There's no question its going to pop - the question is when. It could be tomorrow, or it could be 5 years from now. Certainly central banks are going to do everything in their power to prop up the markets with continued equity and bond purchasing to delay the inevitable as long as possible - which will make the pop that much louder when it does come to pass.
Free markets are based on price discovery. Central bank purchasing destroys price discovery by artificially creating demand. Its simply a matter of basic logic. Either central banks end their purchasing and demand falls to its organic level, or they continue to accelerate their purchases and increase the artificial disparity. In addition, as the share of markets owned by central banks increases the liquidity of markets decreases, meaning that when there is a crash those running for the exit will find the door much smaller.
