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Re: more bubbles?

> I have seen some discussions recently about excess liquidity in the US starting to move
> into foreign stock exchanges, pushing prices up.  Is this the beginning of a new bubble,
> perhaps a successor to housing?
>


I believe this has been happening for a while now i.e. not a "new" bubble.

The Washington Post article discussed previously on PEN-L talks mainly
about bonds, but the story appears to be the same for equities too as
suggested by this article about Brazil:

http://today.reuters.co.uk/news/newsArticle.aspx?type=reutersEdge&storyID=2005-12-14T084519Z_01_NOA431374_RTRUKOC_0_ANALYSIS-BRAZIL-MARKETS.xml

http://www.washingtonpost.com/wp-dyn/content/article/2005/12/07/AR2005120702417.html

This chart from Businessweek shows a 5%-15% increase in Asian stock
indexes in *3 months*.

http://www.businessweek.com/magazine/content/05_14/b3927100_mz035.htm

Even the Indian stock exchange index (Sensex) has almost tripled since
2003, but I believe India has had a Tobin tax since 2004 and is
generally unfriendly to speculators, so it is not clear that this is
from international hot money aka hedge funds.
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