If you say it often enough.

"She could have gone down in history in a better way had she persuaded herself and her colleagues to raise the Federal funds rate by 50 basis points. That was not to be," wrote A Nageswaran about Federal Reserve Chair Janet Yellen, who chaired her last meeting of the Federal Open Market Committee, or FOMC, on 12 December. Although Yellen could have stayed on till 2024 she has chosen to resign from the board of the Federal Reserve. Why the disappointment with Yellen? Because the world apparently faces a huge asset price "bubble in everything". Loose monetary policy by the FOMC after the crisis in 2008 was "timely and effective" but since then "policy predictability and transparency had compressed risk premiums as investors felt confident that they would not face monetary policy surprises. That results in excessive risk-taking, build-up of debt and speculative positions in financial markets". Not just in financial markets, there is a "bubble in everything from Leonardo da Vinci and impressionist-era paintings and cryptocurrencies to technology stocks". From $800 in January 2017 the price of Bitcoin has risen to $17,900 today. Since the total number of Bitcoins can ever be only 21 million some are predicting a price of $300,000-400,000 in the future. But some are predicting a huge crash in its price because futures trading in Bitcoins started on Chicago Mercantile Exchange offering investors a chance to short the currency, governments may start regulating it and other cryptocurrencies will offer competition. In February this year the Bank of America Merrill Lynch reported that 26% of global fund managers thought that stocks are overvalued and that they were holding 4.9% of their portfolios in cash, wrote M Chakravarty. By November a record 48% thought that shares are overvalued but their cash holdings had come down to 4.4%. This shows the confidence of investors that central banks will not cause an upset. Rise in asset prices means that inequality of wealth between rich and poor is getting wider because the rich possess more assets. In 1980, the top 1% in Europe and the US held 10% of income, but by 2016 the top 1% in Europe held 12% of income, while in the US it was 20%. Independence of central banks has become a problem for them because they have no controls over fiscal policies and so are being unfairly blamed for rescuing financial institutions while people are still under economic stress, wrote Prof B Eichengreen. Nageswaran predicted a stock market crash in 2016 and again in 2017 but it did not happen. He is predicting the same for 2018. If you keep on saying the same thing you could be right some time.