right now, this is a joy for jon and i to bring in thierry wizman with us.izman, iconic at bear stearns long ago, and most importantly, the director of global currencies and interest rates for the crew at 50 martin place in sydney, australia, with macquarie. we are thrilled he could join us with a real touch of this economics, but also with his link into the commodity boom. does inflation cause commodities, or is a commodity boom own to cause the inflation to come? thierry: it could be two ways. one of the aspects of inflation i think is driving the commodity boom is public-policy. you have quite a lot of imperative around the world to move towards a green economy. that is clearly causing some commodity prices to go up. here, the causality runs from public-policy. but you also have to take into account that rising inflation sometimes has nothing to do with commodities. i suspect there was a little bit a speculative development did some of the commodity prices that have seen a big increase recently, but more so iron then copper, say. tom: when you talk to the