This is Simon Hunt at his best. He gives us a tour of the world. You should especially read his thoughts on Spain. I think they are the real weak sister and a coming hot spot of contention. (From my office at 30,000 feet) "Spain's economy is imploding. Industrial production fell by 6.1% in December; retail sales are falling sharply; investment is declining; officially reported home prices are down 20%, but those living in the country say it is closer to 45-50%; the banking system is effectively bust with virtually zero lending; no one – that is few – are paying their bills either government to pharmacists, for instance, or town halls or hospitals and all this before the latest round of austerity. Everyone is lying about how bad things are; official statistics are just a veneer. There is far worse to come from Spain."