In 2004, then Treasury Secretary John Snow was traipsing about the globe trying to “talk the dollar down.” Why? In a word: debt. At the time, our debt stood at $7 trillion, with interest payments in fiscal 2003 totaling $318 billion. But now the U.S. national debt stands above $9 trillion, with interest payments in fiscal 2007 adding $1.4 billion a day.

The trouble with getting older…Big Ben expresses himself…Globalization is no longer a force for good - but a force for evil…the Bear Stearns domino effect…End of the road for Hilary…a new hotline service - made just for central bankers…and more!

Gold hung in at $900 until London opened, then declined modestly until about an hour into the New York session, after which it was hammered, falling as low as $873 before making a small comeback during the Globex to finish at $877.00/oz., down $22.90. Overnight, gold has been flat.

It’s enough to set off one’s contrarian radar. I mean, predictions of $200-a-barrel oil have been everywhere over the last week. CIBC analyst Jeff Rubin, with an eerily accurate track record of previous predictions, kicked it off last week with a forecast of $225 by 2012 with $7 gasoline to match.