Bid to save European Union: more smoke and mirrors

Commentary: US is temporary beneficiary of euro doom

The newest European maneuvers have triggered a stock rally, but credit markets are not buying the deal. The small upward pressure on U.S. yields is preparatory to a big borrowing binge by the Treasury next week, not anything fundamental.

Through the fog of Europe, dominating and concealing everything, one pattern is clear: The U.S. economy is doing better than forecast 90 days ago, and the rest of the world is in some stage of sinking.