Spiderman:

I hear you with respect to the US$! Only a couple of things which endanger your conclusions.

The potential for a depressionary outcome to the world economic travails is still possible. Just in the last 48 hours we have heard of the potential of a European Union debt crisis with several members of the Union. The failure of multiple economies representing a sizeable percentage of the EEC population and economies could tip the world into a depressionary event. There are a number of shaky economies at present in the world. Incuding my own (US). Were the US to fall into a depressonary event, do you honestly believe Canada would escape the ravages of deflation? Do you believe a world in the throes of a depressionary event would not see a significant reduction in oil consumption? I assure you, should such an eventuality come to pass, the cuts in world production would be at the margimal high cost end of the spectrum. The consequence would be the same as we saw in 2008 with oil pices cratering and the temporary end to the viability of the tar sands as a competitve source. An event I seriously doubt Connacher could survive again!

Brian