With QE ruled out, the ECB has pretty much fired all its bullets. The euro area is on its own.

Another upside surprise, in a world that is suddenly less risky and more growth-friendly.

Rigid, dogmatic, nervous, poorly prepped -- and willing to deny the facts to defend policy.

Abe had the guts to back off from carbon targets -- but so far it's his only profile in courage.

The mean equity risk premium will shift lower -- which means that stocks are still cheap.

Bernanke may taper in January, to defer the day when the FOMC rejects Yellen's leadership.

We just hit 7% unemployment -- where Bernanke had promised tapering would be all done.

Is this brilliant man supposed to play Dick Cheney to Janet Yellen's George W. Bush?

Bernanke hands Yellen a fait accomplis, and a spoonful of sugar to help the medicine go down.

Lower equity risk premia -- check! Faster global growth -- not yet, but coming in 2014.