Well, this is not good:

Jobs growth slowed sharply in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Obama as he seeks reelection in November.

Nonfarm payrolls increased only 96,000 last month, the Labor Department said on Friday. While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, that was because so many Americans gave up the hunt for work.

Thud. Good morning, Mr. President.

Also on the economic front, the always-excellent Browser features this commentary by Frances Coppola on the European Central Bank’s power move yesterday. In her view, Mario Draghi has outmaneuvered the hapless Germans, and will be revving up the printing presses to save the Euro. Excerpt:

 From now on, Magical Mario is running this show and all the other players are his puppets.

There are two morals to this story. The first is the one that Bob Diamond learned to his cost: never, ever pick a fight with a central banker. They have much bigger guns than you.

And the second is this: never, ever pick a fight with a central banker who learned his trade at Goldman Sachs. You will end up lovingly entangled in his tentacles while he bleeds you dry.

Meanwhile, we’re probably headed for a third round of money-printing stimulus on this side of the Atlantic. I can’t imagine this ending well. But then again, I always say that.