Fascism is not a likely future for Italy. That is worth saying, because it is being forecast. Many assume that the financial crisis plus Silvio Berlusconi equals a return to fascism. It did, after all, start there.

But that is an unlikely outcome now. Italy in the early 1920s, when Benito Mussolini rose to power, was reeling from a brutally Pyrrhic victory over the Austrians in 1918, the degradation of the political class and a rising threat from leftwing totalitarianism. Mr Berlusconi is clearly no Mussolini: he has squads of starlets, not of Blackshirts.