Stocks down, gold up, as the world’s largest economy — home to the world’s most dysfunctional legislative body — begins an eight day countdown to technically running out of money. European stocks fell 0.5%, after no debt limit deal was reached over the weekend.
The brinksmanship leaves markets waiting until the 11th or even 12th hour for a resolution
The question I have is not whether a technical default will damage the reputation and creditworthiness of the United States; Rather, its whether the political theater of the absurd we have all been suffering through has already damaged America’s reputation?
Alas, I fear it has.