Juggling Dynamite

During an annual fishing retreat in Maine, financial world attendees share their thoughts with Reuters on when the Fed will start to taper. Here is a direct video link.

The Fed has always been hopelessly bad at forecasting economic downside–they are eternally optimistic. As they now desperately look for a good excuse to cut back on their unsustainable QE purchases, insisting the economy is getting stronger is one way to back out without admitting they were wrong on their growth assessment.

The fallout from a necessary reduction (never mind cessation) of QE is already hitting emergency markets hard and the ripple effects are spreading. See: India’s ruppee hits record low

The world’s largest civilian hospital ship travels the west African coast, restoring sight to thousands and bringing smiles to faces once disfigured by tumors. Here is a direct video link.

A Federal judge approved the expedited hearing for Detroit’s bankruptcy case, reports CNBC’s Scott Cohn. Also, a look at the likelihood the same thing could happen in Chicago, with Phil Rosenthal of the Chicago Tribune. Here is a direct link.