Louis Gave shares a perspective on a topic I have been pointing to for some time, that of the coming Italian referendum. Italy may be a very shaky 4th leg of the main European stool (Germany, France, Italy, and Spain). There is a very real potential for the "no" vote to win the referendum, which would eventually force Italy to reject European agreements on banks; and then that sets off a cascade of rejection. At what point does enough become too much?
 
We really do have to pay attention to Italy.