You are very right about Clive last month and the deflationist camp argument, I laughed at the time as nothing could be further from the truth or reality, at least right now. I am also of the camp that disaster doesn't beckon yet except for the dollar. The dollar demise is very real as is the US growht in debt and economic malaise but the US ability to print and increase debt can go on for sometime yet in my view, much longer than some think. The real risks are still likely 2 years away and will be debt driven events. In the meantime liquidity will drive both markets and equities higher with currencies depreciating, some more than others. Of course there will be corrections along the way and lots of cross currents. The biggest current however is money printing and loose credit creating mega accomadative scenarios and this kind of massive manipualtion drives real assets higher even if it ultimately brings a bigger problem down the road. I never under-estimate the power of excess money and it's by far the most powerful driver.