All eyes are now focused on the release of the U.S. employment data. This has taken on a new level of importance as the inflation/deflation argument heats up. The pundits have woken up to the fact that without robust job growth the U.S. will remain mired in a deleveraging quagmire. All the economic modelers and Greenspan put followers cannot understand how you cannot have growth and an equity rally with zero interest rates … hmmm, they must have been sleeping like MOTHRA while Japan deflated.