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Global markets shaky in face of debt crisis

As time runs short for raising the U.S. debt ceiling, financial markets around the world are TREMBLING:

With just over a week left before the federal government is set to exhaust its borrowing authority, financial markets are on edge.

U.S. stock market futures shuddered Monday, and Asian and European stocks dropped, as federal policymakers still had not come to an agreement to raise the nation’s debt ceiling and avoid default. Investors shunned risky assets and moved money toward safety. The tremors, though relatively muted for now, suggest that anxiety about the ongoing stalemate in Washington has crept into markets worldwide, dampening economic prospects as the reliability of the world’s most rock-solid credit has been called into doubt.

Before the Asian markets opened last night (American time), there had been WARNINGS of a possible panic. It didn’t come to that, but traders nonetheless exhibited a certain nervousness.

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2 Comments

  1. Neftali

    Glad to see the NFL players and owners agreed to a new deal today. The politicians in Washington could use more people like Patriots owner Bob Kraft. Here’s his quote regarding the NFL labor negotiations:

    “I’m not going to hope either side makes a bad deal, because then our relationship suffers, and then the whole business suffers. And my family’s going to own this team for years and years. We want to see it healthy for both sides.”

    http://sportsillustrated.cnn.com/2011/writers/peter_king/07/24/labor/index.html

  2. Neftali: The big difference between NFL owners and members of Congress is that there are no Tea Party zealots among the former.

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