The Fed is one of those places where cooler heads prevail and we might all be in for a surprise if the statement simply notes that the weekend downgrade provided one of those external shocks it has previously warned against and that it would now monitor the impact on consumer and business confidence going forward.

FORBES: Hopes High For More Quantitative Easing -- Dollar Weaker

It seems that Russia has become less vulnerable to financial and currency shocks and that it is still highly exposed in the event of an adverse oil price shock, writes Tatiana Orlova, a Russian strategist at Nomura in London.

FORBES: As EU Crisis Unfolds, Russia Bracing For The Worst

It has now been about two years since the first international food price shocks erupted in 2008.

FORBES: Inclusive Crises and Exclusive Recoveries?

But make no mistake, as long as the Fed flounders in its conducting of monetary policy--as it has for a decade--we will continue to be rocked by unnecessary shocks and destructive bouts of volatility.

FORBES: Magazine Article

"The economy has less momentum going into 2013 than initially thought, making it vulnerable to external shocks, " Mr. Hoffman said in a research note.

WSJ: U.S. Economy Contracts in Fourth Quarter