World of Risk

Few investors seriously worry about an imminent default by the U.S. or the U.K. But with worries about Dubai's ability to pay its debts shaking markets across the globe in recent weeks, investors are on guard about which other countries might be in dire financial straights.

Ratings agency Moody's, for example, said Tuesday that the upcoming year could be a rough one for government debt, issuing a report depressingly titled "Fasten Your Seat Belts: Tumultuous Times Ahead."

Anyone with access to the business pages knows individuals, banks, companies and governments everywhere have a serious problem -- just how bad it is and how long it will last is still being sorted out. Unfortunately, we probably still have a way to go before brighter days return.

Chris Nichols contributed to this report.