Despite apparent emerging strength in the U.S. economy, the Fed is faced with serious consequences, if it moves toward a reduction of policy ease.
The U.S. debt is growing, the Fed money machine keeps going and many nations want to protect themselves by getting their gold out of foreign vaults.
Not to be dramatic, but it appears that market panic and financial chaos for Europe, with grave worldwide implications, is rapidly approaching.
The International Swaps and Derivatives Association's move to declare Greece in default will bring order to the credit defaul swaps markets.
Some peripheral countries may want to exit the European Monetary Union.
The move only postpones the inevitability of having to solve solvency issues.
The importance of the Super Committee recommendations for the dollar's status in the world and the special privileges, liquidity, and low borrowing rates that accompany that status cannot be overemphasized.
In reality, the underlying social and economic issues in the U.S. are not really different from those of Greece, Italy, Portugal, Spain or Ireland.
The euro cannot be saved without the adoption of the U.S. federal model. The odds of this happening are slim to none.
If you are mad enough at your 'Too Big to Fail' bank to switch, do it because it will benefit you, not for spite.