Three 'D's

The markets are scared of the 3 'D's -- debts, deficits, and defaults.

Debt is everywhere. Consumer debt grew into a massive bubble. Government debt too. Corporate debt isn't too bad.

Deficits from government is very troubling. The US deficit is now over $15 trillion.

Finally, the end of too much debt is a default. After defaults in South American and Asia over the last few decades, Europe's PIIGS are risking default.

Investors are watching these three 'D's because they know other Ds can follow -- depression, currency debasing, and maybe deflation.