John Mauldin says markets are overreacting to the turbulence in the Middle East. Mauldin tells Bloomberg that Libya is not a major oil provider for the U.S., and that “in the grand scheme of things all of this will pass”. He also says the unrest could actually have the odd effect of helping balance the U.S. fiscal deficit.

[youtube=http://www.youtube.com/watch?v=RwfgmQroWiU]