A lot of talk about Greece and the other PIIGS. But one wonders how in the world did Japan get so far out front.

From US Global Investors Weekly Investors Alert:

-------------------------------------

• The chart above, courtesy of Pimco, marks the countries in red that have the potential for public debt to exceed 90 percent of gross domestic product within a few years, making sovereign credit risk a greater threat. Bullion stands to benefit as the economies of countries in the “ring of fire” experience anemic growth rates that weaken their currencies.
• The most recent Treasury capital flows report showed that China sold a record $34.2 billion in American debt in December 2009, in the process relinquishing for the first time in many years its position as the top U.S. debt holder. China has been marginally diversifying its reserves into other currencies and other assets.
• South African President Jacob Zuma silenced the African National Congress' Youth League, which earlier called for nationalization of mines, by reiterating that nationalization is not government policy. Gold miners firmed upon Zuma’s comments.

Threats

• The International Monetary Fund announced it will start selling 191.3 metric tons of gold in the open market, after already selling 212 metric tons to central banks in India, Sri Lanka and Mauritius.
• Greece's prime minister said Greek workers and companies have evaded more than $42 billion in taxes, more than 10 percent of GDP. Repairing the country’s fiscal imbalance by lowering debt levels to acceptable European Union standards may be more difficult than initially expected.