The Federal Reserve, seemingly following the path of the ECB, announces QE3 just after the Euros commit to unlimited backing of EU debtor nations.

Easy money is here to stay on both sides of the Atlantic.

We hear in London they are taking measures to rival Singapore as a renminbi center. Don't get this news in the U.S. — too busy running down stories of unimaginable triviality — but whenever I speak to sources outside the U.S. I hear financial stories about the Chinese currency positioning to be a rival reserve currency.

The seeds of our coming economic repositioning, and financial diminution, are being put in place. Of course, President Obama can't be blamed for not taking the straightforward moves to counter this — perish the thought.

I'm sure it's GWB's fault somehow (of course, someone needs to explain to me how a housing bubble a couple decades in the making — even Wikipedia's explanation, if you look up "U.S. housing bubble," is reasonably accurate — is all his fault). Please note that during QE1, Western funds flowed to China at a rate of $2B/day. With our new easing, the Chinese will not have to stimulate themselves — they'll use our funds. We debase our currency … and they preserve theirs. Same story, different day.