The Fed will protect the US if the European crisis worsens.

Federal Reserve Chairman Ben Bernanke said today that the central bank is ready to protect the United States if the European debt crisis worsens the global economy. The Fed "is ready to provide any necessary support to the financial system if things get worse," including the Fed's ability to serve as a lender of last resort, he said.

Although Bernanke said that European leaders consulted him about the crisis, he stressed that it is up to them to resolve it. "The expectation is that Europeans will find solutions that allow markets to calm down," he said. (Source: Dow Jones)