Comrade Januzzi,
I think the problem with your objection is that Japan is supposed to be cash-rich and America cash-poor. That should mean that there would be a bigger market for Japanese debt in Japan than in America. If securitization is the evil plot you describe then it should immediately backfire. Securitized bank loans should be gobbled up by the cash-rich Japanese. Moreover, the Japanese should be in an advantageous position in bidding on the debt since they (by your lights) are paying with highly-valuable yen versus meager dollars.
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