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.

Euro area inflation is far below the ECB's target -- but why take any risk to fix it?

Too surprising and too out-of-pattern. It will be revised away, and won't deflect tapering.

The pro-growth policy outlook has only improved with Christie's artful crisis management.

It takes two tapers to make a trend, and a locked-in fait accomplis for Yellen.

If tapering QE made last week's turbulence, then failing to taper only adds to global risk.

The emerging markets currency crisis doesn't even get a mention. Tapering is now the trend.

Beating the "new normal" now for three quarters running. Beating the "old normal," too.