We still don't have a working majority of voters ready to accept the awful budgetary truth-- we need massive slashing of government spending coupled to fundamental entitlement and pention reform.
At present rates and trends of spending, there are literally not enough dollars in existence to pay for all of the promises of our state and local governments in the out years. Social Security is going now going into a deficit as far as the eye can see this year.
I have been predicting the non-electoral overthrow of an EU government this year. If Obama and the Democrats regain full control in 2012, we will have a revolution by 2025.
Bernanke knows we are on a runaway train. He is just stoking the engine.