Don't pay attention to the fact that BOJ already owns over 80% of Japan's ETFs. How can an argument be made that there is a functioning market when a central bank like BOJ owns the market?
Every country is all in on the bubble of our life time. It will not end well. Don't mind that Japan is in debt >200% of GDP, declining population, coronavirus that is disrupting Olympic plans and more. Like the US, Germany, UK, Australia, and everywhere else, keep the respective central banks pumping money in to keep the market going up.
But hey these are the smartest people in the world, what possibly could go wrong.