Two resources for understanding the European financial crisis:
Barry Eichengreen lecturing about the European crisis (hat tip to Economist's View, runs 1 hour 28 minutes):
Saturday Night Live also explains the crisis (a little lighter, a lot shorter).
Seriously, spending some time learning more about Europe is leading me to raise the odds that the United States will enter a recession soon. Those odds remain less than 50-50, but too high to ignore. Do your economic contingency planning.