For one thing, the economic recovery remains fragile and banks, particularly the vast majority of U.S. institutions that do not have globe-spanning operations, are particularly sensitive to the ups and downs of domestic growth.

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The Fed apparently is concerned about the European austerity measures, since Fed Chairman Bernanke recommended to Congress in recent testimony that it have plans in place for how it will eventually tackle the record U.S. budget deficit, but that it not implement the plans while the economic recovery remains fragile, as that would risk stalling the recovery.

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Almost everyone agrees that trying to balance the federal budget while the economic recovery remains fragile makes little sense.

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And while the economic recovery remains fragile, that is probably a good idea.

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"However, lending is still at levels much below that of previous years, and the slight recovery remains fragile, " he warned.

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That is no small matter while the recovery remains so fragile.

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Recovery remains fragile and the UK government's continuing inaction risks a return to recession for the third time since the financial crisis of 2008.

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The eurozone debt crisis continues to remain a threat to overall global growth, while the recovery in the US economy has been fragile and consumer confidence there remains low.

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And while much of America's recovery remains fragile, halting and uncertain, the turnaround in cities like Detroit, Toledo and the like is tangible, and has much to do with the government's one-off foray into industrial activism.

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