There isn't any. Or at least the false recovery that has been erected is showing great holes through its painted canvas and thin veneer of distorted statistics.
The Fed will still raise interest rates at least once or twice, for 'technical reasons' that have nothing to do with the real economy and everything to do with their own financial engineering practices and the desires of the financiers.
The credibility trap remains a powerful snare for the pampered princes and princesses. How can they admit what is wrong without endangering their own privileged positions and undermining the 'authority' that they so undeservedly enjoy?
The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.
Have a pleasant evening.
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