The March job report is expected to bring grim tidings about the health of the US economy.

The consensus on Wall Street is for nonfarm payrolls in March to fall by roughly 60,000 jobs. This will raise the unemployment rate from 4.8% to 5%.

Already, the private sector has shed jobs for four consecutive months, led by losses in manufacturing and construction.

If you want to bet on something. Bet on deleveraging. It is a “leveraged planet,” says the New York Times. It explains that an ounce of leverage in Manhattan is likely to turn into a pound of credit in Dubai…which could quite possibly fall as a ton of debt on someone’s head in Norway.