more sparks

[Doug Henwood <dhenwood@xxxxxxxxx>]

Michael asked the other day what might counteract tendencies toward
slump. I mentioned U.S. tax rebates and almost 100 central bank
easings worldwide since December, with more almost certainly on the
way. I could also have mentioned the decline in energy prices.
Wellhead prices for natural gas in the U.S. are down 63% from their
January peaks. Gasoline prices are off over 20% since spring. This is
good news for (nonenergy) demand, if not for Mother Earth.

The dollar breakdown is very intersting though.

Doug