Very good and covers most of the high points. The dollar paused in its
tumble over the last few days but appears to be resuming a free fall but it
is much too early to tell. Several countries have started dumping dollars,
most are small holders such as Vietnam but some are large holders such as
oil rich Qatar. China has been slowly reducing its holdings while Saudi
Arabia is looking to cut loose its connection to the dollar. Venezuela and
Iran are accepting Euros instead of dollars for oil purchases.
The falling dollar and the growth of the Chinese economy plus Southern
Hemisphere drought has well more than doubled the price of wheat to
$9.21. Oil is back over $80, gold is headed to over $750, but corn is
starting to slip.
Corn is still way up but the promise of ethanol is turning out to be more
an alcohol induced dream. Plants are being built and tax credits are
flowing to the blenders but the transportation system is not able to keep
up and high gasoline prices are having an affect on the American consumer.