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Taper QE vs higher USA debt ceiling. Which is more important?
Answer: Until the government breaks American business, industry and worker-crushing Wal-Mart into several separate companies like it did to the country's largest telephone company a few decades ago, the United States deserves the bankruptcy that awaits it if the debt ceiling goes up much further.
There are other countries willing and waiting to fill the gap left when America collapses into bankruptcy: many, many countries who can, believe it or not, fill the economic gap very quickly. History is littered with bankrupt empires that today are as badly off as Greece, Spain, Britain, France and Italy, all of which are faint shadows of what they once were.There's a chance the Fed chair will use his press conference this afternoon to show them both the Out door.Tere's money on the line. Markets will be listening for signals that the Federal Reserve bank plans to wind down its $85bn in monthly asset purchases known as quantitative easing. For nearly five years the stimulus program has helped markets find confidence in a discouraging landscape. Bernanke has signaled that it won't last forever. But it was supposed to last until the economy – and specifically the unemployment rate – improved. Or until rising interest rates grew too worrisome.  Neither has happened. The landscape remains discouraging, with unemployment at 7.3% and job market participation at an all-time low. Inflation has yet to rise to the 2% target Bernanke has proposed (he calls it the "objective" rate). Clearly, easing isn't working. Unless it is, and the numbers would be even more terrible without it. For two days the fed's open markets committee (FOMC) has been discussing this and other questions. This afternoon Bernanke is expected to indicate what the group decided.  Additionally Bernanke may talk about his own plans to step down as Fed chair, a seat he's occupied since President George W Bush appointed him in 2006. The conclusion that Bernanke will leave when his current term expires at the end of January is so foregone that the secret struggle to replace him already has produced public losers.