I'm particularly struck by your point about the negative interest rates. The message in recent weeks is a strong commitment not to let interest rates rise, and

I'm particularly struck by your point about the negative interest rates. The message in recent weeks is a strong commitment not to let interest rates rise, and I believe to keep these interest rates low, the FOMC is intervening in the bond auctions to sop up any slack in demand. I believe they are inflating to finance this, which means that the cycle will continue until a change in policy at the Fed. Bernanke's term lasts until 2014, if he isn't re-appointed. He might change direction, but this would be going against his history and his beliefs. You've identified that there's a big, cheap money spigot. The policies are in place to ensure that spigot sticks around for awhile. It will flow into every place it looks like it can get a return above inflation, and that includes high risk situations and various forms of carry trade. Eventually, this will force inflation rates up enough that people can't ignore it, and as always, there will be a price to pay. But I don't think we're close to that yet. It's like 2001 all over again, only this time it won't be houses but something else (and startups will benefit like they did between 2002-2007). Thanks for the food for thought.