Authored by John Rubino via DollarCollapse.com,
It’s just common sense: Borrow too much money and the weight of this debt makes it hard to do things that used to be easy. This truism is now (finally!) hitting home, and blame is being apportioned. A couple of recent examples:
Over The Last 10 Years The U.S. Economy Has Grown At EXACTLY The Same Rate As It Did During The 1930s
Since 2008 the financial media has been proclaiming that the US was in a “recovery.” This argument was used to justify the insane monetary policy of the Federal Reserve, which maintained ZIRP for seven years and spent over $3 trillion in QE.
Well, it turns out there was no recovery to speak of when it comes to jobs. According to a report posted on Friday, an incredible 93% of ALL jobs created since 2008 were in fact… based on accounting gimmicks.
Yes, 93%... as in more than 9 out of 10.
Source: Morningside Hill Capital Management.
This week will be all about rhe "Thursday Turmoil Trifecta" when the UK general election will be highlight of a busy week together with the ECB monetary policy meeting, while rounding off events in the US will be James Comey's first public testimony since he was fired by Donald Trump in which he is expected to testify that Trump pressured him to end the Russian probe into Mike Flynn.
S&P futures point to a slightly lower open ahead of today's US non-mfg ISM and Service PMI data. European shares fall, while Asian shares are little changed. Several European countries, including Germany, are closed for Whit Monday leading to subdued trading. Crude futures have reversed overnight gains following the latest unexpected Gulf Crisis overnight, in which Gulf nations cut all diplomatic relations with Qatar amid striking allegations of funding terrorism, as reported overnight.
In Megyn Kelly's much anticipated interview with Vladimir Putin for her debut episode of NBC's "Sunday Night with Megyn Kelly", the Russian President said he never met Donald Trump during his business trips to Russia (including Trump’s 2013 visit to Moscow for the Miss Universe pageant), stated that he was unaware of any proposal from Jared Kushner to set up an alleged "secret line" of communications between the Trump administration and the Russian government, and that it’s “nonsense” to say Russia has collected compromising material about Trump among many other topics covered in the 7 minu