"Something to watch on the sidelines of the secular trend...


"Enjoying the audios, and 'stuff,' as the next generation calls it, as always!"

David Fuller's view Yes, the European banks are going to take some big hits on Greek debt. They will survive, one way or another, but as smaller players on the global stage.

The impact that this is having on the secular bull market in commodities is temporary, in my view. It has certainly contributed to the reset, in terms of lower prices, which I have mentioned on a number of occasions. This has occurred mainly through deleveraging by speculators in commodities.

The reset helps to cushion downward scope for global GDP during a weak patch for all countries and western nations in particular, caused mainly by commodity price inflation. The reset also creates another buying opportunity in commodity markets at more attractive prices. Unfortunately, it is only a matter of time, in my view, before commodity price inflation becomes a problem once again, due to the fundamentals of a stronger global economy which encourages renewed long speculation in commodities.