After a post I did earlier this week on Congress caving on Central Bank of Iran sanctions, I got a grumpy call from my buds at AIPAC. No, they had not “sided with the Obama administration” as I claimed, except in the case of a couple of technical changes to the Menendez-Kirk amendment and one substantial change.

Hill conferees filed the National Defense Authorization bill last night, which means the conference agreed upon final language. The bill has enjoyed its share of controversy over a detainee provision, but another viciously fought battle included a provision to sanction the Central Bank of Iran. You remember the Central Bank?

Judging by the financial market's renewed unease about Italy and Spain over the past week it would seem that all that the European Central Bank's €1 trillion liquidity injection in the European banking system bought was around four months of relative market calm.

With the threat of a veto hanging over its head, the National Defense Authorization bill heads to the House floor today for debate. Among the provisions are several dealing with the question of a nuclear weapons armed Iran, and what the United States should do to avert a crisis, prepare to handle the threat, or eliminate the threat altogether.

On May 6, all eyes will be focused on the second round of the French presidential election, which Socialist challenger Francois Hollande is likely to win. Equally important for Europe’s future is the Greek parliamentary election scheduled for the very same day.

Financial crises, and their aftermaths, can pose greater challenges to central bank independence than the more traditional pain associated with combating inflation.

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

Generally, campaign press releases are unrelenting twaddle. But Romney put out a decent one today… better, frankly, than his not-too-dramatic op-ed in today’s WaPo. (Really, Mitt, shipbuilding will be job one in taking on Iran?)