Tacitly at least, most believe that the monstrous dilemma posed by the fiscal cliff will be resolved after the elections, and before the end of the year, by whatever newly elected or re-elected president, senators and members of Congress are on the job during the balance of 2012.

FORBES: CEOs Aren't Spending Because Of Obama, Not 'Fiscal Cliff'

Less than a year after the ECB President Mario Draghi buoyed the markets with his promise to do "whatever it takes" to keep the currency together, the central bank's governors move has left some economists questioning whether the ECB has reached the limits of its power.

CNN: Euro recession deepens: So what can the ECB do now?