US Debt crisis unresolved

The US Government need to raise their debt ceiling as soon as possible to meet huge obligations coming at them as soon as this Thursday October 17th but there is no agreement yet on how in the longer term, the US debt can be reduced.

The domino effect of the US failing to make debt repayments could have catastrophic results but the markets in general are not panicking and there is no huge sell off in equity markets, that allowed the UK Government to get the Royal Mail share sale away in a very positive fashion. 

The effects of the impasse between Obama's Government and the Republican opposition, has already led to the closure of some Government departments and more will follow if a solution to the US debt crisis isn't found very quickly.

There is an old trader saying that applies to many markets, open outcry or online, that if you are going to panic, panic first and for now there is no breaking of ranks, as the feeling is that the situation is too serious for any US default to occur but any sign of the US allowing a default, could cause financial chaos very quickly.