United States Sectoral Balance Sheets (1985-2012)

As you can see running up to the crisis households massively increased their borrowing. The government also had substantial deficits in the nineties and after the millennium. The corporate sector was on average almost in balance. Since the crisis a dramatic increase in savings by the private sector made the public sector increase its deficit.

Richard Koo

'Japan Is Too Rich To Be Bankrupt'

Acoording to research by Societe Generale Japan is 'Too Rich to be Bankrupt'. Check especially the Government Debt, the Houshold Wealth (both left scale) and the Net Financial Wealth for Japan (right axis).

Business Insider