Cover of the “Sonderausgabe” 1934 edition of Die protestantische Ethik und der ‘Geist’ des Kapitalismus (Photo credit: Wikipedia)

This is an excellent MUST READ article from Bloomberg. Check it out!

Americans With Best Credit in Decades Drive U.S. Economy – Bloomberg.

This is quite amazing really, given that the 2008  sub-prime crisis triggered the global slowdown.

In Europe, it’s another story for two reasons.

Firstly, the German Protestant Ethic is being promulgated via national austerity policies across Europe.

Secondly, the European banks still haven’t got their act together compared to their competitors in the US.

Any thoughts?

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• Narrower trade gap to boost second-quarter growth (bangordailynews.com)