(T)he Fed's printing press single handedly guaranteed the way of life for the UK, the Eurozone and Switzerland with unlimited funding! Whether the Fed was within its rights to bet the American way of life in order to mitigate the stupidity of Europe is a question best left to politicians. And politicians take note: the Fed's actions were to the benefit of "banks around the world including those that have no US subsidiaries or insufficient eligible collateral to borrow directly from the Federal Reserve System."I am not a Harvard Business School graduate, but I see the hazard with linking financial systems. Linking the national electrical grid into one network is a similar hazard. Theoretically the system should be more efficient and create new opportunities, but breakdowns occur (who knew?) that can bring down the whole thing.
Update: Thanks, Glenn.