Commodity FX (CAD AUD NZD NOK)

Japan has a wicked demographics problem looming. I noticed yesterday Abe planning on upping the status of female workers.

When cnbc starts putting up headlines like thishttp://www.cnbc.com/id/100683015 you know you have to be careful... Buying Gold in Aussie terms is perhaps not a bad idea if you are from Australia.. Same for Canadians, buying gold in C$ terms??

Yes JM is pretty good with his referrals. I have always found John extremely well balanced and remarkably accurate with his predictions. He can be out on timing like all economists and gurus and if anything I have found him erring on the optimistic side over the years. Do you also read his Grant Williams service, very good, if a little long winded :-)

Hussman's opening line said it all for me. Having been in industry I find the global financial ponzi systems extremely irritating. Need to close down all the systems and transfer 90% of those employed in the financial industry back into "proper" jobs that have some value to mankind. As for traders/speculators our only claim to fame is to provide liquidity :-) my excuse is I am retired:-) Imagine how valuable all those GS algo mathematicians would be to the sciences ! Guys like Lloyd Blankefien who are too far gone we could send on the one way ticket to Mars where he would be closer to his god.

My perspective is its all going to end in utter disaster but no way we can nail the timing of the end of the end game. On that happy note I am hoping your Mr Carney brings a box of magic tricks to the UK ! I don't think more QE is the answer for the UK. We need to get the banks lending again but first they must have lessons in business credit assessment, back to school for the basics in banking !

Any thoughts on USD CAD?

I think Draghi is rather smooth is his handling of the euro affairs so far, much better than Chichet. Alas, afterall, he's a former squid with the Italian flair.

I am not convinced by the now consensus that the US is on route to recovery. Didn't bad data start coming out from a couple of weeks ago, when euro started rallying? Better data before that could well be seasonal holiday effect. But I have not been following US econ data too closely, just a hunch.