Thanksgiving in the U.S. and Turkeys in Dubai

By Vahan Janjigian - Dubai shook global financial markets today when it announced its intention to delay payment on some of its debt. This caused investors worldwide to suddenly demand greater compensation for taking on risk. They sold stocks all over the world. U.S. markets were closed due to the Thanksgiving holiday, but all the European indexes closed at least 3% lower. This is the kind of event that could shake confidence in the hope that global economies were beginning to recover. If Dubai were to actually default on any of its debt, stocks worldwide will go much lower.