Today all equities are being taken out and shot. Over the coming period it is my opinion that other stronger currencies demonstrating more fiscal rectitude will begin to receive greater credit for their enhanced fiscal and monetary policies. The problem is the fiscal and monetary policies of my own country, the United States. Would that it were not true. But unfortunately, it is. Before this is done the pain to be inflicted on the US and to a lesser extent the world, will not be pretty nor comfortable. The process has been underway for a couple of years already, as evidenced by the falling US$. Unless policy by the monetary authorities is changed, this trend will continue. And I have no confidence US policy will change since it is accomplishing precisely what US fiscal and political authorities want. The inflating away of the US fiscal imbalances!

Brian