As everyone is focusing on Europe's impoverished white swans begging for the Fed's FX swans in some Brussels gutter, the grey one is preparing to let rip. Eyjafjallajokull's far bigger cousin, which has always erupted whenever Eyjafjallajokull went active, and whose seismic readings many have been keeping an eye on, has now recorded 5 earthquakes in the past 5 days, with 2 in a 3 hour span today alone. Should Katla blow, Jim O'Neill will be forced to seriously reevaluate the risk factors section in his recent upcoming report: "Why only idiots bet on red in Europe. And oh yes, BRIC, BRIC, BRIC."
The earthquakes at the Katla volcano site appear to possibly be increasing in frequency as of this moment (time will tell however). Since May 17 there have been four earthquakes at or very near Katla, while a 5th just on the edge of the Myrdalsjokull glacier.
Although 4 or 5 earthquakes at the volcano site in 4 days does not indicate a drastic change in pattern, the interesting notation at the moment is the fact that the two most recent earthquakes occurred within 3 hours of each other on 21 May, 2010, at depths of 5km and 13km. That in itself is an increase in occurrence. It may be an anomaly, but it justifies keeping one eye on Katla, the big sister of Eyjafjallajokull.