Investment: No smooth ride

More cliffs await

By Gayle Schumacher   203

China’s affluent young (© Bruno Barbey/Magnum Photos)

Against many confident forecasts to the contrary, the euro did not break up in 2012. This defied the logic that default, leading to exit and devaluation, were imminent for some of the weakest members of a very damaged “club.” The survival of the euro clearly illustrates the extent to which politicians and central banks hold sway over global economic prospects.

Though economic signals can be distorted for a while by the promise of a treaty, or a political fix to avoid a…

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