Here are a couple of charts to consider courtesy of Steen Jakobsen, chief economist at Saxo Bank in Denmark.

European Demand Deposits

Clearly capital flight is taking place in a major way in Greece and an important if relatively minor (for now) way in Italy.

Global Equity Performance

click on chart for sharper image

Don’t expect the same degree of out-performance from US equities in 2012.

Mike “Mish” Shedlock
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