Today the markets, and indeed the world, waits to hear Federal Chief Ben Bernanke's testimony at the FOMC, on the issue of QE.
At the moment, the quantitative easing and mortgage-backed securities buy-back is running at around $85 billion per month, and it seems to be working as job creation seems to have stabilised, the housing market seems to be trending slightly upwards, the stockmarket is rising nicely (to levels which it should have achieved last year, perhaps) and there is a growing optimism throughout the world.
The Bank of Japan has loosened up its monetary policy, and allowed the Yen to fall vis a vis the major currencies. This is likely to help Japanese exports of their excellent products and help production pick up at home and earn them from overseas markets and provide for their economy, which seems to have started a turn-around.
The appointment of Party Chairman Xi Jinping who will assume full powers of leadership in China in March must auger well for China. Paying heed to his ideas in the past have created a boom in China.
Perhaps another $15 billion per month in the U.S. for a period of six months may bring America back to a full Recovery, with creation of many more jobs, doing up and sale of many more houses to hard-working citizens who are earning their living, as well as housing for social projects (perhaps funded by generous philanthropists who can turn their paper fortunes into real wealth with their hallowed names attached to the building and stocking of community centres, libraries, study centres, playgrounds, etc).
Do you think the day is far away when the generosity of the wealthy will give them soul-satisfaction, and create happiness for the people in Ghana and Nigeria who need laptops, appreciate reading real books, would be happy wearning clothes which they know are known as apparel in America? Do you think that day is far away?
There is a subtle law of prosperity, as you add more to the stream, the richer it becomes, and riches flow into the world, and the richer everyone too becomes.
Listen to your hearts, and look at the world.