Of course! Here's the revised version of the summary show notes with key words and phrases bolded for emphasis:

In this episode, we explore the turbulent political and religious landscape of Italy and Europe in the late 1510s—a pivotal prelude to the Protestant Reformation.

🔹 Power Shifts in Europe

• 1516: Ferdinand of Aragon dies; Charles of Habsburg inherits Spain.
• Peace between Charles and Francis I of France stabilizes Italy (Treaty of Noyon).
• Venice regains its former territories after years of conflict but remains battered by war, fire, and the growing threat from the Turks.

🔹 Venetian & Papal Affairs

• Venice establishes its first Jewish ghetto in 1516.
• Pope Leo X (Medici) loses his brother Giuliano and elevates his nephew politically at great expense.
• A conspiracy against Pope Leo is uncovered; Cardinal Alfonso Petrucci is executed, and Leo reshapes the College of Cardinals.

🔹 Money, Indulgences, and a Basilica

• Facing financial strain from wars and plans to renovate St. Peter's Basilica, Pope Leo X turns to selling indulgences.
• Indulgences were marketed as spiritual compensation through charitable donations—often misunderstood as a full forgiveness of sins.

🔹 Enter Martin Luther

• Johann Tetzel promotes indulgences in German lands.
• In response, Martin Luther writes the 95 Theses (1517), challenging the practice—marking the start of the Reformation.
• Initially respectful of the pope, Luther’s criticism intensifies over time.
• Protected by Frederick the Wise of Saxony, Luther avoids papal punishment.

🔹 Political Undercurrents

• Pope Leo X hesitates to act against Luther due to the upcoming Holy Roman Emperor election.
• 1519: Charles of Habsburg, already King of Spain, is elected Holy Roman Emperor, uniting a vast global empire.