Bubbles take place during good times in prosperous societies which are awash in cheap money.

Source: https://seekingalpha.com/article/4590556-bank-crisis-worst-potential-outcome-where-should-put-money?source=feed_all_articles

Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money.

Source: https://cyprus-mail.com/2023/08/09/why-germanys-property-sector-is-in-the-dumps/

On top of this, there is the monetary overhang from years of cheap money and pressure from workers to increase pay after decades of decline or stagnation in real wages.

Source: https://www.ft.com/content/4d5a9b51-c6c6-4a8a-8f4e-6628befa5229

Silicon Valley Bank (SVB), a mainstay for the startup, was a product of the decades-long era of cheap money, with unique risks that made it especially vulnerable.

Source: https://business.inquirer.net/390764/after-svb-failure-us-acts-to-shore-up-banking-system-confidence

'The era of cheap money has come to an abrupt and brutal end'

Source: https://www.bridportnews.co.uk/news/national/uk-today/23604388.mortgage-rates-set-rise-even-according-experts/?ref=rss

“What happens to the start-up culture now that there’s no cheap money or there’s no cheap, cheap money?”

Source: https://www.breitbart.com/economy/2023/03/10/carney-on-kudlow-silicon-valley-banks-failure-signals-the-end-of-the-cheap-money-ecosystem-fueling-ca-tech-start-ups/

“What happens to the start-up culture now that there’s no cheap money or there’s no cheap, cheap money?”

Source: https://www.breitbart.com/economy/2023/03/10/carney-on-kudlow-silicon-valley-banks-failure-signals-the-end-of-the-cheap-money-ecosystem-fueling-ca-tech-start-ups/