How to Predict the Growth of the Central Bank Balance Sheet

P ratios are basically driven by two things. The price, the P goes up because of debasement, and the E earnings are driven by M2. So that relationship between M2 and the balance sheet almost entirely explains P ratios. All the signs of we need to stop having a banking crisis is after that next year S&P rose about 15%. I think it was December 21st, 2018 when the Fed paused,. which is roughly where we're getting to now.