After the on/off taper moves over the summer it's been quite quiet in the markets. Currencies in particular have been pretty range-bound. But stresses are appearing and in many cases growing. Germany's current account surplus is a concern, and Mayfair house prices are now often over £4,000/ft (€15k/m2). It feels like there are bubbles all around. But it also feels a little like early 2007: there is impending danger, but going short now would probably lead to getting run over by a QE steamroller.