For basketball fans, the sweetest two weeks of the year-the NCAA tournament, aka March Madness-begins today.

Those of us in financial markets, of course, have been living with March Madness for a bit longer, ever since the Bank of England kicked off an orgy of quantitative easing just two weeks ago. Macro Man can now report, on an exclusive basis, on some of the deliberations that took place amongst central bankers at last weekend's G20 meeting:

QE or not QE? That is the question.
Whether tis nobler in the mind to suffer
The slings and arrows of a vanished fortune,
Or to buy bonds against a sea of troubles,
And by inflating end them?

At this juncture a PM has to make a couple of decisions. What does he think the world will look like in, say, three to six months? And what does he think the market will think the world will look like, which is another way of saying what trades will the market do?

Contrary to some, Macro Man doesn't think last night's shock and awe necessarily spells a catastrophic descent into the abyss for the US dollar. On the contrary, last night's actions will merely go some ways to filling an abyss that represents a lack of dollars in the shadow banking system.

However, it seems quit clear that tactically, the market will wish to push the greenback lower. A brief stroll down memory lane to see what happened to sterling after the BOE decision may prove instructive.