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This guy is a genius and this is his insight into China’s role in the world economy

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(Reuters) – Economic growth in the United States picked up over the two prior months and hiring showed signs of a “modest increase,” the Federal Reserve said on Wednesday.

“Reports from the twelve Federal Reserve Districts suggest overall economic activity expanded at a moderate pace during the reporting period from early April to late May,” the central bank said in its latest “Beige Book” summary of national activity.

The Fed’s previous Beige Book assessment of the economy, released on April 11, had painted growth in a more timid light, describing it as “modest to moderate.”

The Beige Book, prepared this time by the Dallas Fed based on information collected through May 25, has market interest because it is based on anecdotal reports from business people from coast to coast and will be used by Fed policymakers at their next meeting on June 19-20.

“Hiring was steady or showed a modest increase,” the Fed said, matching the language used in its previous assessment.

The Labor Department reported last week that hiring slowed in May for the fourth straight month, with just 69,000 people added to payrolls.

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After a rough battle with cancer and winning the famed pop star is plagued again with a brain tumor.

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BRCD, CHSI, CBS, DGI, DG, FIO, IRG, TEG, MRVL, QSII, URI, VMI

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“Orders to U.S. factories unexpectedly fell in April for a second month, pointing to a deceleration in manufacturing as the global economy cools.

Bookings dropped 0.6 percent after a revised 2.1 percent decrease in March, the first back-to-back declines in more than three years, figures from the Commerce Department showed today in Washington. Economists projected a 0.2 percent gain, according to the median forecast in a Bloomberg News survey.”

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HOLY SHIT

The Tokyo market slumped to a 28-year low on Monday as Asian shares dived on fears of a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China.

Investors hedged against global financial and economic crisis, heading for havens such as the benchmark 10-year Japanese government bond whose yield fell below 0.80 percent to its lowest since July 2003. Ten-year JGB futures prices jumped to a 19-month high.

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China’s stocks fell the most in six months after the nation’s non-manufacturing industries expanded at a slower pace for a second month and fewer U.S. jobs were added than economists estimated.

PetroChina Co. (601857), the second-largest oil refiner, dropped to a record low as the Shanghai Securities News reported fuel prices may be cut and JPMorgan Chase & Co. lowered its estimate for China’s gross domestic product for the second time in a month. Sany Heavy Industry Co., China’s biggest machinery maker, declined 4.4 percent after Nomura Holdings Inc. reduced its outlook for the industry.

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Sony Corp. (6758) dropped below 1,000 yen in Tokyo trading for the first time since 1980, when the Walkman was new, after Japan’s currency gained and the U.S. added jobs at a slower-than-estimated pace.

The shares fell 1.7 percent to close at 996 yen on the Tokyo Stock Exchange. Sony, which recorded an all-time intraday high of 16,950 yen in March 2000, last closed below 1,000 yen on Aug. 1, 1980, according to data compiled by Bloomberg.

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European stocks dropped on concern the euro-area debt crisis is deepening and as evidence mounted that China’s economy is slowing down. U.S. index futures and Asian shares also retreated.

Deutsche Lufthansa AG (LHA), Europe’s second-biggest airline, slipped 1.1 percent after Financial Times Deutschland reported the company may sell its catering unit. Q-Cells SE jumped 3.6 percent after a report that China’s Hanergy Solar Technology Ltd. will buy the German solar-cell and module maker’s subsidiary Solibro GmbH.

The Stoxx Europe 600 Index fell 0.7 percent to 233.53 at 8:15 a.m. in London. The benchmark measure has declined 14 percent from its 2012 high on March 16 amid growing concern that Greece will be forced to leave the euro currency union. Standard & Poor’s 500 Index futures expiring in June lost 0.6 percent. The MSCI Asia Pacific Index slid 2.3 percent.

“Sentiment has slumped after growth indicators failed to inspire markets on Friday,” Stan Shamu, a market strategist at IG Markets in Melbourne, wrote in an e-mail. “Lead indicators across the U.S., Europe and Asia are adding to fears of further economic weakness ahead in the global economy.”

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Switzerland is threatening capital controls to repel bank flight from Euroland. The Swiss two-year note has fallen to -0.32pc, not that it seems to make any difference.

Denmark’s central bank said it was battening down the hatches for a “splintering” of EMU. It has cut interest rates twice in a matter or days and pledged to do whatever it takes to stop euros flooding into the country. Contingency plans are on the lips of officials in every capital in Europe, and beyond.

On a single day, the European Commission said monetary union was in danger of “disintegration” and the European Central Bank said it was “unsustainable” as constructed. Their plaintive cries may have fallen on deaf ears in Berlin, but they were heard all too clearly by investors across the world.

Joschka Fischer, Germany’s former vice-Chancellor, said EU leaders have two weeks left to save the project.

“Europe continues to try to quench the fire with gasoline – German-enforced austerity. In a mere three years, the eurozone’s financial crisis has become an existential crisis for Europe.”

Yes, those are trailers in the background.Former bath-salts addict: ‘It felt so evil’

(CNN) — The man is strapped onto a gurney and restrained, yet he is singing, making faces and twitching.

“You know where you’re at?” a paramedic asks him, but Freddy Sharp can’t answer. He was, he explained later, off in his own world after overdosing on synthetic drugs known as “bath salts.”

“I’d never experienced anything like that,” Sharp told CNN’s Don Lemon. “It really actually scared me pretty bad.”

He said he was hallucinating about being in a mental hospital and being possessed by Jason Voorhees, the character from the “Friday the 13th” movies.

“I just felt all kinds of crazy,” said Sharp, now 27, of Tennessee, who says he hasn’t used bath salts in months.

“It felt so evil. It felt like the darkest, evilest thing imaginable.”

American International Group Inc. (AIG) Chief Executive Officer Robert Benmosche saidEurope’s debt crisis shows governments worldwide must accept that people will have to work more years as life expectancies increase.

“Retirement ages will have to move to 70, 80 years old,” Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth.”

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