I mostly agree Mike, but I think the TPTB were hoping for a little respite between these monetary events, and have found that things are getting more out of control than they would like. They wanted to wait awhile, as it's a little early to pump and hope for things to remain pumped thru Nov 2012, but the downgrade surprised and alarmed the markets, so they're pushing this volatility now so they can "save" the markets and try to keep everybody pacified until the 2012 elections. I do think that the financial players are becoming more in reactive mode than they want, that they are seeing the sand slipping through their fingers, even though there are many that are making billions in the chaos.

We should hear something from the Jackson Hole meeting, and I also think there will be some announcement from the G20 finance ministers about some type of "global" credit initiative, moving away from euros and dollars as the major currencies. Like using IMF issued SDR's as more of a funding mechanism. Rickards has spoken about this for some time, and IMHO the only hope for the Euro Union is to kick the can upstairs, or the Germans will bail.

BTW, anybody watching the street fight that is happening in the silver futures market? It's like two heavyweights trading body blows!