None

While it will hardly come as a surprise to its employees (who were warned a week ago that 25% of all fixed income workers would lose their jobs in the immediate future) most had hoped that the bailed out bank would at least have the ethics to wait with the layoffs until after the new year, now just three weeks away. It did not.

With just nine days until The Fed - which has prepared the world, apparently - will raise rates for the first time in years (and potentialy suck up to $800 billion of liquidity from the global collateral chains of shadow stability), it appears China is doing its best to start some destabilizing efforts (which worked last time). None of this is helped by the collapse in China trade (with imports down YoY for a record 13th month, and exports falling for 5 straight months).

By excluding 294 "day of + day before" Fed meeting trading days (147 x 2 days excluded) out of over 4,500 total trading days since Jun-1997, the drop is ~50%. Basically, excluding just 6% of Fed-influenced days cuts the S&P 500 price in half.

Here's What Will REALLY Kill You ...

One month ago, Credit Suisse confirmed what we had reported in the previous several weeks, namely that according to channel checks, iPhone supply chain orders had weakened recently adding that "in our view, the continued weak supply chain news could weigh on Apple shares for the next few weeks/quarters." The market did not like the news and sold AAPL stock only to promptly BTFD as it always has in the past 7 years: after all any transitory weakness is merely an opportunity to buy, right? Only this time the weakness may not be transitory, because as of this morning we now have not one but three updated channel checks all pointing to a substantial slowdown in AAPL's flagship product and core revenue generator, the iPhone.

"As we looked out the window a second set of shots goes off [...] and we saw a man fall to the floor. Then we just looked and we saw three men dressed in all black, military attire, with vests on they were holding assault rifles. As soon as they opened up the doors to building three [...] one of them [...] started to shoot into the room... It looked like their skin color was white. They look like they were athletic build and they appeared to be tall.”

Over the last few months, in a prime example of currency failure and euro-defenders' narratives, Finland has been sliding deeper into depression. Almost 7 years into the the current global expansion, Finland's GDP is 6pc below its previous peak. As The Telegraph reports, this is a deeper and more protracted slump than the post-Soviet crash of the early 1990s, or the Great Depression of the 1930s. And so, having tried it all, Finnish authorities are preparing to unleash "helicopter money" to save their nation by giving every citizen a tax-free payout of around $900 each month!

"It is our humble belief that the consensus at the Fed does not fully understand the magnitude of the problems in corporate credit markets and the unintended consequences of their policy actions."

Inequality of wealth is inequality of power. A study just released finds that "America’s 20 wealthiest people — a group that could fit comfortably in one single Gulfstream G650 luxury jet — now own more wealth than the bottom half of the American population combined, a total of 152 million people in 57 million households.” How much political power do the people who would be inside that jet — and their friends — actually have?

The system is beyond the point where it is merely showing stresses and fractures. Things are now falling apart and there may well be no way of putting them back together again. The media will continue to claim everything is fine, until the day of panic and reckoning when it will suddenly be the "next Greece" or "2008 all over again"... but worse.

Here is what really happened: the ECB tried to engineer a modest market selloff because the "market needed to be disappointed", coupled with a modest rise in the EUR to give the Fed some rate-hike breathing room. Instead the market's dramatic overreaction in stocks and FX forced Draghi to not only panic but to publicly come out and admit that the only purpose of his Friday speech was to offset the damage from his failure to defeat the opposition at the governing council and to send markets surging. Which they promptly did.

The next time you wonder where the Fed Chairwoman is seeing wage growth, the answer is simple: they are looking at your boss' paycheck, yours... not so much.

So how do you grow household wealth by $18 trillion in the face of these dismal real world trends? In a word, with a printing press. But what happened today is that Draghi showed he is out of tricks and Yellen confessed she is out of excuses. Yes, this sucker is going down. And this time all the misguided economics professors turned central bankers in the world will be powerless to reverse the plunge.

Update: DMV releases driver's license photo of Farook

In a press briefing on Thursday, San Bernardino officials catalogued the weapons and ammo discovered in the vehicle and home of Syed Rizwan Farook and his wife Tashfeen Malik who killed 21 and wounded 14 on Wednesday. Additionally, CNN (citing "sources") says Farook was likely "radicalized." The pair were "well equipped" and could have staged another attack, police say.