There is also the Chinese model of finance. The Economist has been predicting a Japanese style financial crash in China due to enormous debt levels since at least the early 90s and it never happened. That's because money is electronically printed by the government and given to banks in exchange for bad loans on a regular basis. There is no debt default crisis. The banks just keep lending and no government debt is created like it would be in America if the government wanted to do the same thing.

That this whole system has worked so well for 30 years completely undermines the entire basis of western macroeconomics and is the equivalent of telling a traditionally trained economist that the earth orbits the sun while they believed the opposite. It just does not compute and they can't even wrap their heads around it. Thus they keep predicting an imminent economic collapse every years even though they've been wrong for more than 25 years.