Right after Katrina it looked like a no-brainer. Uncertainties about where things were going as a result of Katrina would force the Fed to pause. But since then, the idea of the Fed pausing is fading,

In what we used to call the Club Med economies, there's Anglo-Saxon borrow-and-spend, and, on the supply side, it's the Germans turning Anglo-Saxon and kicking up a ruckus.

For the first time since the 1980s, domestic demand seems likely to sustain growth.

Inflation is down to 1.4% excluding energy, so there's absolutely no inflation pressure.

911 -- A Day in the Life of a People,

At this point, real wages are falling [and] profit margins are rising, so the offset to the stupid behavior on the part of the governments is that business profitability is improving, and that's all connected to the euro going down.