I see a lot of fractals of 2021 implying that we're on the doorstep of repeating all that stuff again, everything on the farthest edges of risk going parabolic to the sky. The shittiest altcoins and all their copycat cousins, NFTs again, every Cathie Wood ETF, etc. We're clearly seeing this behavior in certain pockets of the market, but we also have tremendous dispersion which is NOT like 2021. One thing nagging at me in imagining how we get 2021 redux are the differences between then and now: we're NOT about to expand M2 by 40% in an 18 month window again, there are no essentially free PPP loans, no expanded unemployment insurance, no three layers of stimmy checks, we don't have half the economy closed to consumption, we're now four years into a brutal expansion of the price level for all goods except gasoline, and household borrowing remains depressed. So where does the fuel come from for a 2021 redux in *all assets*, not just the ones that have already been running, not just the ones attached to hot topic narratives? This is not me denying that its possible, I legit don't know, I'm just asking *where* does the fuel come from to repeat 2021 in all risk markets when we *know* what the fuel was back then? The market remains dispersed even in strength. Does everyone stop spending in the real economy where prices are significantly higher than they used to be, and start YOLOing their savings into the markets? Does govt induce a crisis catalyst for stimulus? Do they stimulate even without a catalyst? (not talking about Trump musing about stimmy checks, I mean them *actually being delivered* by Congress)? Do households start borrowing and tapping equity in large waves now, this late in an expansion, at high rates relative to the past decade+? Do they pile that borrowing into markets? Just sorta rambling and thinking out loud here. Something feels off to me. It's obviously a melt-up situation, but it's not ubiquitous like four years ago. We don't have full spectrum risk asset participation as we did then, but that's what would need to happen for the parabola purveyors to be right. How do we get there, if at all? How does the Russell break into an even higher parabolic upswing than the one it's currently in, which remains a bit of a grind? How does the market suddenly pile into altcoins when it has ignored them for the majority of this bull run? How does a melt become a mania?(𝐓𝐗𝐌𝐂)