Europe's alphabet soup is getting cold. But there's a new recipe cooking.

Stocks are still very cheap, with little risk of recession, and a bet that Europe will survive.

It's an illusion. If the economy were sharply improving, unemployment would go up.

The ECB met expectations, but dashed hopes. But spillovers may mean de facto Fed QE3.

The ECB met expectations, but dashed hopes. But spillovers may mean de facto Fed QE3.

It could only happen in Europe -- a summit that strengthens integration loses the UK.

A more optimistic Fed isn't likely to ease, but there are new sources of global liquidity.

The risk of a Lehman-like banking crisis for Europe is essentially off the table now.

The risk of a Lehman-like banking crisis for Europe is essentially off the table now.

So much risk -- yet nothing happened. Sadly, the key risks of 2011 are still in place for 2012.