No, the calendar is not constructed like a modern Western calendar. It is cyclical and based on Mayan math. You could think of it, however, as ending in a "big round number" and there would have been another cycle if the Mayans had cared to calculate further in advance. 2012 is just the Mayan Year 2000 problem but since they don't have any computers running on it they don't have to worry about fixing software bugs.

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