Just bought 2% SSO at 53.55 on the Japan quake. A 30-minute close SP futures below 1323.25 gets me out.
The ECB rate hike now puts the Fed alone in the world, pushing a fiat reserve currency outward to speculator's hands and staying to a June schedule for completion of a program that should never have started, QE2. The 2011 budget contained a good ladle of fat to stimulate as well.
These expressions of mindless Keynsianism by politicians pushed by bankers anxious to get off the hook are a reflection of the dark side of unbridled populism, the end game of a society. The Tea Party is a reaction to the extremity of the symptoms of the disease. The politicians themselves, in the whole, lack understanding of the Constitutional crisis that is unfolding. On the one side, Democrat and Republican alike, are those that understand the political reality of the past century. From Woodrow Wilson and on the limits imposed on congressional and executive authority have been removed to either mimic socialist ideals (Wilson, FDR, LBJ) or as expediency (Nixon,Reagan,Clinton,BushJr.). There is no way out of the disaster that has befallen America without reinstituting Consititutional limits on authority because it is a long-term process and the flip-flop of electorates assures a return to fiat responses to accelerating events.