Tepid boom heads for a bust

The deluge of new money sloshing about in the financial system has lifted global markets. Investors should expect a sharp slide in asset prices.

Just five years after the financial crisis, are central banks laying the foundations for the next one? For some time now analysts have been pointing to signs of irrational exuberance in various asset markets. And last week, US Federal Reserve chairman Ben Bernanke said he was looking out for signs of "excessive risk-taking".

As he didn't appear to notice America's housing and credit bubble in the run up to the last crisis, let's hope his powers of observation have improved in the past few years.

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