THINGS THAT MAKE YOU GO
December 20, 2012
what a ya that was.
It’s hard to believe that, aer a tumultuous year like 2011, the stakes could have been
aisd yt futh in 2012, ut aisd thy w.
So many momentous moves took place in the past twelve months it was hard to keep pace with ev
erything. Fortunately, way back in December 2011, I didn’t put together my own list of ‘Black SwanPossibilies For 2012’ that so many people choose to publish at the end of a year, so history will beunable to judge the success or failure of my own thoughts which I diligently kept to myself – aer all,who in their right mind would want to listen to a list of potenally unexpected events that I predictedcould possibly happen in 2012?Predicng is, to use the vernacular, a mug’s game and, if you ever nd yourself being foolish enoughto share your thoughts about what MAY happen with others, then take the advice of Marc Faber:
“…when you make a predicon, never make a predicon about ming”
Unfortunately for them, the Mayans were unaware of the thoughts of Dr. Faber - a situaon that isprobably even more unfortunate for Dr. Doom himself, as he would doubtless have been reveredamongst a group of people not only xated by the end of the world, but willing to put an actual dateagainst it. For those of you concerned about it, that date is tomorrow, December 21
, 2012, hence mydesire to write my review of the past year BEFORE the world ends. In case you’re interested in readingit, I’d suggest you get a move on – just on the o-chance.....
begin the review of 2012 with arguably the biggest story (though in this parcular year,that is a tougher call than one would normally imagine) and that was the nal implosionof Europe aer decades of polical process and, laerly, hundreds of billions of Euros thrown into aboomless pit in an ill-fated aempt to placate Germany.Ulmately, with the Germans having to nally capitulate and allow the ECB to backstop Europeansovereign debt in March aer a series of disastrous bond aucons, it was clear that the posion of Greece was one that couldn’t connue the way it had.Faced with yet more enforced austerity and a populaon on the verge of Civil War, Greece nallyhad no choice but to leave the Euro (shown happily to the door by her Northern neighbours), returnto the Drachma and devalue its currency dramacally inorder to address the crippling decits it had accumulatedin the fule aempt to be accepted into a ‘club’ it hadno more than a geographical right to be part of from the
The subsequent riong in Portugal, when a referendumon membership of the Eurozone was denied, and the con
sequenal emergence from the shadows of the SocialistParty, whose cries of “quebrar as correntes” (break thechains) became a rallying cry that swept them into powerand Portugal out of Europe, threw the connent into atailspin and now looks like causing Spain to become the