Let’s get the IMF and G-7 noise out of the way. As usual, we will hear and read about all the brotherly love that will be shared at the IMF gathering but in the present situation we will be having none of it. The acrimony in the international arena on all economic issues isn’t going to be assuaged over cocktails and photo ops. Last year we heard about all the agreements that had been reached on global financial regulations and of course the prevention of currency manipulation and intervention. In a year all of that has been relegated to trash heap. The emerging world has been asking for free trade and have been rebuffed. China will bear the brunt of the major currency manipulator but many others are seeking to join the Chinese.