B. good interview , I see Jay has become a Hoye groupie. If you wanted to throw in a Q to Howestreet it would be , "England lost its senior currency status in the great Depression, why wont the US lose it reserve status during this one?".

So Ian is a deflationist that thinks the dollar will lose its reserve status during this "winter". That's cool , in pragmatic terms from an investors point of view having a position on this is reduced to an academic stance. He admits he will be wrong if the Dow hits a new high, I'd add commodities. I agree with this generally and will invest on the basis that we are in a deflation until we are not.