What’s worse than having Wall Street kingpins like Bernanke and Geithner in charge of America’s economic future? China taking the reins, that’s what.

While Washington’s all-powerful ego may have our leaders believe they still control our fiscal fate, they lost that power long ago. Now, the Fed and the Treasury may dictate who gets what, but China decides how much and when.

Baltimore: If today’s action from the markets is any indication of what investors think about Uncle Sam and his Washington minions, the upcoming mid-term election is going to get interesting.

Nothing talks in Washington any louder than money.

By Andrew Snyder, TodaysFinancialNews.com

Baltimore — (TFN): Well, look at that. There are consequences for our actions. Even in this day and age when it is virtually illegal to step on your neighbor’s toes or wish the corner beggar a Merry Christmas, we are still held responsible for our wrongdoings.

Just ask Balloon Boy’s old man. The trickster just got sentenced to ninety days in jail, with two thirds of the time allocated to a work release program. But even better than his time defending himself from shivs and bathroom sneak attacks is the four-year time span in which it is illegal for him to profit from his eye-popping stunt.

Chuck Butler, President of EverBank® World Markets, reviews this week’s currency exchange situation – including the state of gold, the Brazilian real, the Reserve Bank of Australia’s upcoming meeting and the position of China’s renminbi – for The Daily Reckoning.

Baltimore — (TFN): Did you feel it? Just a couple of hours ago, you went into debt for another $106. You never signed any paperwork or agreed to it – a handful of unelected officials took care of that for you – but you’re now on the hook for at least another Franklin.

Earlier today, the Treasury auctioned off yet another chunk of American debt. This time it offered seven-year bonds to the tune of $32 billion. In all, the nation will go in hock for yet another $118 billion this week.

Baltimore — (TFN): One good thing about kids is they are predictable. Give them five bucks and say they’ve got just one hour to spend it or it goes into their savings account and can bet another five bucks the cash will be spent by minute 59.

It’s the same way for politicians. Give them some cash and they’ll have it spent in no time flat, even if they can’t find anything worth buying.

The World Bank downgrades its world economic forecast, A few lessons from the school of German-style hyperinflation, Will we be seeing you in Vancouver this year? And plenty more…

U.S. Treasury Secretary Timothy F. Geithner says the Obama administration’s overhaul of U.S. financial regulations is aimed at creating a “boring” financial system.  But after President Barack Obama unveils this boring – and not-so-new – regulatory structure tomorrow (Wednesday), expect a pitched battle that will pit the interests of Wall Street players against those of everyday Main Street investors.

Markets salute mounting unemployment figures, Resources and euros: just two alternatives for the Chinese dragon, What happens when rates go up again? And three other ticking time bombs…