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Wall Street: Running of the Bulls
CNBC.com | December 01, 2011 | 02:35 PM EST

That said, the commitment of the Europeans to the euro is too deep for them to allow it to break up. Eventually, perhaps next year, the European Central Bank will become much more active in preventing the bond market from breaking the unified currency.

3. A political crisis will emerge in China.

China has trapped itself between an unstoppable force and an immoveable object. The unstoppable force is the need to constantly create new jobs for its increasingly urbanized population. The immoveable object is the lack of domestic demand. As its biggest trading partner — Europe — enters a deeper slump, its local financing becomes ever more precarious, and attempts to cool down its housing bubble lead to a crash. Result: there’s a strong chance for a political crisis to emerge.

4. The “Arab Spring” will become an Islamist spring.

The democratic uprisings we saw around the Meditearean this summer will arise once again but in far darker forms. Advocates of radical Islam will take hold of the anniversary of the uprisings to turn against the nascent governments that have arisen. This could well lead to higher oil prices and put renewed downward pressure on the global economy.

5. The US stock market has a rip-your-face-off rally.

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