Everyone's making money in the US stock market, so who's losing money? It's those who have no access to participate in the bubble created by the US stock market, and due to the transmission of the global financial system, are unable to bypass foreign exchange controls, forcing them to absorb all the inflation and purchasing power devaluation caused by the Federal Reserve's quantitative easing. Everyone else is making money, but you're not. Your wealth is valued in a weak system, so your purchasing power is relatively devalued, meaning you're actually losing money.