Aside from Mr. Mauldin giving us a fantastic summary of what’s going on in Europe, he gives us this little snippet, which particularly caught my eye.

• “As a closing aside, a lower euro means lower US and emerging-market exports (Europe is China’s biggest customer!) to Europe and more competition from Europeans in what the rest of the world sells to each other. It will be the beginning of serious trade issues and when coupled with the collapse of the Japanese yen, circa 2013, will usher in currency wars and protectionism. This will be a decade we will be glad to leave in 2020.”

It makes perfect sense should we go the way of the ECB printing press.  In the short term, though, if the ECB began to print, we would more than likely challenge the bull market highs.  However, an environment of increasing trade tensions (ie Currency Wars) and stagflation would be in store if I were to speculate the medium-term consequences.