Peter Tchir on the ECB's Printers, LIBOR Litigation and the German Tipping Point! 1/8/2012

Welcome to Capital Account. The Federal Reserve released its interest rate decision today: extremely low rates until late 2014. Also, tomorrow, the ECB council meets about possible bond purchases and how to react to the financial turmoil in Europe. We talk to Peter Tchir, founder of TF Market Advisors, about what to expect from the central banks. Also, the manufacturing scenario in Europe appears grim. Eurozone factory activity in July fell at its steepest rate in more than three years, according to Markit Economics' Purchasing Managers Index. German manufacturers suffered the largest fall in new export orders of any Euro-zone country. Could this mean trouble in Europe's economic powerhouse? We will talk to Peter Tchir about how this fits into the crisis calculus. And when Olympians from the US get the gold medal, they will have to cough up almost $9,000 to settle with the IRS! Chances are their competitors are not in the same boat, says Americans for Tax Reform. Lauren and Demetri give you their take in today's "Loose Change!"