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Gold and the Dollar Wrestle it Out

QE2 Gets Bashed Abroad (CNBC via AP) Domestic detractors of QE2—many of them worried about inflation—are joined by a rising chorus of critics from abroad.

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"No Credit for Man Whose Predecessor Got No Blame" (New York Times) The headline sums it up: The fates can be capricious to central bankers.

Obama May Extend Tax Cuts for Wealthy in a Comprise Agreement with Republicans (Wall Street Journal) Senior political advisor David Axelrod seemed to sum up the enthusiasm at the White House on the proposal: "We have to deal with the world as we find it."

Cisco CEO Blames Bad Numbers on Weak Demand from Government at All Levels (Business Week) John Chambers, the CEO of Cisco Systems, faulted local, state, federal, and international governments, which are cutting back on spending, for its recent earnings slide. The dip in sales may not be unique to Cisco, which may prove to be an indicator of how cuts in government spending are more broadly affecting the private sector business.

Gold and the Dollar Wrestle it Out (Yahoo) "Gold prices were choppy all day. An initial rally on safe-haven buying was sunk by U.S. dollar strength and euro weakness before short covering drove prices back up to settle above $1,400."