> Like a lot of people, you like to emphasize the fact that Japan is
> a "1 trillion dollar global creditor." Okay, so what? Why, if they are
> creditors, has there been a prolonged credit crunch in Japan and none in
> the debtor U.S.?
Because Japan continued to invest 30% of its GDP in the 1990s in the real economy, in plants and factories and whatnot, while the comparable US figure is 16%. Now some of their investments turned sour, but at least they have actual factories and well-trained workers to show for their pains, so when the next upswing comes, they'll kick our rentierized asses. The Wall Street Bubble will leave nothing in its wake aside from expensive vacation homes in the Hamptons and Visa commercials starring Peter Lynch.