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now my take. the european crisis you have been reading about in the newspapers is worth watching very carefully. it has now morphed into something much bigger than a european crisis. it could batter the entire global economy, which is pretty fragile anyway. you read a lot about greece. the real problem is italy. you see, greece is a nano state and makes up about 2% of the european union s gross domestic problem. italy, on the other hand, is one of the seven or eight largest economies in the world. its debts are greater than those of spain, portugal, ireland, and greece combined. and it has long been governed in an almost cartoonishly bad manner. italy is too big to fail, but it also might be too big to bail. even germany may not be able to credibly bail it out along with all the other troubled countries. so what can be done? i don t think the leading proposals will work. creating eurobonds or giving brussels broader powers to tax and spend. those things won t happen. govern

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