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 Good morning. Here's the news: 1. The Wall Street Journal reports that international financial markets are in turmoil as a "darkening global economic outlook and deepening fissures in Europe over its debt crisis fueled fears the world economy could slip into a period of prolonged malaise." 2. Wolfgang Munchau asserts: "There is, as yet, little recognition in the eurozone’s cacophonous capitals that an economic downturn poses an existential threat. I would expect therefore that the downturn will hit the eurozone with full force, and without defence. When that happens, the eurozone crisis will turn ugly." 3. The European Union has arrived at its decisive moment. Either it becomes the United States of Europe (USE) or it becomes "a new Holy Roman Empire of loosely confederated but uncoordinated minor states." It is real history being made in real time. 4. The Associated Press reports: "Opposition to giving Europe’s rescue fund new powers appears to be growing within Chancellor Angela Merkel’s coalition, weeks ahead of a key parliamentary vote." 5. The US public pension system faces a shortfall of more than $2 trillion, according to Orin Kramer, chairman of New Jersey’s pension fund. The FT reports: "Estimates of aggregate funding requirement of the US pension system have ranged between $400bn and $500bn, but Mr Kramer’s analysis concluded that public funds would need to find more than $2,000bn to meet future pension obligations." 6. The Washington Post reports: Rhode Island "has barely a million residents, but it is at least $6.8 billion short when it comes to funding pension plans for retired teachers, police officers and other public employees." State Treasurer Gina M. Raimondo is trying to execute a turnaround plan to save the state's pension system from collapse. 7. The Washington Post also reports: "More than 60 percent of those surveyed say they disapprove of the way the president is handling the economy and, what has become issue No. 1, the stagnant jobs situation. Just 43 percent now approve of the job he is doing overall, a new career low; 53 percent disapprove, a new high." 8. A Politico/George Washington University Poll found that nearly three quarters of Americans think the country is headed in the wrong direction. 9. A new poll finds Texas Governor Rick Perry running comfortably ahead of both former Massachusetts Governor Mitt Romney and US Rep. Michele Bachmann in Iowa. The poll is another sign that the Bachmann campaign is receding. 10. Veteran GOP operative Ed Rollins and one of his seconds have "stepped down" from their positions in the Bachmann campaign; yet another sign that the Bachmann campaign is receding. 11. Mickey Kaus examines Rick Perry's record on immigration issues and finds that it's not as bad as he thought -- it's worse. Governor Perry doesn't even support E-Verify, which in harder-line immigration circles is almost a given. 12. Nearly 100 registered lobbyists on K Street used to work for members of the newly-created congressional supercommittee, which must help decide whether to impose massive cuts in defense and health-care spending. Those lobbyists now represent defense companies, health-care conglomerates, Wall Street banks and others with a keen interest in the supercommittee's deliberations and decisions. Please follow Politics on Twitter and Facebook. | 
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