Europe has not solved its problems. Accounting fictions allow the PIIGS economies to pretend that they are climbing out of their holes. Political naivete among Eurocrats puts lipstick on these pigs, or PIIGS if you prefer. The ECB's bank stress tests did not even touch worst-case scenarios. Don't even get me started on the derivative exposures of Europe's biggest banks.
China can only bail out so many wealth management products (WMPs). The one that breaks the bank will be the one no one among the world's top commercial bankers saw coming. I saw this situation coming but top bankers don't listen to me. That's too darn bad.
The US continues to add to its national debt, remove low-income earners from its taxpaying rolls, and eliminate frustrated job-seekers from its unemployment statistics. These are all growth headwinds.
The G-20 people want to convince us all that the above problems don't matter. Good luck to those of you who agree. I'll take my chances betting that unsustainable financial arrangements lead to a day of reckoning.