-- QE3 - Recent Fed meeting notes suggest QE3 is likely. Will it be effective? That is a question mark.
-- QE3 will not deliver the outcome but it will buy time for the U.S. hoping that other government entities in housing, in credit, in infrastructure will be able to get their act together.
-- Fiscal Cliff - PIMCO is fearing that Congress will mess this up and send the U.S. into another recession
-- Initial conditions were not right, when the Euro was set up and now they are trying to fix it on the go and that will not help.
-- Europe has taken a piecemeal approach rather than the drastic measures needed to fix Europe. President Draghi understands that but he does not have the tools as he has to rely on other entities e.g. Germany, and those entities have not been able to reach a consensus and move forward.
Here is the video: