From Mr Steven Morris.

Sir, Nouriel Roubini’s discussion of what he terms “the dollar carry trade” (November 2) is counter-intuitive. In reality, assets priced in dollars - such as US equities, US Treasuries and most commodities - have risen because world-wide investors have been buying or borrowing dollars, not shorting the US currency. The asset bubble that exploded over the past six months is far more attributable to the essentially zero cost of borrowing US dollars and repeated comments by the Fed that this policy will remain in place for a long time.