What happens in Europe can and will affect North America, just like what happens in North American can and does affect Europe.
During the financial Crisis of 2008, Iceland's three major privately owned banks went bankrupt because of exposure to the US housing market via investment products that had bad subprime loans packaged in with other assets.
https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis
So here's the simple truth ...
Italy is Europe's 3rd biggest economy, and the world's 8th largest economy. Italy also is home to the most troubled banks in the Eurozone. http://www.bbc.com/news/business-36708357
Any of our domestic banks which are heavily exposed to Italy could be in trouble if Italy's banks go belly up. The same is true for banks who are heavily involved in Eurozone companies and banks, should the Eurozone crumble apart.
This is not meant to scare you, it's just how things work now. There is a decent chance that if Italy votes no on December 4th, it will open the door for the political landscape of the country to shift from center-left to far right. This will most likely culminate with Italy holding a referendum to leave the Eurozone. If Brexit and the Trump election are any indication, the western world has grown tired of political elitism. I believe that if Italy does hold a referendum to leave the eurozone, they will vote yes. Unfortunately, the European Union is the poster child of political elitism.
The world is ultra connected, even financially. For example, British Columbia, Canada is benefitting right now because we found buyers for Metallurgical coal in Asia. Incidentally, the reason for Met Coal's recent and enduring surge to new heights was the result of a bunch of world-wide factors, including some mine closures in China and a temporary resolving of an oversupply glut in Australia.
http://www.mining.com/chart-no-stopping-insane-coal-price-rally/
Everything's connected. It's good to pay attention to that, but don't be overwhelmed by all the details. Keep your head in the game.
