Spot Iron Ore DOWN 4.5%, page-29

Do you really think oil could go back to $22 per barrel as it was in 2000? That I would like to see.

'Inflation adjusted' is mumbo jumbo various economists use to justify one program or another but anyone can see that inflation is not static across all sectors. There has been huge inflation in tangible goods and equipment prices as borne out by capex and opex costs globally and this has been offset by huge deflation in FMCG items. And if you look at it that way, what use can a globally averaged inflation figure be when referenced to a specific sector. Useful only for political bullshit.

Now, should we get into the grip of a greater deflationary cycle that runs beyond the traditionally Chinese and SE Asian FMCG deflation export.....well $18 a barrel is possible but we would see every single private company go bust and be nationalized first.