You should be interested, since you posted on this thread which is about bubbles. You see, bubbles are defined by excesses in nominal prices, which are a function not only of the supply and demand of the asset or other bubbles in question, but of the supply and demand of the thing that they are denominated in - money!
Since the supply of and demand for assets is more or less stable compared to the supply of fiat money, which can be and is infinitely issued and reproduced by the Federal Reserve, it stands to (very simple) reason that it is the creation of excesses of money and credit which is the primary cause of price bubbles no matter what form they take, and since it is the Federal Reserve with the exclusive power to create money, it is the Federal Reserve which is the primary culprit.
If the supply of money were static, then any peak in one price must be offset by a trough in another price, or combination of prices, somewhere else. I defy you to identify an asset or group of assets which has declined sufficiently to provide a supply of money capable of creating asset bubbles elsewhere. Therefore, the only logical conclusion we can reach, is that the supply of money has increased dramatically, and once again, we know who the culprit is.
