IF I look at the global financial markets from a helicopter's perspective, I consider that, by far, the biggest concern is the reason for large fire sales in the stock market - perhaps even triggering a "crash."
Experience suggests that the larger a bubble is, the less it takes to make the bubble explode. In extreme cases, it is just a small spark somewhere in the financial market that eventually causes the explosion. In the current assessment of the stock market, there is a daily discussion of whether the bubble is there, how big it is, etc., which is a completely understandable concern.
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