Since I have started, I might as well write down another impression I have. I am watching the televised news on a daily basis in France, the Netherlands, Belgium and GB. In the first three countries you can see UNCERTAINTY and FEAR creeping into the public perception due to not only the negative news about Greece, Italy and the bleak future of the Eurozone, but also because of the austerity measures that are actually being taken by the Governments in those countries. People realize they are losing purchasing power and at the same time are to pay more for food, health care and whatnot. But at least they know it and prepare themselves mentally.

From watching the BBC I get the impression that the Brits (like the Americans) think that all disaster is happening in continental Europe, so I hear very little about austerity measures. Apparently in Great Britain everything is fine, when inflation is at 5% and you get 1-2% on your savings. What they don't seem (or want) to realize is that as soon as the chicken with the golden eggs, which has been the financial sector, has to be sliced to 30% of its capacity, they will have to take more extreme austerity measures than anyone. For the moment, they are still bluffing their way out, as I see it, but I am convinced that they will be blown away by this new recession/depression during 2012.

Things are really turning bleak now.