TightWind is written by Kyle Baxter. Stay Hungry. Stay Foolish.

Tim Duy:

Bottom Line: Don’t take US resilience for granted this time around – Europe is getting ugly, and it is far too late to prevent severe recession. The best policymakers can hope for at this point is too avoid a depression.

Click through and look at his chart showing the correlation between new orders from European manufactures and U.S. manufacturers, and then consider that European industrial orders dropped 6.4 percent in September. Europe is going to suffer a serious decline, and we will, too.

(Via Brad Plumer.)