The New York Times is following Ben Bernanke's news conference. It seems that, as far as I've gleaned, the loose monetary policy the Fed has embarked on with rounds of quantitative easing is going to end. Whether or not the American economy will start losing momentum with this announcement and the impending budget cuts is the big question. Britain, a case study for austerity measures, seems to have done decently, even if there was a slight blip.
Still, they're not even close to getting out of the woods, and things don't look great. There's no need to even mention the disastrous implications of IMF measures on the poor debt lepers of the Eurozone. I'm slightly worried, to be honest, that the American economy might just relapse into contraction.
Still, you gotta balance the budget someday I suppose.
On a somewhat related note, in my head, given recent events, I've already constructed how America could fall if her policy-makers aren't careful---rampant inflation caused by peak oil, food riots, a Republican administration that goes bats*** crazy about inflation and instability, and tightens money policy up to the maximum, with massive cuts in social welfare programs to balance out a China-like budget for domestic security (of course, tax increases will never come into the question, and in fact further tax cuts will be given.). Then, there will be riots about the cuts. because of previous cuts in welfare programs (low-income housing/education etc.) and the continuation of drug war policy, you have an underclass of people just spoiling for blood since they have basically been given nothing for their lives.
I guess that fills my "2012" quota of the year. incidentally, I guess that means the last time I can mention apocalypse is when the goddamn thing will be happening.