We all know that expansion of debt and financial chicanery are (or at least were) the key drivers of the US economy. And those things have limits as we have learned all too well.
This pace of Corporate Profit expansion has now kept up for 10 straight quarters as Government Bail-Outs go straight into the vaults, completely bypassing any possible benefit to US workers.
The result, for now, is that Greece’s dreaded appointment with the Ghost of Default Future has been postponed. The cycle of austerity, protests, bondholder angst, and threats of default, followed by another round of bailouts, continues.