Exhibit Four: Stock Market Returns Adjusted for Inflation

In real (inflation adjusted) returns the US stock markets have lost money since the year 2000. This suggests a deflating and increasingly volatile economy, which is consistent with our ecological overshoot scenario.


During this time world central banks have printed trillions of dollars in new money, intervened in the currency markets and held interest rates at artificially low levels to create the appearance of normality. Because most of that newly minted money has flowed into the securities markets the equity indices shown above have received an artificial boost. Absent that boost, they would likely be considerably lower.