On my risk watch is the potential for a sovereign debt crisis originating in Europe. The debt-to-GDP ratios are staggering, entitlements are unmanageable and unemployment is high. The economic chasm between the northern haves and the southern have nots is blatantly clear. The people have had enough. The UK exit is the start not the finish.
All of this dysfunctionality wrapped together in incomplete and growingly divided political structure. The surprise capitulation reeks of desperation by the elites to hold it all together. So we step forward and watch with keen interest.