Just observing recent market phenomena can give us clues. Stocks have hit record highs, and traditional safe-haven assets like gold, silver, and platinum are also soaring to new heights. Housing prices remain ridiculously high, and among commodities, copper prices are climbing steadily. Speaking of financial markets, the size of money market funds has also reached new highs.

But that's not the most painful part. U.S. debt and fiscal deficit expenditures have both hit record highs, and household debt levels are also breaking records. This clearly indicates the problem—almost all asset classes are reaching new highs at the same time, which is no coincidence.

Thinking about the underlying reason, it all boils down to three words: currency devaluation. Fiat currencies are shrinking in value, so the nominal prices of assets priced in these paper currencies must rise accordingly. From another perspective, this is also why many people are starting to seriously consider allocating assets in cryptocurrencies.