The White Queen in Alice in Wonderland (Through the Looking Glass) confesses that when she was younger, she could believe six impossible things before breakfast. She encourages Alice to do the same. It appears many in the market are taking the Queen's advice too seriously. Here is a quick thumbnail sketch of seven of our non-consensus views: 1. There is not a currency war. There is a type of arms control agreement in place. There have been plenty of opportunities for the ECB, the Bank of Canada and the Reserve Bank of Australia to talk down their own currencies in recent weeks and they haven't. Japanese officials ... (full story)