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hope behind the policy is that numerical targets will lift some of the mystery surrounding the Fed's decisions.

As economic data is released, the public can base their expectations for Fed policy on a clearer picture of the central bank's goals.

"I support this approach because it would enable the public to immediately adjust its expectations concerning the timing of liftoff in response to new information affecting the economic outloo

The Fed has kept interest rates near zero since late 2008 in an effort to stimulate the economy. While the unemployment rate has since fallen slightly to 7.9%, the Fed is still unsatisfied with that level and has been pursuing additional alternative policies to boost the economy further.

The Fed's policymaking committee is next scheduled to meet Dec. 11-12.

Among the countries in the 100% club: Japan, Greece, Italy, Portugal, Ireland and the U.S. (U.S policymakers and credit-rating firms tend to put the U.S. debt-to-GDP ratio at 73%, based on marketable securities held by the public. Gross debt — the $16 trillion figure we see most often — includes money the government owes itself, like for Social Security. But the IMF uses the gross debt figure here.)

Last year, the Fed's tests showed a majority of the nation's largest banks would be able to weather another deep recession.

Ally Financial, Citigroup (C, Fortune 500) and SunTrust (STI, Fortune 500) -- would likely need new capital from either investors or the government in the Fed's adverse economic scenario

Even more worrisome

Spain’s banking system “is running out of liquidity and running out of collateral,” since collateral has to be pledged to the ECB when it provides funds.

This means Spanish banks are lending less, a drag on economic growt

Bank of Spain figures show that net capital outflows—including bank withdrawals and sell-offs of Spanish stocks and bonds—equaled more than 50% of the country’s economic output over the year ended July 31

The increase in federal taxes and the reductions in federal spending would cut the budget deficit (the difference between how much revenue the government takes in how much it spends) from $1.1 trillion last year to $641 billion in fiscal 2013, roughly a $500 billion cut. That represents a reduction in the budget deficit (as a percentage share of GDP) not seen since 1969 when the conservative Richard Nixon booted the free-spending Lyndon Johnson out of the White House

It is therefore hard for politicians to so brazenly throw the nation into a deep recession to reduce spending when the benefits of acting are so intangible. The fact is that the Budget Control Act of 2011 was political theater in which the Republicans tried to appease "Tea Party" voters – a constituency that has basically been wiped out as the economy has improved. Discussions around raising the marginal tax rate on the top 2% are simply just political fodder. Indeed, multiple studies, including ones by the CBO say that it would raise an insignificant amount of money (a negative for the Democratic view) but would also cause no real harm to the economy (a negative for the Republican view). In the end, if it takes changing the top 2% rate from 35% to 39.6% to end this whole fiscal cliff charade, you can bet it has already been agreed to