A US employment report disappointed American markets while European nerves took hold again.

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M W,

Adam Carr's not so bullish today (SCOREBOARD: Jobs jolt, May 3). Is the weight of negative data finally worrying him? The "we have nothing to fear but fear itself" mantra sounds cute, but we have plenty to fear. The GFC is ongoing. It's not a "crisis of confidence", it's a crisis of debt. The impressive rise in the Dow is due to the flood of printed cash from the Fed, not that the US is "getting back to normal". You have to put your free money somewhere, and bank interest in the US dollar is about zero. But the "recovery" has been built on a stunning rise in US Federal debt – 64 per cent in about three years. These numbers are staggering. They have no idea how to resolve this. It's not OK! And now the recovery isn't so good. And now Europe is unravelling.
Whistling a happy tune and "positive thinking" won't cut it. This is real.

Vern Doddridge,

M W is spot on (May 3, 9.26am). The debt fuelled growth of the past (both private and government.) will take decades to unravel/deleverage and the worst is yet to come (SCOREBOARD: Jobs jolt, April 3).

A. Brabet,

Very true, MW (May 3, 9.26am). At some point the debt has to be repaid. Printing funny money delays the inevitable crash and the current uncertainty prevents a true recovery.

Scott Anlezark,

Great comments, it's so true that keep calm and carry on mantra ignores the debt (SCOREBOARD: Jobs jolt, May 3). The fact that if any government or bank had the magic fountain of easy credit switched off the lack of foundations would become apparent as quickly as it did in 2008. We have to remember that Adam's articles are based around trading and hence the presumption of good times can sometimes sustain rallies that traders can make money off regardless of the farcical nature of the big picture.

Alan Perry,

If Adam is less bullish and a bit worried now because of overseas data, just imagine what he's going to be like in January after the budget cuts and carbon tax numbers hit the Australian economy (SCOREBOARD: Jobs jolt, May 3).