As the war gears up and up, there is a danger of transformation of the Middle East and well beyond.
Timing is bad as Israel fears for its future from nuclear threat of Iran. The nightmare would be a war in which major economies are drawn into a fight to the end dragging down the world economy.
Assad must go, but he has neighbours such as Russia and friends such as Iran who are protecting his interests.
Peace is unlikely and stock markets should expect major adjustment in the year ahead!