As long as central banks around the globe are creating monetary credits at a breakneck clip of $200 billion per month, assets from stocks to real estate to higher yielding securities may have a floor underneath them. In particular, saber rattling in North Korea, government shutdown threats, natural disasters from Harvey to Irma, slower job growth and/or the demise of big name retailers may not cause long-lasting stock declines.

And therein lies a problem: extreme complacency. The masses are beginning to think that central banks are omnipotent and that low interest rates are a panacea. The truth? Hyper-inflated asset balloons are always at risk of bursting.

It is instructive to recollect that few people seemed troubled by overhyped technology stocks in 1999; few folks believed that property prices had become unhinged from reality in 2007. In both instances, the masses viewed severely overvalued assets in a favorable light, right up until they crashed.

Could our Federal Reserve stop the stock market from plummeting 50% in the 2000-2002 tech wreck? It could not. Was the central bank of the United States able to lessen the 2008-2009 subprime mortgage pain that led to 50% stock market losses? It could not.

Central banks certainly do not have a track record for preventing forest fires in financial markets. Yet stocks have not dropped as much as 3% for 10 months already. That is the third longest streak without a 3% pullback since World War II. Historically speaking, 3%-5% pullbacks occur on average once every three months.

“Gary, it’s more than the central bank support. The economy is fundamentally solid.” I do not agree. A majority of critical indicators – the rate of job growth, the pace of credit expansion, the breakdown in key economic sectors – demonstrate unambiguous deceleration.

Take a look at the employment picture. The year-over-year job expansion peaked in the first half of 2015. Since then, the U.S. has been adding fewer and fewer jobs to its payrolls.