Baltimore (TFN): The Fed is meeting today. And I ask who cares? At this point, Bernanke and his troupe of politicians masquerading as economists are in so far over their heads, no matter what they do or say, you can bet the move is designed to protect their butts, not yours.

China to grow 8%? An end for Mark-to-markets?  What will the ECB do today?  Gold at a discount…. And Now… Today’s Pfennig!

Fed saves us from ourselves… details of the historic FOMC decision… Dan Amoss and James Turk on the implications of 0% interest rates… Dollar gets slammed… how long until the greenback carry trade? Most companies planning on dismal pay raises this year… how you can stay on top in 2009… So what if Madoff fleeced us for $50 billion? Pennies compared with this long-running scheme… Plus, a new survey the Big Three definitely won’t want to read

You’ve probably heard the talking heads on CNBC chattering about this currency play. You’ve probably read about this investment “unwinding” or “being back on” in the Wall Street Journal, or in Bloomberg.

Now that Congress is getting involved, we should see some decisive action, a clear and easy solution to eliminate the financial collapse now knocking on our doors… and if you believe that, I’ve got these great banking shares to sell you.

“What do you think of Iceland?” asked my publisher Bill Bonner this morning. “They’re paying 15% interest rates right now. Don’t tell me that doesn’t tempt you!” he grinned.

I admit it, that’s a juicy figure. But I’m wary of it, and here’s why: For years we’ve had the yen carry trade – investors borrowing in Japan at zero or near-zero interest rates and investing abroad where the yield is much higher. A lot of this money found its way to Iceland.