Bill Black Devastating Consequences On Middle Class Corporate Credit – 15 Year Low World Trade – 10 Year Low No locomotive For Global Growth GDPnow Collapse Corporate Profits Collapse “Markets”

  “The investor’s chief problem – and even his worst enemy – is likely to be himself.” – Benjamin Graham. The money management edge is just the beginning. “Finance is

Dollar breaks uptrend vs gold The belief system is breaking down ECRI explains the deeply entrenched nature of persistently weaker growth Industrial production recessionary Retail Sales recessionary Inventory levels recessionary

  Central Bank Casino European Central Bank president Draghi’s huge policy package is a bust S&P 500 could be 60% inflated versus global equities S&P 500 could be 60% inflated versus

  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