Remember that book by Michael Crichton -- was it called "Rising Sun"? Detailing how the Japanese owned so much U.S. land and that we were in danger. In that case, I do believe that the Japanese lost their investment shirts and it added to their recession.
Not to say that debt is good. Some countries are known for their frugal habits but remain in economic stagnation -- while other countries spend beyond their limits and enjoy economic growth. Doesn't mean that the "tsunami" isn't out there someplace. Must be a balance somewhere.
"the Japanese lost their investment shirts and it added to their recession."
This time they own the mortgage to your home which they bought using money from U.S. consumers piling up debt on their credit cards for purchasing non-productive items. Fool me once...
There may be a faster way to slavery, but it's hard to think of one.