The global desire to save exceeds profitable investment opportunities, holding down real and nominal interest rates. US has corrected financial defects with ‘3-Ds’ – devaluation,demand deflation, and default – now free to grow at 3%. Euro zone prohibited default as well as devaluation – excessive resulting deflation reinforced by German fiscal tightening. Japan exports deflation, while China’s soaring debt requires reforms that could curb growth sharply for several years. Flows of funds, improved profitability and strong economies to boost US/UK stocks well into 2015.