CMK thanks for your reply

It's partly about the dollar. The big picture I'm sure you'll agree is about globilisation and the rise of China against the exchange rate mechanism.

The cyclical high for the Dow was really in 2000 with the internet bubble. As globilisation achieved by technology created the high, globilisation coupled with diminishing resources IMO will set the low. Commodities are a limited resource, and although the implications for the dollar in terms of limited resources are dire, (let alone the USD$ current account and trade deficits) it's the ballooning populations absorbing limited resources which are likely to extend this bull market in commodities for another decade- IMHO. Push pull inflation being directly related to resources.

Prices are rising in all currencies, and I'm reading that by 2050 there will be two Chinese for every other nationality on the planet. I don't think people have any idea how large the population of China really is. Even if that figure is half wrong it's still gynormous, and if that population became half mobile we would have some major problems.

In 2003 US businesses solved their woes by moving large chunks of their businesses out to China . At the same time the Fed delivered the lowest interest rates ever, creating the housing market bubble.

Japan inflated global markets by experimentally issuing the largest quantities of yen ever known. It's postulated that this liquidity coupled with the Yen carry trade that gave rise to the global asset bubble. Uncle Sam didn't help.

So this is a multifaceted problem manifesting itself for Amercians in the weakening USD. While countries all over the world attempt to resolve their trading woes by debasing their currencies, and banks and hedge funds leap on trading opportunities, creating horrendous problems for the poor everywhere.

I think at some point Comex trading commodities like wheat and oil are going to be taken to task.