For the Harris' blog: "... the global growth is based on a vicious circle of pushing the dollar lower and borrowing more dollars to push the dollar even lower, fueling the commodity and energy rally. This vicious circle can only end in a big bust, it is inescapable if it continuous and at the same time it is amazing that it is let to take place twice in a period of 3 years." http://www.priceactionlab.com/Blog/2011/04/the-state-of-etfs-april-11-2011-the-week-ahead/ I partly agree. Most growth is dollar based speculation.