It would appear from the chart below, that the world, in its infinitely capable manner, has not only managed to create 'wealth' from thin air, but can 'expect' growth in the future with no apparent impact on the price of the raw materials that will be needed to create that growth. Unless, of course, the growth that equities are discounting is central bank assets and joblessness...
For 14 months, the growth being priced in to stocks has had no pricing impact on all those wonderful raw materials... It seems LTRO was a game changer and hope is indeed a strategy once again...
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Source: Bloomberg
(h/t @Not_Jim_Cramer)