Should we be alarmed? I don't know :-)

I am neither an accountant, nor an economist, but the whole thing looks like a lot of smoke and mirrors from here. 

Everyone appears to owe money to someone. Where does the money come from? Is someone simply printing it?

It seems the american "government" owes a lot of money to foreign countries.??? But it could be lots of american "investors"  borrowing from foreign banks?? WIKI says japanese government debt.?? I see what you mean. wow. 234% of gdp.