This Bubble's Got Legs

I agree entirely, but the sovereign issuing debt in it's a currency it controls (and let us assume, push come shove, the Treasury will side with the government over the Federal Reserve) is different than an individual taking on debt for consumption.

Keen is very good on this and has convinced me, despite it going against my inherent anti-debt biases.

A U.S. Government that staved off bankruptcy by selling such vast, historic and valuable assets, would be on even worse footing that one that maintained the assets and defaulted on the debt.

Hell, while they're at it, why not sell off the exclusive economic zones, permanently sell off bandwidth rather than lease, turn the military into a contracted mercenary force and sell naming rights to the Washington Monument.

There are worse things than defaulting on debt.

According to the OP, we have a global "central-bank-led cash bubble" powered by "an ever flowing money hose."

If you believe interest rates are being kept "artificially low" (whatever that means) by the "money printing" of central banks like the Federal Reserve and the Bank of Japan, then you will agree with the OP. In this view of the world, central banks are contributing to our current economic malaise: by keeping rates artificially low, central banks are causing asset prices to increase, making investment in productive endeavors less profitable for businesses and individuals.

If you believe interest rates are low primarily because businesses and individuals worldwide want to hoard cash (as a way to protect themselves against, say, potential deflation or insufficient aggregate demand), then you will disagree with the OP. In this view of the world, central banks are doing everything they can to motivate businesses and individuals to invest more in productive endeavors. Yet even when rates turn negative, individuals and businesses still want to hoard cash, as evidenced by their demand for negative-interest instruments.[1]

[1] http://foreignpolicy.com/2016/09/07/the-weird-new-normal-of-...

I am reminded of when I worked on a financial analytics app and we constantly had to remove the Zimbabwe stocks. They'd all gone up 1000's of percent and ruined all the other data on the chart (appearance-wise). Why? As the Zimbabwe currency lost value and became worthless, the stocks denominated in that currency held their real value. I would expect to see some version of this play out in the stock market today.

Some background for those concerned with inflation:

The US dollar is backed first and foremost by the global reserve status of our currency, which it became in 1971, as (probably the most important) part of the Bretton Woods System. As long as nations need US dollars to purchase crude oil, the US dollar will continue to be globally valuable.

Secondly, the US has a powerful military, including hundreds of essentially forward operating bases and air fields, lying in wait, all over the world.

Third, and as a secondary property of our military and economic strength, many countries are owed many billions of US dollars. This is because, due to the strength of the US military, T-bills (essentially bets made on the US dollar) are purchased by many nations. When other countries bet on the US dollar, they're creating a vested interest in the US dollar not collapsing, which increases the US leverage (leading to things like money printing).

None of this is meant to make you more too comfortable, because, despite all of the above, China, Russia, Libya, Iran, Brazil, South Africa, and, at times, India, have been attempting to reduce the US dollar hegemony by creating other means of trading oil.

For instance, Libya's late leader, Muammar Gaddafi, created a gold backed currency for trading oil (this is the reason NATO invaded Libya and killed Gaddafi). Russia and Iran made agreements to trade food (from Russia) for Oil (from Iran), which Russia would then add to its exports, acting as a trade proxy for Iran. This, combined with Iran's efforts to pipe natural gas and oil to China, is the reason for the supposed "Iranian nuclear threat". China has also recently created the Shanghai Gold Exchange, as a means to further commoditize fiat currency (china has very large gold reserves). BRICS has created a competitor to the Western-dominated IMF in the past 24 months, which also threatens the US reserve currency's backup plan, which is called the SDR (Special Drawing Rights). The list goes on; not to mention the calls Xi Jinping has directly made to remove the US dollar as a reserve currency (IOW, this isn't exactly covert, as of about mid 2010).

As you can see, considering our posturing in the South China Sea, and considering what happened to Gaddafi, the US won't acquiesce to losing its reserve status. So, the US dollar is not going to "collapse", lest we find ourselves engaged in total war (with China, et al). So, as long as you don't plan to bail on the US in a total war scenario, you're, in my opinion, safe to invest in USD.