By market cap to GDP as one measure, it looks increasingly like it.This is a product of central banks buying everything to boost wealth and spending. The problem is that creating zombies (companies whose operating incomes are higher than their debt payments) will eventually reduce future growth opportunities. A side effect of too low interest rates has also been sky-high equity valuations with many measures close to tech-bubble levels, which historically has meant poor future equity returns. Pensions are at risk of being a lot lower than promises made, with forced increased risk willingness as an effect.