An engrossing article. The US seems to be gradually going through a transition period, in which The American Dream achieves a basic safety net through a sense of balance and co-operation. A positive, can-do attitude towards the Debt Ceiling and spending cuts negotiation will enable the US to start 2013 with increased confidence that Congress has purpose and drive. That neither side is asking too much, that reasonable proposals are being put forward, that decision making has momentum. Mohamed El-Erian warns what might happen if impasse becomes the norm, although I trust in a deep sense of responsibility to safeguard growth and a balanced reduction programme. Similarly with Japan, change is in the air, but it seems, not to the extent of leaving behind previous sound policies. Japan is going for growth and the vote is there to activate it. A 2% inflation target is usual in a number of economically important countries, so making space for growth in this way seems well worth considering. The commentary on Germany and the Eurozone described the situation very well.