With the Italian referendum approaching that might jeopardize Italy’s inclusion in the European Union, and followed by elections in France and Germany, Elliott Management’s Paul Singer thinks the economic and currency union is “unsound.” The European banks, which have “tens of trillions of dollars of opaque derivative positions,” is resulting in a bailout situation that is nothing more than “insanity upon insanity,” the hedge fund wrote in a third quarter letter to investors reviewed by ValueWalk. At the heart of European financial stability are the large banks, which to derivatives insiders such as Paul Singer don’t seem very stable. “An...