Total credit and loan volume in the US is now contracting at a record pace and by record levels, more than at any time since the beginning of the credit crisis, and possibly even more than ever before in US history (source stlouisfed.org):
Total credit and loan volume:
Total credit and loan – annual growth:
This is a rapid and seemingly bottomless contraction at this point. Considering that market behavior and attitudes are currently are currently suggesting the exact opposite, something is bound to blow up right in our faces somewhere and at some point sooner or later.