You can’t got to bed these days without waking up to higher prices for everything. Crude futures in New York hit nearly US$130 overnight, and now everyone is wondering what’s next. US$150? US$200.

What a strange economy Australia has. A country in the midst of a record boom still manages to run a trade deficit. Yesterday, the Australian Bureau of Statistics reported that the February trade deficit blew out by 30%, from a revised $2.59 billion in January to $3.29 billion in February.

Gold just hit US$1,000 an ounce, oil is at US$111 per barrel now. Gasoline futures just rose to an all-time high, even though the “summer driving season” hasn’t hit yet.  I don’t even want to think about how much we’ll be paying for gas this summer.