The Fed isn't printing money, it's printing risk -- to the tune of $1 billion a day in US stocks.

Making depositors take a hair-cut is a risky precedent for the world's most fiat currency.

Steady as she goes in a weak expansion -- but maybe the first hint that LSAPs could end.

Cypriot hardball is met with ECB hardball. It's the ECB's ball, but still a threat to the euro.

No more euro area bank bail-outs allowed -- but most banks have been bailed out already.

Slow earnings growth, energy and housing tailwinds, and a head-fake consumption spurt.

Structural Operations could fix disinflation, too-slow money growth, and fragmentation.

A proud central bank sacrifices its independence for the sake of reflation and growth.

No optimism, no rate cut, and no new solutions beyond a commitment to act -- somehow.

Risk-relief, a housing recovery and an energy boom aren't overcoming higher taxes.