This round of plunge mainly reflects that there is no high inflation in the United States. During Obama's first term, the United States took large-scale measures to "print money" and control long-term interest rates. Investors worried about runaway inflation failed to take into account the strong downward impact of globalization and digitalization on prices. Nor do they fully understand the extent to which monetary radicalism has curbed corporate spending in the United States and other developed economies, because there is widespread concern that another bubble burst cycle is unfolding.