Global liquidity is reportedly at an all-time high, driven by expanding central bank balance sheets, increased commercial and shadow banking activities, and growth in currency derivatives. This surge in liquidity often correlates with rising asset prices. The Financial Times liquidity index, reflecting these trends, has shown significant increases as of September 27. The current state of global net liquidity suggests unprecedented monetary expansion, economic secular stagnation, and the expansion of risky assets, as observed on September 29.