In episode 99, Alex Proimos speaks with Alfonso Peccatiello, portfolio manager and author of the Macro Compass. This episode delves into the economic and political challenges in Europe, and in particular Italy. We explore how a fragmented European continent can navigate fiscal policy across countries with a singular monetary union. The conversation then moves to the real threats of deflation in a world of too much debt, poor demographics and technological innovation. Finally, we cover the non-linear risks that arise from the current predicament and ways to protect your portfolio in the event of the next debt crisis.