Does Permanent Happiness Exist?

In this world, there is no one that can truthfully profess to be happy all the time. At some point, even those that appear to always be happy, will admit to having felt sadness or disappointment during their lives. In fact, for most people, their lives are a mixture of happiness and sadness.
This cyclical emotional state is due to the karmas we have sown in our previous lives. For merit (good) karmas we have reaped in our previous life, favourable circumstances unfold causing us happiness. Conversely, as a direct consequence of the demerit (bad) karma we have forged in our previous life, unfavourable circumstances take place causing us misery and unhappiness.