With a fight in Washington looming over raising the U.S. debt ceiling, suddenly the nation's sovereign debt isn't looking so "risk free." But where can investors find safety if not in U.S. Treasury securities? Europe is a mess. Japan was debt-ridden even before having to deal with the recent massive earthquake. Brett Arends at MarketWatch suggests looking to Scandinavia. In particular, Norway stands out above all others. He says public savings exceed public debt by 160%! How is the nation so fiscally responsible? He explains:

The reason for this miracle? Norway has a ton of North Sea oil. But instead of blowing its oil windfall on tax cuts and a housing bubble, like any normal country, Norwegians decided to save for a rainy day.

They've diverted their oil revenues into the Government Pension Fund Global, which the Ministry of Finance invests in a diversified portfolio of stocks and bonds -- outside the country.

Read the full story at MarketWatch.

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