Q3, like most of 2012 so far, was about pretending to do something, while doing absolutely nothing and central banks putting everything on red in the ‘monetary casino’, says Chief Economist Steen Jakobsen in Saxo Bank's Q4 Outlook.

We have essentially all become liquidity junkies, and this late in the year even the perma-bears have given up as there is no end in sight for quantitative easing to infinity and the Federal Reserve is now even promising to keep low rates into 2015.

The main questions for the balance of 2012 have to be: how long can we keep the social unrest at bay and at what cost ?

The Groundhog theme for this Q4 Outlook is illustrated in how we keep cycling back and forth between denial and protest with a real mandate for change neither given nor taken by anyone.

We need a mandate for change in order to leave this low productivity, high taxation, no lending and no job growth environment behind, and in order to move towards the full potential of the micro-economy - the ultimate breadwinner in times of crises.

Just like Bill Murray in Groundhog Day, we too may be able to improve the quality of the same repeating day, but ultimately and unfortunately we remain trapped until the current macro policies are abandoned.