Google Buzz Privacy Settings?

So, where are the privacy settings for Google Buzz? I activated the service into my account yesterday and now I don't want to expose all of my contacts to the world. Also, I'd prefer my shared items on Google Reader only be shared with my friends.
Where's the Privacy Settings section where I can change the options?
I cannot find the privacy settings for Google Buzz.

If you leave Google Buzz in default mode, it will automatically start following people for you, apparently the people you've e-mailed most often. And, those you follow appear in your public profile. Unless you proactively change these settings, everyone knows your most valuable contacts.

This is what you should do to correct the Privacy Settings issue in Google Buzz.

go to your Profile --> About Me --> Edit Profile --> at the right, remove the tick mark on "Display the list of people I'm following and people following me" and that's it.

As mentioned in the Buzz set up procedure, using Buzz (on desktop or mobile) requires that you have your First and Last name public in your Google Profile. There's no way to set all as private and still use Buzz at this time.
According to Google, the default is in place to make it quick and easy for users to get set up and started.

Google Buzz has met with some harsh criticism over security after only a day and a half.
But it's not a big deal, just change the Privacy Settings options and done.

And how do i disable the buzz from inboxing me everytime someone replies to me?