It's time once again to peer ahead at the global political and economic horizons this year. The political landscape offers both promise and peril, but much of the problem is that many of the outcomes will fall to the judgment of leadership.

Afghanistan: The Obama administration has publicly signaled an end to U.S. combat operations. Whether President Hamid Karzai's government is up to the heavy lifting and rigorous reform needed to fight off Taliban insurgents remains doubtful beyond the medium term. Moreover, Pakistan's double-game of supporting Afghan cross border militants will keep the pot boiling. Sadly after so much American blood spilled, this will not end well

Africa: In the sub-Saharan state of Mali, an Islamic takeover in May allowed an al-Qaida regime to take hold and the trashing of legendary Timbuktu. France, the former colonial power and still the power broker did shamefully little to reverse it. Six months later the U.N. Security Council has authorized an African peacekeeping force to presumably retake the north from the fundamentalists.