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That's not how I read it, Art:

1. Interest rates are low but CB action isn't the main cause of that
2. Because of low interest rates, stocks can be at a higher value, without it being a bubble
3. The adjustment process (stocks getting to that higher value) seems like a bubble, because people see the QE and they see stocks increasing, and then they have a mental image in which the latter is caused by the former (like Gillian Tett from the FT, the article Fatás is writing about)