The Slippery Slope Of Denial

  1. Dollar doesn’t matter, indicates strong economy relative to the world
  2. Dollar matters for oil, but lower oil prices mean stronger consumer
  3. Manufacturing slump doesn’t matter, only temporary
  4. Manufacturing declines are consumer spending, but only a small part
  5. Manufacturing declines are becoming serious, but only from overseas
  6. US consumer demand is strong, except everywhere you look to actually find it.
  7. ...

Volkswagen: A Decade Of Deception - Full Chronology

The scandal swirling around Germany's largest listed company had its beginnings in an attempt to crack the U.S. market, the missing link in VW's global footprint. But, as Handelsblatt details, what began as expansion ended in deception (piecing together the events that led up to the scandal, based on the facts as they are currently known).

The Fed Isn't Even Trying To Make Sense Any More

Compare this - BULLARD SAYS HE EXPECTS STRONGER JOBS REPORTS TO COME.

To this - BULLARD SAYS SUB-200K PAYROLL GAINS MAY BECOME THE NORM?

But do not fear, these guys are on top of it!!

Crude Surges After US Oil Rig Count Collapses To May 2002 Lows

For the 6th week in a row, Baker Hughes reports a decline in US oil rig counts. With a huge 29 rig drop - the largest in over 5 months - the total oil rig count is 809, the lowest since May 2002. The reaction is a stick-save buying panic surging crude into the green on the day.

What If Expectations Of Our Central Bankers Are Simply Too High?

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

Payrolls Disaster: Only 142K Jobs Added In September With Zero Wage Growth; August Revised Much Lower

And so the "most important payrolls number" at least until the October FOMC meeting when the Fed will once again do nothing because suddenly the US is staring recession in the face, is in the history books, and as previewed earlier today, at 142K it was a total disaster, 60K below the consensus and below the lowest estimate. Just as bad, the August print was also revised far lower from 173K to 136K. And while it is less followed, the household survey was an unmitigated disaster, with 236,000 jobs lost in September.

Newly Published Clinton Email Reveals How Government Manipulates Media

A Hillary Clinton staffer planted questions in a CBS 60 Minutes interview with Wikileaks founder Julian Assange, according to email records released this week. At the time of the interview in early 2011, Assange had already leaked sensitive, embarrassing information from the State Department. The unclassified staff email to Clinton, released amid her ongoing email scandal, demonstrates not only that the former Secretary of State and her staff were out to discredit Assange, but that the government manipulates media and wields heavy influence over it.

Silver Spikes To Six-Week Highs On Heavy Volume - Biggest Jump Since Dec 2014

Precious metals are angrily bid this morning (even as copper and crude tumble) after the dismal US jobs data sent the USD reeling and raised expectations for moar QE down the line. Silver is up 5% on the day - the biggest daily jump since Dec 1st 2014 and gold is up 2.2% - its best day since April.

Is This Why Jobs Crashed

Guess who: “CLAIMS” AND NONFARM PAYROLLS: It’s A Very “Tidy” Correlation Indeed: This wonderful chart, courtesy of TD Securities, shows how almost perfectly jobless claims and non?farm payrolls correlate, and so with “claims” falling as they have, payrolls today could be surprisingly high."

Goldman's NFP Post-Mortem: A December Rate Hike Is Now A "Close Call"

In addition to the Fed's credibility, one other privately-controlled organization that has seen its credibility completely crushed in recent months is the Goldman economic forecasting team (if not the team that "forecasts" Fed monetary policy, simply because Goldman controls the Fed and tells it what to do; as such what Goldman "thinks" the Fed will do is usually ironclad) whose Jan Hatzius "for what it's worth" forecast above trend growth for the US economy in 2014.  So, "for what it's worth", here is Goldman jobs report post-mortem (in a parallel report Goldman just cut its Q3 GDP forecast from 2.0% to 1.9%), in which the bank admits that the report was a disaster, and that as a result "we now see action at the December meeting as a close call."

The 80/20 Rule Is Crushing The Economy

In business, the 80/20 rule states that 80% of your business will come from 20% of your customers. In an economy that is more than 2/3rds driven by consumption, such an imbalance of the "have" and "have not's" impedes real economic growth.