The majority of my time is spent looking at US markets. The US crisis in banking was certainly exported world wide to other major banks throughout the world.

However, there seems to be a gradual trend to dismantling the trend in globilization that picked up serious momentum in the early 1980’s. This trend of globilisation created the higher than expected global growth rates.

True, it damaged certain industries in the process. Manufacturing in the US lost many jobs as plants were outsourced and off-shored. With employment becoming once again a critical economic and increasingly political problem, all manner of trade tariffs in the US and worldwide are again becoming common.

Additionally, we have trade embargos making an appearance as food inflation and shortages create civil unrest. Historically, rising commodity prices create political instability and very often outright war. Russia and Georgia are just two of the latest to join a number of already warring nations, or those on the brink.

Thus the “credit crunch” initiated in the US sub-prime MBS markets, has triggered a far larger [potential storm] of de-globilization and breaking down of free trade agreements. The progression and consequences of which are likely to be so complex as to constitute a Grey Swan [known, unknowns]

Where would be the correct market[s] to position oneself in to potentially benefit from an explosion in volatility? I would suggest commodities and currencies, as they will involve the entire newsflow of the world.

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