Mergers and acquisitions - for 2015 they record in human history in nominal terms and will amount to approximately 4.7 trillion dollars globally for the year - more than 4,297-they trillion. dollars in 2007. (If you take account of inflation in 2007 minutes of "real" rate is 4.9 trillion dollars).

Only in the US for the year the amount is $ 2.1 trillion. Most of them are performing companies and venture capital funds of year are now more careful.

The lack of real and organic growth, shrinking revenues and profits are not a problem in the parallel reality. Merely take over companies / competitors - mainly through debt, here's growth. Sometimes drift, sometimes - meaningful. Many of these acquisitions was made namely borrowing - t. Pomegranate debt redemptions or "soft" financial engineering. A ratio junk bonds to corporate profits is close to the historical record.

The end of the party?

If anything can stop the Fed to raise interest, it's this: panic, turmoil and signs of market high-yield corporate debt.

Where in the economy and financial system, totally dependent on cheap credit, this credit becomes "expensive" and swept holes with him - to be stripped, the game becomes coarser and in a scenario already played not one twice in the financial history of mankind .
Namely unsecured real savings with cheap credit - bad investments - tightening credit - bankruptcy.

Possible solutions henceforth:

Or more quantitative easing (but in larger portions) plus interest and negative distance, but deepening imbalances and future crises;

or very painful moment cleansing of errors revaluation of assets sobering price system and hence the rather sensible investment decisions and sustainable growth, but in the future.