At the beginning of June, the ECB and EU walked down from targeting Italy with excessive debt procedures. And now, lovey Dovey Christine Lagarde takes over where Mario Draghi left off.

Crucially, for Italy, it's not a German central banker at the helm.

Happiest Man in Europe

Expect More Balance Sheet Wonders

German 10-Year Yield

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Long Term Prognosis

Changing of the Guard

I agree with the above Tweets by Daniel Lacalle.

Meanwhile please note the changing of the guard: Winner France: Germany's Time Has Come and Gone

Mike "Mish" Shedlock

Bond Yields Surge in Italy Yet Complacency Still Abounds

Italy's Bond Yields Widest to Spain in Six Years

Italy Bond Yields Surge In Confrontation with ECB President Mario Draghi

Mario Draghi warns "Undermining EU budget rules carries high price for all". Italian bond yields surged.

Bond Yields Plunge as Coronavirus Outweighs Strong Jobs

The BLS reports jobs rose by 273,000 in February but interest rate yields and the stock market are down big.

Grave Consequences: Italy Bond Yields Soar, Protests Called, Euro Referendum

Yields soared and Five Star has called for protests following Mattarella's decision to disallow a eurosceptic minister.

Italian Bond Market Crisis Coming Up

Italy's 10-Year bond yield surged around the Italian election. There's heavy issuance in Sept and ECB tapering in Oct.

Germany Accuses Italy of "Debt Blackmail": Hello EU, Time for Reform Expired

For 10 years, the EU and EMU promised reform. None was delivered. Time is up. Populists have taken control of Italy.

Making Sense of 100-Yr Bonds yielding 0% and 30-Yr Bonds With Negative Yield

Over 50% of European gov't bonds have a negative yield. Globally there's $15 trillion in negative-yield debt.

Bond Yields Crash and Gold Soars on Pandemic Threat

The 30-year long bond yield crashed to a record low, gold jumped, and equities hammered as fears of a pandemic mount.

Italy Target2 Imbalance Hits Record €432.5 Billion as Dwindling Trust in Banks Plunges

Contrary to ECB propaganda, Target2 imbalances are a direct result of an unsustainable balance of payment system. The imbalances represent both capital flight and debts that can never be paid back. If you think Italy can pay German and other creditors a record €432.5 Billion, you are in Fantasyland.