I wrote in last week's letter about being with Charles Gave in Geneva. Here is his presentation. Some of the charts are very interesting. He argues that without oil and China, the US is in a positive trade picture, which I have shown in similar charts in my letter in the past. His thesis is that the world needs dollars for trade and that we are supplying fewer dollars to those that need them. Unless the oil-producing nations and China move their dollars to those nations, the demand for dollars should start to rise. Plus, European banks are long dollars, about $1.1 trillion in interbank borrowings. There could be a massive short dollar squeeze. It is quite possible we could see a stronger dollar in the future.