The markets seem to be racing around like a toddler that has had its way with a bowl full of candy. Central banks are responsible for putting the candy bowl in front of investors. More liquidity has been pushed into the system than ever before. Although candy tastes good, it is full of ‘empty’ calories, giving the child a ‘high’ for a few hours but unable to sustain the body for a longer period. Central banks run a huge risk with inflation expectations on the rise.

The headlines that scroll endlessly across our screens are masking some glacial changes in the underlying markets, which involve the way investors perceive risks and returns. Here are six of the big-picture trends that could make the future of investing reminiscent of the 1970s.

Unfortunately, no politician was ever rewarded for preventing a crisis. Across the globe we are witnessing a crisis that must be resolved with bitter austerity sweetened by freshly printed money and fizzing with contentious transfers of wealth – a seasonal cocktail that I call ‘Endgame’.

The eurozone must either break up or truly come together. Unfortunately, while the latest summit was a step in the right direction, it is not enough.

Investing in 2012 is our flagship annual series surveying the world in the upcoming year for investors, covering both cyclical and long-term themes. This year, topics include sovereign wealth funds, active management of equities, the eurozone crisis, political leadership changes, environmental degradation, and the probability of a recession in 2012.