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I'll add a major forward-looking issue: The Federal Reserve has been issuing free money, and that party is over.

It won't affect the next A or B rounds, but exits in about 3-5 years are going to dry up much like they did the last time the Fed tightened.

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I'm not sure where you got the 3-5 years figure, but my understanding was that the fed has issued a lot of money that has not entered the money supply yet. According to [1], there has been a 259% increase in the monetary base, but only a 35% increase in the money supply. This is obviously really scary, since it implies that the dollar is likely to suffer massive inflation at some point.

[1]http://www.marketoracle.co.uk/Article40113.html

Since the money supply (M2, eg) includes the monetary base (M0), the link is confused (at least about nomeclature.)

Monetary base in red (you can see where they started printing in the past few years), Money supply in blue http://research.stlouisfed.org/fred2/graph/?g=kcD#

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