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2012 was the year that the world muddled through. Barack Obama was returned to the White House, while the Chinese Communist leadership underwent its once in a decade refresh. Scandalous behaviour at big western banks continued to hit the headlines with HSBC fined for moving cash for drug cartels and there was an industry wide scandal over illegal manipulation of a major interest rate, known as Libor. China's ability to manufacture almost everything much more cheaply and reliably than before has provided higher living standards for tens of millions of consumers all over the world. But there are calls for more of the money to find its way into the pockets of Chinese consumers. (Picture: U.S. President Barack Obama greets singer Beyoncé after she performed the National Anthem during the public ceremonial inauguration for his second term as President of the United States. Credit: Getty Images)