The recent performance of the DAX and S&P 500 has caught attention due to the diminishing influence of traditional factors like monetary policy and liquidity.

This change is largely attributed to President Joe Biden's borrowing measures, which have prevented an economic downturn similar to the one experienced in the 1930s.

Despite aggressive interest rate hikes, the US economy has shown resilience and avoided the collapse seen in previous cycles.

Analysts predict that the US will accumulate new debt exceeding 7% of its gross domestic product, a level typically associated with wartime financing and comparable to the New Deal initiatives implemented during the Great Depression.

This unique economic situation raises questions about the future role of fiscal policy and the potential risks that may arise as the market navigates these unfamiliar circumstances.