The deeper question is whether central banks truly have the will to stay the course that they now appear to be on. In my serial bubbleview of the world, the moral hazard dilemma has been compounded over the years -- making it riskier for central banks to turn off the liquidity spigot today than it was in 1994, 1998, and even 2000. To me, this is the modern day equivalent of 1979 -- when one central banker (Paul Volcker) had the courage and political independence to do the unpopular thing and go after CPI inflation. Today the challenge is precisely the same -- but the threat is asset inflation. This is the gut check that could make or break central banking for years to come. -Roach (MS)