So, while we're cooking, baking, and happily imbibing, the news comes in that all is not rosy in, of all places, Dubai.
It appears they may be on the brink of default of their sovereign debt.
Now, someone please explain to this country boy how an Arab Emirate, up to its keister in oil and cash since 1970, manages to dig itself into this sort of hole, and is likely to drag a bunch of people with it. The list of banks that hold its debt includes some familiar names like Lloyds and RBS. Well, that makes everything OK, since they have a history of being well-run, and certainly have made provisions for this sort of black swan event.
Or not...
It's interesting to watch the reaction in the European markets. For them, it's just another day in the salt mines.
The purchase (and delivery, by golly) of 300 tons of gold by the Indian government now seems oddly prescient.
Tomorrow morning's open in New York could possibly give new meaning to the term 'Black Friday'....
Bloomberg Futures Here.
Now, what happens when all those shoppers wake up to Good Morning America and see what happened while they were stuffing down the turkey?
This could be interesting.
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