The theorists and the practitioners of what has been rather impolitely termed "Voodoo Economics" are once again mounting the ramparts in defense of their unholy concoction.

Our answer to this potentially all-important question is: YES.

International and market signals in recent weeks have been quite significant, in our judgment. While not conclusive, they merit very close attention, in our view.

We find the intensifying "debate" over whether or not we are in a recession, when we may have entered said recession, or when we may enter same, to be as significant as the ancient question: how many

Of all the euphemisms investors need to be alert to, the word "volatility," as applied -- or mis-applied, as the case may be -- to stock price movements is one of the most dangerous.

We believe that the answer to the aforementioned question is an EMPHATIC AFFIRMATIVE.

Well folks, if there is a bull market in anything, it is in financial schemes. Most of these schemes appear to be emanating from the U.S. Treasury or the Federal Reserve.

Well folks, this morning it is official.

The second part of the title of this analysis is the title of Herman Kahn's analysis of the possibility of thermonuclear war.

The head of the fictional British banking house, the Pallisers, makes a memorable statement in this fascinating novel ("The Pallisers"):

"There will always be crashes," he states unequivocably.