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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