The broken relationship between market-cap and GDP

The traditionally reliable Buffett indicator is signaling trouble in the USA, with the market-cap-to-GDP ratio hitting an all-time high of 2x. This surpasses the 1.4x ratio seen just before the GFC in 2008 and the dot-com bubble in 2000. India is also in a high range with a ratio of 1.3x, the highest in over a decade, but still below the 1.7x recorded in 2008 and the 2.2x peak in 1992.