1. The Europeans will never get their act together.
The eurozone will never be a United States of Europe, and the cacophony of voices on the continent will continue to spook the markets. But given this challenge, the eurozone countries have responded to the crisis with impressive speed.
To defend against the financial collapse of the weaker members, they have created joint rescue funds approximating $1 trillion. The European Central Bank has lent trillions more, like the Federal Reserve, and has just reaffirmed that it will do as much as necessary to avoid catastrophe.