Here's what we're following this morning:

(via Dangerous Minds)

Does QE really work? - Credit Suisse via Zero Hedge | The question every investor should be asking is not "when QE?" or "if QE?" but "so what QE?".  Unfortunately, not only is the trigger for further QE a long way off for now, but the FOMC doesn't meet again until September...around the same time that the German parliament is set to announce its ruling on the ESM fiasco.

Unusual pre-9/11 currency movements, and the investigation thereof, led to one Fed economist's termination - Economic Policy Journal | Seems to be a material spike in currency during the 10 weeks preceding 9/11 when compared to the previous five years.  The previous five-year period includes the cash dump prior to the Y2K debacle.

How Jamie Dimon (JPM) and "flexible accounting" hid a $6 billion loss - CNN/Fortune via Jesse's Cafe Americain | Dimon will not be replaced.  He will continue to be supported...even idolized...because he is a partner in a grand, mythical kingdom made of paper.

LIBOR perp walks before the election, but no perp walks for central banks' interest rate manipulation - Testosterone Pit | It's a con game.  Peoples' eyes are opening and they're more and more aware of what's going on behind the curtain.  And it stinks.

The core Romney - Counterpunch | Listen, I'm all about being able to change one's mind.  But when someone seems to be so adrift in the Sea of Public Opinion...and when those sea changes seem to occur when one is running for public office...it all seems a bit too convenient and loathesome.

IMF faces a balancing act over Eurozone - Financial Times | Everyone knows that Italy and Spain will need bailouts.  The fact that this certainty is still discussed as a "possibility" is what is so discomforting.  A rescue for a large European economy would be so big that it would be impossible to back away from, once begun.  Sounds like what we're dealing with, State-side.

Why today's meritocratic elite behaves so badly - New York Times via Never Yet Melted | The problem is that today's elites cannot admit to themselves that they are elites.  Today's crop is more talented, certainly, but they lack a self-conscious leadership code.

US empire of military bases grows - TomDispatch | The number of bases that the Pentagon has garrisoned outside the US is about 1100.  The sizes of many of these could have them considered to be small- to medium-sized towns.  Think that troops will ever be pulled home?  Think again.

Spanish unemployed to lose benefits under mere "suspicion" of fraud - El Pais | Imagine that: welfare fraud actually being punished.

GOP state senate candidate drops out to join rebellion - Talking Points Memo via Boing Boing | Ms. Shannon, please know that the "Red Five" handle is already taken.