Bannon. Photo: Alex Wong / Getty Images

The globe's populist wave rolls on with Italy’s election the latest in a series of blows to the world's establishments.

Steve Bannon emails me from Milan: 'The Party of Davos' will implode ... The market [this] morning should be a tad choppy — Populist Eurosceptics in Italy; TrumpTrade Unchained in America."

In Italy...

  • "Once-fringe populist parties won almost half the vote, and a stable government is nowhere in sight," the WashPost writes.
  • "European Commission President Jean-Claude Juncker warned of potential political chaos."
  • What happened, via Reuters: "[T]he anti-establishment 5-Star Movement saw its support soar to become Italy’s largest single party by far."
  • Why it happened, via Bloomberg: "The anti-establishment groups surged in the balloting as voters punished the mainstream parties for years of economic decline, rising taxes and a wave of immigration."

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