Euro & Dollar Race to the Bottom....while China grows at 9.4%

One can only be entertained by the economies in the West!!!  Because we certainly can't be taught anything -- except about mismanagement.

Federal Reserve Chairman Ben S. Bernanke takes his push for long-term deficit cuts to Congress today as a fiscal-policy deadlock threatens to reverse the decline in borrowing costs he gained through record stimulus.
Should Congress fail to avert a U.S. debt default by Aug. 2, the 10-year Treasury note’s yield, now 2.88 percent, would rise 0.5 percentage point within a month, said Priya Misra, head of U.S. rates strategy at Bank of America Merrill Lynch. Stocks and the dollar may tumble and the 10-year yield would rise to nearly 9 percent during the next decade, former Fed Governor Laurence Meyer said.
“We’re flirting with catastrophe,” said Meyer, senior managing director and co-founder of Macroeconomic Advisers LLC. “Bernanke is going to emphasize that. Irresponsible fiscal policy is a threat to the economy and makes Bernanke’s job more difficult.”
A rise in unemployment last month to 9.2 percent has increased pressure on Bernanke to consider spurring growth with a third round of bond buying, said Allen Sinai, chief global economist for Decision Economics Inc. Yet with the Fed’s balance sheet already at a record $2.87 trillion, Bernanke’s immediate goal will probably be to safeguard the economy’s gains by warning lawmakers about the damage from a default, Sinai said.
Bernanke is scheduled at 10 a.m. to begin two days of testimony in Washington on monetary policy and the outlook for the economy with a visit to the House Financial Services Committee. He appears before the Senate Banking Committee tomorrow at the same time.