Unfortunately, I think we could see that fairly early in 2015: The cloud of economic weakness in Russia is spreading over Europe. It has the potential of spreading into contagion into other emerging markets, particularly those with large energy companies, such as Petrobras in Brazil.

The Germans argue - and I can fully understand them - that the euro countries must surrender their sovereignty, because that is the only way to implement budget discipline in a fiscal union.

The Fed cannot levitate markets forever. And when they finally do move, I think we have to be prepared for a considerable amount of turbulence.

Charles Dallara Quotes