I want all my subscribers to fully comprehend the following concept: today the whole world must be viewed as a gigantic flow-of-funds entity. Today, money moves internationally.
If wheat is over-priced, money from all over the world moves out of wheat. If the stock of Time Warner is a worry because the company is up to its neck in debt, money from around the world moves out of Time-Warner. If German denominated bonds look undervalued, global funds pour into German bonds. In other words, today all values must be considered in terms of global valuation and global money flows.