--Europe still has latitude to cut rates and they will now that inflation is less of a concern. also, their banks are just as fucked as our if not more, so they'll have huge deficits too. --the Yen will lose its status as a safe haven once the crisis recede, they need a weak yen for exports, also carry trades will resume. --Both Obama and McCain would spend less and restore the $. "Deficits don't matter" asshat Cheney is on the way out.