Finally, and perhaps most importantly, we fear that this

news might be the news that tends to push equities

around the world over the edge; that brings on a trend

toward global protectionism and that pushes the US

dollar materially higher… and perhaps violently so. We

hope we are wrong; indeed, we pray that we are

terribly so, but we fear that we are not. The long

Thanksgiving holiday will give everyone the chance to

collectively breathe and consider what has happened

in the Gulf. Perhaps cooler heads shall prevail as the

next several days pass, and perhaps this situation will

simply devolve into memory and into nothing; but we

fear that this is a far larger story than it appears even

this morning and if it is we may be surprised by how

strong the dollar becomes…and how swiftly it does so.

We said these things yesterday. We meant them then

and we mean them even more this morning. All other

concerns are secondary today. Dubai is centre stage,

and well it should be.