The European Central Bank shaved its benchmark interest rate from 0.75 to 0.5 in a move that signifies a lot of nothing. As the euro zone's economic recession deepens, the central bank's rate cut will do little if anything to improve Europe's sputtering economies. This bit of blarney, as reported by International Business Times: "The ECB should focus on stimulating demand in the euro area's core," wrote Daiwa Capital Markets. "This is why an interest rate cut makes sense. But the Old Gray Transgender (diversity, baby!) reports in its lead about the rate cut: The European Central Bank cut its benchmark interest rate to a record low Thursday, a mostly symbolic move that could lift morale in the euro zone but is unlikely to jolt the Continent out of recession. "Mostly symbolic" wins the Kewpie doll. With the central bank's benchmark rate already at an historic low, whittling a little more off the rate ain't gonna amount to a hill of stale baguettes. Europe's elites are so...(Read Full Post)