The world is breaking

Job losses worse in June than in May. What's the significance of this? 9.5%, the highest in two decades. Joshua Zumbrun, Forbes, "Unemployment flirts with an ugly truth--the possibility of hitting a new post-Depression high."

The losses were spread across the economy, with 136,000 jobs lost in manufacturing, 118,000 lost in professional and business services, 79,000 lost in construction. Even 52,000 jobs were lost in government, a sign that the stimulus package has been unable to plug the holes in local government budgets that are hemorrhaging from lost tax revenue.

Of course the Obama priority was government jobs, which we all pay for, but he hasn't even succeeded with that. The new Obama short work week, whether we like it or not. And this:

The government needs to deleverage debt and not try stimulus packages that will inflate assets, he said.

"What makes me very pessimistic in not seeing any leadership or awareness on parts of government on what has to be done, which is deleverage $40-to-$70 trillion," Taleb said.

The world is breaking and our President Barack Obama owns it. Unemployment for men hits 10%, and Google's CEO, a huge Obama supporter, turns.