John Mauldin looks at the shift in Fed policy, and at the balance sheets of central banks, US GDP, Portugal and the ECB, the LTRO policy, and yes, there's even a tidbit on Greece.

Europe's leaders are committed to keeping both the euro and the eurozone as it is. But for it to do so, everything must change.

What is in store for Europe for the year and the next five years?

2012 will the year that the consequences of the choices made by nations of the so-called developed world will begin to truly manifest themselves in the economic realm. We are in the closing chapters of the current Debt Supercycle.

Which path will we take? If we could only grow our way out of our sovereign debt problems. But growing debt creates even more problems if not dealt with, making it even more difficult to deal with; yet getting the debt and deficit under control brings its own form of pain.

This year's markets have perplexed the best of them. Each week brings another event that sets up some confusing crosscurrent.

John Mauldin looks at the economic implications of the payroll tax cut extension, and then examines the deficit in the US.

We have come to the end of yet another European Summit that was supposed to be the one to fix the problem. If you are confused as to what happened then you are not alone.

If the problem were one of liquidity, then this week's central banks action would be enough. But the problem is solvency.

Angela Merkel is leading the call for a rule change, a rewiring of the basic treaty that binds the EU. But is it both too much and too late?