What does the current environment of earnings and valuations tell us about the prospects for the US stock markets in general over the next 3-5-7-10 years?

John Mauldin looks at how accurate he was in predicting the future 10 years ago.

For all the work that central banks around the world are doing to force liquidity into the markets, we are not seeing the results in terms of prices.

We know that money is simply flying out of Greek banks. A number of them are clearly insolvent, yet they are meeting demands for withdrawals. Where is the cash coming from?

European leaders launched the euro project in the last century as an experiment to see whether political hope could become economic reality. What they have done is create one of the most dysfunctional economic systems in history.

Recessions are by definition deflationary. Deleveraging events are also deflationary. A recession accompanied by deleveraging is especially deflationary.

It is simply hard to tear your eyes away from the slow-motion train wreck that is Europe. Historians will be writing about this moment in time for centuries, and with an ever-present media we see it unfold before our eyes.

In today's letter, John Mauldin explores the options that the Eurozone faces in order to stay together, and what it all means for some of the countries involved.

This week the German Bundesbank waved the white flag. The die is cast. For good or ill, Europe has embarked on a program that will require multiple trillions of euros of freshly minted money in order to maintain the eurozone.

The US employment numbers came out this morning, and they were disappointing. But disappointing does not begin to describe the situation in Europe.