Highlights
Just before midday yesterday, negotiations on raising the US debt ceiling broke off, which pretty much sent all markets around the world lower except gold and silver, the traditional place to park money when the end of civilization is approaching. The issue is the House Republicans want no spending increase as part of the increased debt ceiling deal and Democrats say no way will they ever agree to that.
The House of Representatives is the only government body which can initiate legislation to spend money and borrow money. When the House does pass such legislation, the US Senate must approve the measure and the President must approve by signing the legislation.
Six hours after walking away from the negotiations, Republicans returned to the bargaining table, but by then, all the markets were already closed and had no chance for recovery.