This election is close to being the worst-case scenario for the markets. If there is one wild card in the European pack willing to do anything, it is Silvio Berlusconi, and he is sitting on the biggest barrel of gunpowder in Europe. Italy is big enough to blow up the whole eurozone. That means Italy’s leader can take a tough line in the pyschological game with Germany. The question is what markets will do. The Italian debt auction on Wednesday will be very interesting to watch.
- Gary Jenkins, Swordfish Research, in the Telegraph’s, Euro debt crisis looms again as Italians defy EU austerity demands
Looks like last Tuesday’s eruption of Mount Etna was a leading indicator.
Italy’s Mount Etna sent lava and gas shooting toward the stars early this morning (Feb. 19), the first big eruption for the volcano in 2013.
…Mount Etna, one of the world’s most active volcanoes, had emitted signs of an imminent paroxysm in recent weeks. On Jan. 22, lava and strong flashes in the volcano’s New Southeast Crater were clearly visible from the Sicilian foothills; these often herald a new paroxysm: short, violent eruptive bursts.
That’s it! A new definition. Financial payroxysm – a short, violent eruptive burst of price volatility.