Why world stock markets combined are priced at about HALF of all fiat currencies with fixed income?

• is functionality of debt notes that high comparing to all energy stocks, all mining stocks, all tech stocks, all pharma stocks, all defense stocks, all retail, stock exchanges, REITs, and so on…..
• even more shocking is that these virtual units of debt, subject to infinite dilution, are priced currently almost equal to ALL global residential real estate……

Hmmmmm

Is that sound normal economics?

Why would stocks fall vs fiat in light of this?