United States

While Jamie Dimon tried to maintain his traditionally optimistic outlook in his annual letter to shareholders, there was a distinct undertone of pessimism in the latest 45 page letter released earlier today, in which he writes that while the U.S. is "truly an exceptional country," probably stronger than ever before, he cautions that "something is wrong - and it's holding us back."

Here are the highlights from the gloomy passage reposted below in its entirety.

Update: Sec. of State Rex Tillerson has issued the following statement:

“North Korea launched yet another intermediate range ballistic missile. The United States has spoken enough about North Korea. We have no further comment.”

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Authored by Valentin Schmid via The Epoch Times,

Macquarie strategist Viktor Shvets explains overcapacity, debt, and government intervention

Despite the temporary injection of confidence in the American economy brought about by the election of President Donald Trump, major structural problems continue to lurk beneath the surface. These trends, decades in the making, are so entrenched and intractable that even Trump’s boldest plans may not be able to resolve them.

Back in 2013, the catalyst used by the US to intervene in the Syrian conflict which started in the aftermath of the Arab Spring (which according to some was inspired by CIA intervention), was a YouTube clip allegedly showing a sarin gas attack by Assad troops on his own people in the town of Ghouta, which reportedly led to hundreds of casualties. Subsequently, the video was shown to have been a hoax, but by then it was too late as the US was actively involved in the proxy war, which in the summer of 2013 nearly escalated to a naval conflict between the US and Russia.

From Blain's Morning Porridge by Bill Blain of Mint Partners

This morning we’ve got a Risk-Off blip as the market winds itself into a tizz because suddenly the US recovery isn’t looking so well founded on the back of yesterday’s slowing Auto-sales number. Shock and horror! And it might get worse… we’ve got employment numbers on Friday, (which might be less strong than expected, therefore confirming it’s the end of everything), and who knows what Trump will say to China… 

Stop! No need to panic.. Worry, yes.