Jester,

Yes, so many layers of 'haze' - and I hadn't thought of connecting the EU's problems further complicated with the immigrant crises. I don't agree that at the end of the day, the immigrants will be a 'net positive' for Europe. Perhaps in terms of a certain proportion becomes 'slave labor' - a ready pool of cheap labor to do jobs others don't want to.

The 'kicking the ball uphill' quote made me lol. While Soro might be considered to be a saner version of Jim Rogers, and IIRC he has from time to time made dire predictions that didn't test out, his opinion that Europe will fail is probably worth noting. I can see a scenario in which, somewhat like a big rock concert, each following act gives a good reason for the market to retreat: China growth slows, Europe's 'gravity' isn't strong enough to keep it from flying apart, Iran declares nuclear war on Israel, then retracts as it remembers it has no nuclear weapons (relief rally), Israel wheels a criuse missle through Iran's Ayatollah's living room...no lack of instigators going forward, that's fairly certain.