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• the S&P 500 index (red) vs. U.S. Money Supply M2 (blue) 주가와 유동성과의 관계 1) First core insight: Long-term equity prices track money supply expansion. 2) Second insight: Crises create temporary divergence, not regime breaks. 2000 Dot-com bubble 2008 Financial Crisis 2020 COVID blog.naver.com · 2026.01.01