"A major international debt default. We are warned repeatedly by every international economic agency that the world is awash in debt: personal, corporate, and sovereign". [...]

Are we not also awash in cash? 

I have to admit I too am waiting for a correction and wish it would happen. I want to invest ALL that cash that I have waiting in the sidelines ASAP in bank stocks. 
I am wasting too much time following the market. The stock market does what the stock market does with or without me. 

Thanks Gordon Pape........I always appreciate your insight, besides mine.