Global manufacturing rolling over World trade falls 13.8% in dollar volume US trend growth weak getting weaker US slowdown now hitting service sector Income and spending cycles remain in

Static or Dynamic Allocation? Financial System instability as central bank policy fails. Stephen Roach David Stockman “The Most obvious “Black Swan” ever! ” – Mark Spitznagel Global policy failure also means extreme economic instability.

Are you paying attention? US industrial production leaves little doubt about recession risks Japanese Trade Data Collapses, Crushes “Devalue Our Way To Prosperity” Dreams Data strongly suggest global recession Banking

Fed’s Interest rate rise wiped out within 2 months New BOJ NIRP policy backfires in 2 days How did Japanese QE work out? Fail. ECB QE Plus NIRP Failing Too!

35 years of exponential debt growth and lower interest rates Markets wipe away the Fed’s December interest rate rise Gold reversing trend relative to the S&P 500? Fed can’t cut

  Bad timing and intransigence Nominal GDP and Non-financial profits trending down Global profit estimates are in their steepest decline since 2009. 85 year high in US crude inventories Record

  George Soros joins the rate hike blunder chorus Ray Dalio is already in the Choir Could there have been a worse time to raise rates? Fed is stuck in the

  “It’s not the economy (or fundamentals), stupid – It’s The Fed!” Decaying Control System 5 Crucial Questions For Investors Short Term Outlook Conclusion —————————- “It’s not the economy (or fundamentals), stupid –

“We frontloaded a tremendous Market Rally” US stock prices have been inflated far above fundamental valuation ISM manufacturing has now fallen below 50 for 2 months in a row. Factory orders signal

“The Fed is perpetuating a promise that stocks can’t go down.” Keith McCullough “The problem arises because the Fed, like other major central banks, has now become a creature of