The Main Question Of Early 2012

If there is only one question we would love to have answered early as we make our investment allocation decisions in 2012, it is this: which way will the following chart compress, because compress it will: will the US finally catch up with the European contraction, or will Europe, mysteriously, and against all conventional wisdom rise from the ashes, recouple with the US, and pretend as if 2011 never happened?