Crisis Spreads

While there are a few relative bright spots around the world, the whole world is awash in debt. The Telegraph reports:

Riots in MadridStandard Chartered is understood to have withdrawn tens of billions of pounds from the eurozone inter-bank lending market in recent months and cut its overall exposure by two-thirds in the past few weeks as it has become increasingly worried about the finances of other European banks.

Barclays has also cut its exposure in recent months as senior managers have become increasingly concerned about developments among banks with large exposures to the troubled European countries Greece, Ireland, Spain, Italy and Portugal. 

CNN Reports:

Large protests outside the Catalan regional Parliament in Barcelona on Wednesday left 36 people slightly injured, including 12 regional police officers 

...

Spain is gripped by a deep economic crisis with 21% unemployment nationwide, and 42% unemployment for young people.

The Catalan Parliament protests were seen as part of the so-called May 15 movement of demonstrations that have sprung up across Spain since last May 15, including tent cities in some emblematic public squares in various Spanish cities.

While things are bad in the USA, things are actually worse elsewhere.