Not everyone out there is still holding 7% USTs bought over a decade ago.

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In 2010, prior to the EU crisis, average Asian debt yielded 174bp over USTs, rising by 96bp during the crisis.

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Since 2006, the average spread on EM bonds over USTs is 324.

FORBES: "Third World" No More as Emerging Markets Upgraded, Developed Markets Downgraded

In 2011, Asian debt was 143bp over USTs and widened a bit more, but not by much, to 102 basis over USTs during the crisis this summer.

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In the Middle East, yields were 239bp over USTs earlier this year, and then during the crisis they were on par with Asian debt with a 102bp spread over USTs.

FORBES: Where To Park A Million Dollars (Or $1,000)