Today's front page lead, left column of the Financial Times:
"China has overtaken the US as the world's largest net importer of oil, in a generational shift that will shake up the geopolitics of natural resources."
This is one crown the US will gladly relinquish and I believe it will be seen as the single fundamental catalyst that triggered a sustainable 7-10 bull market in the US dollar when we look back with the gift of hindsight. Why? Because as the US moves increasingly toward energy independence it means US dollar liquidity will be draining from the global economy and that will be evidenced by a drastic improvement in the US current account deficit.