Six pages from RBS on 2012: "The year ahead in 200 words "We are in a multi-year deleveraging world with multi-year low growth consequences, so mistrust most the quick fix, free liquidity addicts who seize on each emergency monetary policy response as a cure-all. European banks will shed vast quantities of assets, corporate default rates will rise and the universe of safe havens for capital will shrink further. So worry most about what you do own rather than what you don’t. The Eurozone crisis is life threatening because there is too much debt, too little growth and huge intra-zone trade imbalances – belated resurrection of fiscal rules is no panacea."