The swooning euro represents the latest worry for investors ahead of the new year. Rumors of a euro zone sovereign nation getting downgraded and a disappointing Italian bond auction have been this week's catalysts for the common currency dropping to its lowest level against the dollar since September 2010.

Famed investor Dennis Gartman, who publishes an eponymous investment newsletter, this morning lays out the dire situation plaguing Europe heading into 2012. The crutch of his argument is the European Central Bank's ballooning...