{"id":24899,"date":"2021-03-30T23:50:35","date_gmt":"2021-03-30T23:50:35","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=24899"},"modified":"2021-03-30T23:59:17","modified_gmt":"2021-03-30T23:59:17","slug":"danielle-lacalle-why-qe-creates-bubbles","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/30\/danielle-lacalle-why-qe-creates-bubbles\/","title":{"rendered":"Danielle Lacalle: Why QE creates bubbles"},"content":{"rendered":"<blockquote><p>&#8220;The risk of a financial crisis does not come from rising bond yields. The risk of a financial crisis was created by lowering bond yields to unrealistic and unjustifiable levels in the first place.&#8221;<\/p><\/blockquote>\n<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"525\" height=\"296\" src=\"https:\/\/www.youtube.com\/embed\/B4yZjKBwHdE?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p>Daniel Lacalle, PhD, economist and fund manager, is the author of the bestselling books\u00a0<em><a href=\"https:\/\/www.amazon.com\/Freedom-Equality-Prosperity-Through-Capitalism-ebook\/dp\/B084RG7WR7\/ref=sr_1_2?dchild=1&amp;keywords=daniel+lacalle&amp;qid=1588772949&amp;sr=8-2\" target=\"_blank\" rel=\"noopener noreferrer\">Freedom or Equality<\/a>\u00a0<\/em>(2020),\u00a0<em><a href=\"https:\/\/www.amazon.com\/Escape-Central-Bank-Trap-Expansion-ebook\/dp\/B06Y6G643N\/?tag=misesinsti-20\" target=\"_blank\" rel=\"noopener noreferrer\">Escape from the Central Bank Trap<\/a>\u00a0<\/em>(2017),\u00a0<a href=\"https:\/\/www.amazon.com\/Energy-World-Flat-Opportunities-Peak-ebook\/dp\/B00T1JR0WC\/?tag=misesinsti-20\" target=\"_blank\" rel=\"noopener noreferrer\"><em>The Energy World Is Flat<\/em><\/a>\u200b (2015), and\u00a0<em><a href=\"https:\/\/www.amazon.com\/Life-Financial-Markets-Really-Matter-ebook\/dp\/B00OW1V1AG\/?tag=misesinsti-20\" target=\"_blank\" rel=\"noopener noreferrer\">Life in the Financial Markets<\/a>\u00a0<\/em>(2014)<em>.<\/em><\/p>\n<p>He is a professor of global economy at IE Business School in Madrid.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;The risk of a financial crisis does not come from rising bond yields. The risk of a financial crisis was created by lowering bond yields to unrealistic and unjustifiable levels in the first place.&#8221; Daniel Lacalle, PhD, economist and fund manager, is the author of the bestselling books\u00a0Freedom or Equality\u00a0(2020),\u00a0Escape from the Central Bank Trap\u00a0(2017),\u00a0The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/30\/danielle-lacalle-why-qe-creates-bubbles\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Danielle Lacalle: Why QE creates bubbles&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,13],"tags":[4787,628,1828,2827],"class_list":["post-24899","post","type-post","status-publish","format-video","hentry","category-the-fed-banks-interest-rates","category-inflation-economy","tag-bubbles","tag-central-banks","tag-inflation","tag-qe","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Danielle Lacalle: Why QE creates bubbles - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Danielle Lacalle: Why QE creates bubbles - the patient investor\" \/>\n<meta property=\"og:description\" content=\"&#8220;The risk of a financial crisis does not come from rising bond yields. The risk of a financial crisis was created by lowering bond yields to unrealistic and unjustifiable levels in the first place.&#8221; Daniel Lacalle, PhD, economist and fund manager, is the author of the bestselling books\u00a0Freedom or Equality\u00a0(2020),\u00a0Escape from the Central Bank Trap\u00a0(2017),\u00a0The &hellip; Continue reading &quot;Danielle Lacalle: Why QE creates bubbles&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/30\/danielle-lacalle-why-qe-creates-bubbles\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-30T23:50:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-30T23:59:17+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Danielle Lacalle: Why QE creates bubbles\",\"datePublished\":\"2021-03-30T23:50:35+00:00\",\"dateModified\":\"2021-03-30T23:59:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/\"},\"wordCount\":92,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"Bubbles\",\"central banks\",\"Inflation\",\"QE\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"Inflation\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/\",\"name\":\"Danielle Lacalle: Why QE creates bubbles - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2021-03-30T23:50:35+00:00\",\"dateModified\":\"2021-03-30T23:59:17+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2021\\\/03\\\/30\\\/danielle-lacalle-why-qe-creates-bubbles\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Danielle Lacalle: Why QE creates bubbles\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-6tB","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":38089,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/10\/13\/bond-market-meet-minsky\/","url_meta":{"origin":24899,"position":0},"title":"Bond market, meet Minsky","author":"Colin Twiggs","date":"October 13, 2022","format":false,"excerpt":"The minutes of the last FOMC meeting effectively balance the needs of fighting inflation and preserving the economy. What they don't address is protecting financial stability. ~ Mohamed El-Erian The MOVE index of Treasury market volatility has climbed to 160.72. According to Harley Bassman, who created the index, levels above\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"CPI & Core PCE","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-10-13--cpi-corepce.