Central bank intervention may have contained the financial crisis but there are plenty problems ahead

Everything to play for

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What has influenced markets most in 2012? Jason Cross and Paul Karos, Whitebox AdvisorsFear and fear. Psychologists say there is good stress and bad stress. This year US markets have been driven by good fear and bad fear.Good fear took the form of business and financial discipline, as managers continued to exercise tight cost control and capital expenditure discipline. Even historically top-line obsessed industries like airlines tightened up. As for where the resultant cashflow has been flowi