On the right you will note that debt levels have been rising rapidly in China and are now about the same as in the US and the euro area. Everyone's debt level is too high, but the fact is that high debt levels are manageable in fast-growing economies like China's and a real problem in low growth areas like the US and Europe. We all have a problem, then, but ours is worse.
I am reminded of this pretty smart passage from the Bible:
Matthew 7:3-5New International Version (NIV)
3 “Why do you look at the speck of sawdust in your brother’s eye and pay no attention to the plank in your own eye? 4 How can you say to your brother, ‘Let me take the speck out of your eye,’ when all the time there is a plank in your own eye? 5 You hypocrite, first take the plank out of your own eye, and then you will see clearly to remove the speck from your brother’s eye."
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