Happy Sunday. Are you putting that Sunday brunch on your credit card? After all, we are a debt-driven society. And in this weekend's reading, debt seems to be all over the map. Greek debt. UK debt. U.S. debt. College debt. Mortgage debt. My debt to society. I'll have more on this tomorrow, but debt is the foundation of the weakness in Western Capital markets. If any of us thinks that creating more debt, rather than paying of debts, is the answer -- we're sorely mistaken. We can dig our way out of this, but it's not by borrowing money and spending. It's by creating -- business, technology, companies, artwork, literature. Here are some articles I'm surfing in the press today: Paul Volcker sees Euro disintegration. So do the markets. That's okay, I have fond memories of the French Franc and the Deutsche Mark. Especially back in the 1980s when you could change 8 Francs for a dollar and a cold Duvel could be had in a cafe for 8 Francs. When you boil down the Euro disagreements, here's what it comes down to: You're going to see a lot of intense arguments about who works harder, who doesn't, who should pay off whose debts, and who has the right to retire at age 60 on the government dole. The Boulder startup scene gets some props into the New York Times. Funny, though, in the first paragraph the reporter refers to Boulder as "usually seen as an enclave of hippies, marijuana dispensaries and rock climbers." Apparently this reporter hasn't been to Boulder since 1982. The last hippie I saw in Boulder is now running a social media startup. It's a great time to browse mansions built by a movie mogul. Google says it was "accidentally collecting data" from thousands of Wifi sites since 2006. Um. You're kidding, right, Google? I mean data is your business. What's next? "Sorry, but we accidentally handed all of your email over to the Russian government." Joe Queenan has a great piece in the Wall Street Journal about the economic malaise of our youngest generations. This is something I've thought about a lot. And I'd have more sympathy for the "millennials" if I met more of them that weren't ADD-addled, entitled, spoiled brats. Maybe more of them should work on street fairs!

Today's "jobs Friday," when the federal government announces its mystifying and statistically incomprehensible report on jobs, thus assuring the job security of media pundits everywhere. And hey, I'm one of them! What's interesting about this month's jobs report, with a report of 36,000 lob losses (less than expected) is not so much its contents, but the market's reaction. All markets are up. That reaction says to me: Inflation ahead. Keep in mind, when everybody is getting fired, it's very hard to create inflation, because nobody has any money to buy anything. However, once the printing presses start running, and job losses start to diminish, all it takes is the slightest bit of hiring to create inflation. Why is that? Because the feds have pumped trillions of dollars of money into the system, and all the banks and consumers need is a whiff of things improving to get the ball rolling again.  Right now that money is trapped on banks, who are clutching it with their fists, saving it for more potential losses or to lend out, if things get better. With that trillions of dollars of liquidity out there, that means that inflation will accelerate meaningfully if there is only a slight uptick in demand.

The markets are entering a "digestive" phase today with what looks like a pullback, possibly driven by -- what else -- China? The Chinese government raised capital requirements in a move to slow the credit expansion and economy. You have to wonder if the the Chinese ministers were reading the Economist, as I was last night, which is warning of the potential for growing asset bubbles in emerging markets and especially China. Well, what do you want, you can't have it both ways. Economic depression or bubbles -- take you pick. Personally I prefer bubbles, but that's just me. Let's run through the other news, because as always there is lots happening across the globe:

• Some jobs won't return, says the Wall Street Journal. Well, duh. I know mine's not coming back. Shouldn't have put that Whoopee Cushion on the boss's chair.
• Alcoa disappoints, driving down shares in Europe (New York Times). I can assure you that's not the first time that's happened.
• Paul Krugman: Learning From Europe (New York Times). I thought the Krugster was going to give is tips on how to make Espresso. Alas, no. He's trying to convince us that they like to work in France.
• Speaking of France. I thought I'd catch up on what Le Monde has to say. Holy cow, Sarah Palin makes the front page!
• Don't you hate it when you are awash with data from drones? (New York Times)
• Some reactions to the Mark McGwire steroid admission (L.A. Times).
• Next time, I have to remember to hire a mermaid for my party (L.A. Times).
• The Nexus One honeymoon is over (PC World)
• Google's Nexus One termination fee is $350 (Engadget)
• Best and Worst of CES (Scobleizer).
• Shanda Games acquires Mochi Media for $80M (TechCrunch)
• New sex hormone found -- could lead to male birth control (National Geographic). I can't think of a more dangerous idea.
• The birth of a massive star (MITnews).