Since the financial meltdown, it's become conventional wisdom that prior to the crisis, the world was awash in too much easy money—and that now it doesn't have enough. It's a tidy thesis, widely accepted. It's also wrong. What's remarkable about our post-crisis reality isn't that we're not capital-starved; on the contrary, we're still swimming in excess liquidity. During those months of panic, all that cash didn't evaporate. A lot of it just got stashed on the sidelines. Now the global pool is growing again, and the next market bubbles are already popping up.