Split the Series

Take that look of worry
I'm an ordinary man
They don't tell me nothin'
So I find out all I can
--Phil Collins

Minyanville's Peter Atwater alerted readers to this chart.

The red line is credit, the blue line is spending. The question is how spending can increase w/ declining credit--particularly given our lack of savings. Notice how previously these two lines correlated well.

The obvious follow-on question is whether this divergence can continue.