Are you watching Europe?

While theatrics over debt talks in Washington dominate media headlines in the U.S., financial troubles continue to develop elsewhere.

For instance, Italian banks hit a rough patch on Friday. And contagion fears in Europe are on the rise.

I also saw over the weekend the head of the IMF calls on the U.S. to raise its debt ceiling.

The IMF grows concerned what will happen if the U.S. won't incur more debt for the sake of at least some appearance of international economic stability. But from what I can tell, the IMF has yet to express concern for U.S. citizens who will be on the hook to repay existing debt, let alone additional amounts to be incurred if the debt ceiling is bumped up.