Today marks a “major change in trend of monumental proportions," according to Martin Armstrong. The government will start to lose control and the lurking monster that is excess debt will rear its head. Today is the start of the "real" sovereign debt crisis - "this concentration of confidence in government marks the peak - from here on out, this will not be a video game - this is real."
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).
Former Republican presidential nominee Mitt Romney smiled and repeatedly said, "Nice to see you," when asked if he had any concerns about the Saudi Arabian-led bombing campaign in Yemen.
Payrolls Disaster: Only 142K Jobs Added In September With Zero Wage Growth; August Revised Much LowerSubmitted by Tyler Durden on 10/02/2015 12:36 -0400
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.
"It is not a problem of liquidity, but of fundamentals"...
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.
“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.”
Ignore the fact that today's jobs data printed below the lowest of all economists' estimates, and just buy... because USDJPY is surging. As one market participant exclaimed "this is the most aggressive buying [in S&P minis] I have ever seen."
Since the start of the depression in December 2007, the US economy has added 1.5 million waiters and bartenders and lost 1.4 million manufacturing workers.
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.