According to Bloomberg, Ben Bernanke and the Federal Reserve have pledged “to keep the main interest rate near zero for an “extended period” and confirmed that emergency measures to prop up the housing market will end as planned this month.”

The Group of 20 (G20) met in Scotland over the weekend, bringing together central bankers and financiers of nineteen countries, and the European Union (EU). The collection of nations constitute 80% of world trade and two-thirds of the world’s population. (1) Discussions of “re-balancing” the world economy have taken place over the last few months by members of the G20; those sentiments continued this weekend in St. Andrews, but apparently only in general terms. (2)

Economic historian Niall Ferguson and James Fallows discuss the Chinese reaction to U.S. fiscal policy. In short, many in China see U.S. fiscal policy as out of control and the dollar heading for major depreciation.

With a failed dollar we’d have far more church-going citizens eager to stockpile communion crackers. And for the altruistic of the local tribes, the communion crackers might end up back in the offering basket.

Mr. Geithner paid his back taxes from 2001-2004, paid the interest, but did not pay the penalty fee. That was waived by the IRS, the organization Geithner now runs as Treasury Secretary. This has business owners and employees alike wondering, “Can I get a piece of the ‘Geithner Rule?’”