The scramble over the U.S. budget bill, which greatly increases the deficit and government debt, is just a special case of investor concern over rising debt burdens around the world. Long-term bond yields of major developed countries have recently jumped to multi-year highs, jeopardizing budgets and economic growth. But countries that only a decade ago were considered outcasts in the debt market have suddenly emerged as winners.

Outcasts have become favorites: why investors are buying government bonds of peripheral countries

Investors should consider increasing their non-dollar holdings, says Jeffrey Gundlach

Bonds