Will we recover, unbridle ourselves of debt, innovate, pay for our national security? Or, is China fated to become number one, leaving us to live in a Chinese world?

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

Are global corporations cleaning up their supply chains? The debate over the abysmally low wages paid to workers in emerging economies illustrates the difficulty. There are two conflicting narratives, both tied to China.

China's new leadership is threatening to stay content with slower economic growth, and the country's manufacturing, housing, and export sectors are experiencing problems. Nonetheless, China has an opportunity to influence economic growth in 2012 through stimulus measures to its own economy.

Unlike in the United States, any losses from property market lending are likely to be absorbed by the state. And they will be done so in a manner that will not impair the Chinese banking system's ability to extend credit as was the case in the United States.

Despite frequent, dire warnings about the unsustainability of government budget deficits in the United States, Europe and Japan, investors are lining up to lend to some governments at very low interest rates.

The world saw such extraordinary uncertainty in 2011 that a simple failure to repeat that debilitating climate of uncertainty in 2012 may engender a moderate recovery, especially in the US economy.

Venezuelans may have to wait to sift through the rubble of the Chavez regime before they get a clear explanation for Mr. Chavez's recent reckless decisions. In the meantime, regardless of whether Mr. Chavez knows he is dying sooner or hopes he is dying later, it is apparent that he doesn't give a damn about the harm he is doing to the Venezuelan people or the mess he will leave behind.