$14.025 trillion

For the record, not only Europe is heavely indebted so is the U.S Federal and local government (Japan's epic debt should be covered by histroy books by now).

According to The Daily Reckoning the national debt as of December 31st, 2010, amounts to $14.025 trillion or $140,252.00 for every non-government worker. You might have heard of states like Illinois or California (the eighth largest economy of the world) facing sovereign default.
Since default or saving is too painful, the easy way out is inflation, reducing the economic value of debt.
A sizable Position of precious metal such as gold is therefore mandatory for any investment portfolio. But I might leave that for another post.