Some participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate and if inflation returned to relatively low levels after the effects of recent transitory shocks dissipated, it would be appropriate to provide additional monetary policy accommodation....A few members noted that, depending on how economic conditions evolve, the Committee might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run." (emphasis added, of course)Translation: QE3. Not 100% definite but more likely than yesterday.
Gold reacted by setting a 2.5 month high, and has slacked off a bit. Ireland was reduced to junk bond status by Moody's, joining Greece, and Portugal. Next up: Italy and Spain.
Ireland’s debt will rise to 118 percent of gross domestic product in 2012 from 25 percent at the end of 2007, the European Commission has forecast.Our debt to GDP is not far behind, right at 98.00% (at this moment), according to the Debt Clock. The continued destruction of the dollar proceeds, along with the destruction of the savings and retirement plans of a generation.
"And though my lack of education
Hasn't hurt me none
I can read the writing on the wall"
- "Kodachrome", Paul Simon, 1972