The fed started touting qt , balance sheet reduction will help the reflation trade
Liquidity will not diminish as money velocity will start to go up. Rate hikes will act as a source of inflation.
Fiat downfall . i.e. The end of the us dollar as reserve currency will start when a last blow up in the dollar value and the dow ends. First the bubble has to reach real extreems like a 40.000 dow.market optimism also has to reach such a level. Only then will a fiat crisis become factual.