Mike: Great graphs.  A couple questions and answers please if you will.

Question 1: Based upon your graphs, it does not appear we will have a recession as there is no credit contraction.  Would this be fair to state?

Question 2: The thought making the round these days is that the 3 headed monster of recession plus housing deflation plus the credit crunch will dampen the inflationary forces of lower interest rates.  Therefore, some are suggesting that commodities are in a bubble.  (I don't see this by the way in my own work.)  Your thoughts on how this will play out.  I know in the past you suggested watching MZM and had mentioned that despite the oncoming recession we would still experience inflation. 

Thanks and good thoughts as always.