Bernanke and Geithner may be happy with the way finance looks right now, but whatever their plans are they have to be sweating. As for now, oil and silver are still below their respective breakout resistance, gold has made no charge ahead, and platinum is still lagging. Equities are still pinned at highs, even while the algo machines flash crash every one of them. The dollar although devalued has some value. Everyone is happy, seemingly.
Yet there is now a cliff only a moment away, and the only thing stopping the economy from going over it is a smallish wall. This wall is like the American infrastructure: people talk about it like it is a grand thing, but it has not had repairs or updates for a long time. The wall will be breached with an increased deficit, or the failure to raise the debt ceiling. Obviously the bottom of the cliff is an inevitable destination.
Bernanke and the Private Dealers need quantitative easing to continue to monetize the debt, because the cost otherwise would be far too large for the Federal Reserve's balance sheet to handle. If there is no continuation of quantitative easing then there will be no demand for US Treasuries; not from the indirect bidders and not from the private dealers. Without this demand the fiat ponzi is finished.
So while everything looks honkey dorey, it is not, and this summer, while the Bohemians are safe in their Grove, the world will wake up to the fact that money does not grow on trees.