video transcript

At the beginning of the year of the eurozone was still getting into them best. Some analysts believe that -- and depression hit -- would be forced out of the seventeen nation bloc and market mayhem we consume. But so called critics it never happens. And if you bought Greek bonds perhaps the most toxic asset of all after the country's debt -- structuring -- much you would have doubled your money. Much of that tournament came in the second half of the year. European Central Bank chief Mario Draghi said the bank would do what ever it takes to save the you know. And believe me it will be enough since then the Euro has surged 1110 cents. And European stocks have jumped more than 10%. Italian and Spanish borrowing costs plunged and the risk of you goes on breakup has receded dramatically so is the -- Over the same definitely common markets in the last six tonight months and I went to commit the end of 2012 we've got. -- German stock market in multi year highs the defense CCs to be ending fairly near near the highs for the year some markets. Buoyant but. Markets may struggle to much there -- tons of this year and 25 team even if central banks remain committed to printing money. And keeping the world financial system -- with ample liquidity. The US could fall back into recession if lawmakers in Washington failed to reach a deal on the events in the so called fiscal cliff. 600 billion dollars of automatic tax hikes and spending cuts due to kick in on the first of January. The markets start trading again. It's likely that that equity markets cut if if the situation as a result equity equity markets could stop pricing in the negative aspects of this this whole episode. And that's is the US economy potentially going it's a recession at some points in the first the second course and yes when the US sneezes. The rest of the world still catches a cold.