>> Could you elaborate on your statements about tech market caps being dependent on reserve bank printing money?

All currencies of the world are free-floating and not backed by anything and reserve banks keep constantly printing new currency and injecting it into the economy either via 'loans' through regular banks or through government contracts (since the Fed gives the government free money to pay for employees and big corporate contracts like the $10 billion one they gave to Microsoft recently).

For the past 10 years, we've had a situation such that interest rates have been at 0% and reserve requirements by banks have kept getting lower (since COVID19, they're 0%). This allows regular banks to print as much money as they like; whenever a bank makes a loan, they just type new currency into existence into someone's account. Also, the Fed has been buying toxic assets (such as bad corporate and mortgage debt) from the market (again using money that they just 'printed' into existence and backed by nothing).

This has created an economic situation with a lot of hidden inflation; most of it ends up inflating stock prices because corporations and their shareholders use bank loans to buyback their shares from the market; this causes artificial high demand for the stock and drives up the price (this is why corporations today have such low P/E ratios and pay low dividends relative to share price).

A lot of the buy orders on the market today are backed by debt (either which the corporation took out themselves to do buybacks or that of insiders or third-parties who have an interest in seeing the stock price go up).

Insiders understand that if interest rates can stay at 0% forever (which is what MMT advocates are promoting), then they will always be able to keep borrowing more money later to pay off their old debts because the stock price will always go up... And if the next generation comes along and starts doing the same thing (buying corporate stocks using debt), then each new generation ends up paying off the debts of the previous generation.

Note that this scheme works even if the financial instrument has nothing of economic value behind it. It's also why cryptocurrencies have been able to hold up such good valuations in spite of people paying for electricity to mine Bitcoin. They just restrict the supply, borrow money from banks, buy the asset, then in the future, someone else will take a loan to buy it and further drive up the price (and you'll be able to pay off your debt).

Banks do require collateral to give loans, but the problem is that a lot of the collateral these days is intangible and so people can just claim that the market price is the true value of the collateral... Which creates a vicious cycle and allows people to take bigger and bigger loans.

And the reason why corporations are not on an even playing field is because their executives and employees become wealthy from constant stock appreciation (fueled by collective debt) and then they invest in each other's businesses and award each other big contracts which keeps the currency circulating between themselves.

Echo chambers created by social media today help to prevent money from flowing between different classes of people. The big money tends to stay within the corporate sphere and is secured by a large network of venture capitalists and investors who only invest in people within that corporate sphere.

Any flow of money out of the corporate sphere can pose a major threat because it could pop the bubble when people realize how much more value they can get on the outside for the same money.