The edifice of hyper-valued assets across the world is built on one elemental premise: that US inflation is dead, and therefore that the US Federal Reserve will continue to bathe international finance with dollar liquidity.
We have been here before. The US economy looked eerily similar in late 1965. The jobless rate had fallen to 4.2pc - exactly where it is now - without a flicker of wage pressure.
It was the calm before the storm. Powerful forces were building below the surface. The US was on the cusp of the Great Inflation. Wall Street equities lost almost 60pc of their value in real terms over the next decade.
Bondholders were slaughtered.
The collective market bet is that this time is different.