Productivity decline most since 1993? ... no Problem - Buy the Fucking Bankrupt Bank dip...
The day started off with Italian authorities telling BMPS to prepare for a state bailout, which enabled this total farce...
Events were breaking yesterday, but as Bloomberg's Richard Breslow mocks, not nearly as quickly as the narrative that tried valiantly to explain the price action.
After the fact. We all know what happened. The Italian referendum sent the euro and risk into the sewer in the hours following the result.
A few days ago we wrote an article asking how stable the world's democracies really were and noted the opinion of at least one Harvard historian who saw extreme risk related to the global wave of anti-establishment sentiment (see "How Stable Are The World's Democracies? - 'Warning Signs Are Flashing Red'"). Apparently Tony Blair, the former British Prime Minister, agrees that the political upheaval from Brexit to Trump to the collapse of the Italian government on Sunday signal the most dangerous time for Western democracies in decades.
Update: it appears that early elections are indeed coming to Italy, which could be another major calendar event for Italy, and one which would have far more significant consequences for the political make up of the country should M5S win as many expect. From Reuters:
ITALY INTERIOR MINISTER, SPEAKING AFTER CONVERSATION WITH RENZI, SEES NEW ELECTIONS LIKELY IN FEBRUARY - CORRIERE DELLA SERA
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