My finance buddies have been waiting for the bomb to blow up for a decade. It's really a game of musical chairs.

The less pessimistic view of this (which my aged father holds) is that the saving grace of the US is while we have problems, China + Japan + Europe have awful demographics and we're stealing many of their best youngsters. And our popular culture is amazing- nobody else is even close. Unfortunately, this means we probably won't address our problems in a timely manner. A Chinese meltdown makes the US a more attractive place to put money.