If you are talking about the continent of Asia then you would be correct but the single biggest holder of US Debt is the Federal Reserve. http://clarionadvisory.com/?p=11673
It really proves the point that it's nothing more than a politicized index. The S&P has doubled in just over 2 years off the lows and all these pols. are concerned with is the bad press from the market selling off. It's beyond pathetic. If not for the doubling in the price of gasoline over the past two years, the plebes would be right on board with all this nonsense.
I think market is down a bit because GDP is expected to be 1.6% when it's reported this Friday. Watch for anyone dropping their numbers before the event and any forecasts for Q3.
Is this a serious Question.... The way Bernanke eats his sandwich can drop the Es 20 points.. Debt talks breaking down close to D-days is a pretty fucking catastrophic.. Europe has been transfixed with our default for almost a year, we are showing just how dysfunctional we really are..
This Aug 2 deadline is absolute nonsense. It's turbo tax cheat Geithners artificial timetable geared more toward our politicians vacation schedule and getting the hell out of DC than any contrived bullshite default. The bills will be paid, behind the scene networking with Moody's will be done, back slapping and deal making as usual. The drama queen in chief will make it appear he pulled a rabbit out of his hat to save the world. Usual bullshite politics. I could care less if the market is up or down.. just give me volatility and I'll make money.