I wrote about Italy in the letter this week, but this is deep background from Der Spiegel. Italy is unraveling. The piece is longish, but you need to understand how bad this can get. It is just a matter of time. How long can they punt? Will they print? Will the Germans sit still for this? I have been on the phone to serious euro insiders. The consensus is that there is no consensus. All agree it is f'ing serious ... but what will European leaders do? What will voters put up with? Guys, this is not time to be long-only. Seriously!