Dear Mario: All is forgiven. Love, Bundesbank. PS: Big ABS purchases start today

Six months in the making, Draghi's pet ABS purchase program is an embarrassing flop.

In the sixth year of the cycle, and despite freezing weather, the best November yet.

But the world has moved on, and even in the worst case the euro currency is secure.

After the falling knife, a new equilibrium -- below the crippling oil prices of the last decade.

From "considerable time" to "patient." It doesn't matter -- lift-off is still on for mid-year.

This Greek crisis is not a euro crisis. And sovereign bond purchases will make sure of it.

Break up the BRICs -- BR losers, IC winners. Abe gets a do-over, and the EA gets QE.

We won the oil lottery in 2014. In 2015, we cash in the ticket. We expect a good year.

A 10-year yield below 2% doesn't imply a blow to growth, nor monetary deflation.