You might be right there Bob, although there are a pile of very cheap looking assets out there, e.g. we own a stock that has gold in the ground at $12 an ounce, I have an energy trust paying a dividend yield of 25% and yet valued at just at 1.3 times cash flow, there are mortgage pools trading at 20c on the $, etc.

I'm thinking if you pump enough money out there at some point people are going to start buying. I mean if you're a hedge fund you can't stay in bonds paying 1% for long, not with the printing presses going full tilt. One thing we aren't short of in the West is speculators. Once the governments have backstopped the entire banking system and recapitalised the major institutions I can't see these guys sitting on the sidelines for long.

The bankers are being handed paper money hot off the presses. Some of them will have the sense to swap them ASAP for gold and other hard assets.