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-10-13--cpi-corepce.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-10-13--cpi-corepce.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":4694,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/24\/quantitative-easing-and-the-lack-of-responses-in-bond-yields\/","url_meta":{"origin":24899,"position":1},"title":"Quantitative easing and the (lack of) responses in bond yields","author":"Colin Twiggs","date":"June 24, 2012","format":false,"excerpt":"...When the Fed was performing quantitative easing, treasury yields rose as the economy recovered and inflation expectation rose. On the other hand, treasury yields fall when the Fed was not performing quantitative easing as the period without quantitative easing coincided with the weakening of the economy as well as the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62357,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/09\/10\/gold-flags-a-secular-bear-market-in-bonds\/","url_meta":{"origin":24899,"position":2},"title":"Gold flags a secular bear market in bonds","author":"Colin Twiggs","date":"September 10, 2025","format":false,"excerpt":"Key Points Government bonds sell at inflated prices as central banks suppress long-term yields. Long-term yields are in a cyclical downtrend, driven by speculators. However, long-term bonds are in a secular bear market fueled by fiscal instability and a rising threat of inflation. International capital flows will also dry up\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Combined Assets of the Fed, ECB, BOJ, and PBOC","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":21112,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/07\/29\/gold-bonds-inflation\/","url_meta":{"origin":24899,"position":3},"title":"Gold, bonds &#038; inflation","author":"Colin Twiggs","date":"July 29, 2020","format":false,"excerpt":"Jeff Snider from Alhambra Partners argues that soaring Gold prices are not due to market fears of inflation but the opposite. Gold and bond prices rising in tandem flag concerns that central banks are failing in their efforts to create inflation. Failure would result in deflation. Low interest rates are\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41250,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/15\/move-flags-distress\/","url_meta":{"origin":24899,"position":4},"title":"MOVE Flags Distress","author":"Colin Twiggs","date":"March 15, 2023","format":false,"excerpt":"The MOVE index spiked to 170 on Monday, signaling bond market distress. The last time the MOVE was this high was during the global financial crisis in 2008-2009. MOVE is far more important than the VIX in signaling financial market risk. The bond market is larger than the equity market\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"MOVE Index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-14-move.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-14-move.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-14-move.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":63132,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/11\/20\/carry-trades-at-risk-as-japanese-bond-market-revolts\/","url_meta":{"origin":24899,"position":5},"title":"Carry trades at risk as Japanese bond market revolts","author":"Colin Twiggs","date":"November 20, 2025","format":false,"excerpt":"Key Points The Japanese yen fell to 158 against the dollar. The 30-year JGB yield climbed to 3.37% on concerns over loose fiscal and monetary policy. Unwinding carry trades risks a repeat of the August 2024 financial market sell-off. The Japanese yen has weakened sharply to 158 against the dollar.\u2026","rel":"","context":"In &quot;Japan &amp; Korea&quot;","block_context":{"text":"Japan &amp; Korea","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/japan-korea\/"},"img":{"alt_text":"Japanese Yen","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/24899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=24899"}],"version-history":[{"count":4,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/24899\/revisions"}],"predecessor-version":[{"id":24903,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/24899\/revisions\/24903"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=24899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=24899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=24899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}