Is Japan Really In Trouble?

This is a real thought provoking piece from again a British Newspaper.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6480289/It-is-Japan-we-should-be-worrying-about-not-America.html

I'm kinda on the fence on this one.
Hey...Japan's economy has been on life support for 20 years. How many times have people predicted doom and it hasn't happened? Its getting to the point where Godzilla could be the only one that can crush Japan.

We have a lot of smart money managers who have started to bet against the worlds 2ND largest economy. You cant deficit spend forever. Can you?

Its a cautionary tail that stimulus and money printing can't be seen as the magic elixir to all that is wrong with an economy. Tack on the fact that any economy that has high debt burdens and no domestic demand cant have the excess's rung out by just printing money. It didn't work in Japan so why would it work here? Japan has kicked the can, extend and pretend for twenty years. Maybe its time it catches up to them?

I just don't see it yet.

http://tradersutra.blogspot.com/2009/10/looking-in-mirrror-and-craving-sushi.html

Japanese consumers have already gone through 20 years of deleveraging and most of Japans debt (90%) is inside the country. The only way things spiral out of control, is a run on the Yen, which simply is not happening as of yet.