---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39556945.md"
description: "Historically, almost all major bubbles have been fueled not by real gold and silver, but by credit.Credit can be created easily: we borrow money to buy stocks and houses, and prices rise; the higher they rise, the more people borrow money to rush in, forming a self-reinforcing cycle. The result is that the total amount of financial wealth far exceeds the actual currency in society. A frightening fact is that currently, for every 8.5 yuan of book assets in the financial market, there is only 1 yuan of real liquidity supporting it."
datetime: "2026-03-26T16:44:43.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39556945.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39556945.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39556945.md)
author: "[浩浩荡荡地](https://longbridge.com/en/profiles/19784218.md)"
---

# Historically, almost all major bubbles have been f…