CONTINUING...

Economic numbers for the Euro zone were released yesterday showing growth that surpassed estimates but barely above 1%.  coupled with inflation estimates of 0.7% the pressure shifted somewhat to the ECB (which is on record for targeting inflation at 2%) to loosen up and get with the program.  While the Bank has been quiet as of late, the bet here is that isn't going to happen anytime soon--certainly not until next year until after the full mob gets to meet in December.  Remarkably, the data has the UK outperforming everybody including Germany, causing Little Paulie agita as nothing seems to be going right with his predictions.  Of course, the fact that you can probably buy a small country in Africa for less than the cost of a 3 bedroom flat in Knightsbridge may have something to do with the GDP figures,.  Nevertheless, things appear to be looking up in Blighty and if they can ever get their act together in regard to home-grown energy (I think they will), the future may be bright indeed.  Might prove to be the same Over Here.

In the meantime, we had a series of off-year elections yesterday  which proved
conclusively...absolutely nothing.  The fiscal discussions remain silent for another day, The tall tails, lies and opinions of Obama Care remain on display whilst a new concern, the possibility of identity theft, seems to be occupying more of the stage.  I guess this could be a real problem and one whose extent and implications may well not be known for months.  If the dire predictions of some come true it is a game changer in a political sense and in an economic sense as well as the chaos will be overwhelming.

Now none of this is directly related to finance or banking but what it does do is focus all attention away from the fiscal discussions which are supposed to be in session and have yet to start, plus delay any work being done on the attempt to implement Dodd/Frank which, after three years, remains 75% a shell of political blabber with nary a regulation nor rule written for its full implementation or (please, Lord) destruction.  It is all a remarkable testament to the resilience of this economy which seems to continue to perform--not particularly well but performing none-the-less--with nothing but impediments from the national government.  But here's a funny thing: a new study was released in regard to the effect of the sequester on us folks in the Fly-Over Zone.  None. Zip. Nada.  A goodly number of people didn't even know about it.  Which makes one wonder whether an increased lack of activity in D.C. might not be a bad thing at all.  Just saying.