The Fed’s zero-interest rate policy has unfortunately led to bubbles everywhere

The Fed’s zero-interest rate policy—absolutely necessary to prevent a depression during the Covid crisis (and it did)—has unfortunately led to bubbles everywhere

... shell companies, non-fungible tokens (NFTs), a gaggle of competing cryptocurrencies, etc…. 

Today’s speculators (and many hedge fund managers) are no different than the hapless day traders who lost their shirts in 2000. Now, like then (and as in every bubble since the Tulpenmanie in 1637, the original NFT craze), the speculators said the others “just don’t get it.” 

Well, there’s nothing to get when there’s no there there—“there” being intrinsic economic value.

As they say, it takes a whole new generation to forget the prior one's mistakes

James Berman Forbes 1 April 2021

https://www.forbes.com/sites/jamesberman/2021/04/01/a-reckoning-in-bubble-assets-is-coming/

In fact, the decade between the 2008 financial crisis and this one saw the creation of a vast asset price bubble in just about everything. 

That bubble is now bursting

Rana Foroohar FT 19 April 2020

https://englundmacro.blogspot.com/2020/04/the-doomsday-dollar-scenario-both.html

Tulipmania in the Netherlands in the 1630s

https://www.internetional.se/enenkeltulipan.htm