Ehm, doesn't that mean gazillion budget deficits for the next ten years or so? Never in American history you had a war and a tax cut at the same time, not to mention the jump in non-defense spending. One way or the other it's going to put huge pressure on the USD. And if China is still stubborn to peg its Renminbi at its current level, that means the Euro is going to bear the brunts, disproportionally. Not good to the European economy, and not to my wardrobe too. I'll be very sceptical to go long in bonds too.