The Ponzi goes on, and those aware of the Ponzi wonder when it will end. It is not just America, but the entire US monetary system. The reason why the financial crisis of 2008 was different from '80s and '90s crisis moments is that it was to the core of the system. The dollar and US economy was where the shock happened, not the periphery like Latin America or Southeast Asia. The loss of confidence in the system or even questioning the validity of the fiat dollar system would cause weaker partners to be affected earlier. Japan and the yen is one such partner. While many have bet against the yen and Japanese bonds and been burned, there are signs that the Japanese themselves are preparing for the endgame.
The Japanese had their forty-first straight month of trade deficits. This is the problem when a nation imports raw materials and energy and exports finished goods in a world of sluggish demand. The Japanese are one of the export dollar recyclers. They are not reliable anymore, which might be why tiny Belgium holds hundreds of billions of US Treasuries now. The Japanese are now moving to invest more abroad, but curiously, they are not investing in hot spots like China but instead in America. The Japanese are investing in US insurance companies as a proxy for investing directly in the US. They want to use insurance companies as a way to learn about the US market more before digging in deeper. This is beyond direct purchases of manufacturing firms and what not. They did this in the '80s when Japanese automakers partnered with US firms to learn the psychology of the US worker as they then invested in US sitused plants.
At the core of all of this is finding ways to earn non-yen denominated revenue. Currency diversification to prepare for a domestic shock. They are preparing for the devaluing of the yen, and they expect it to happen to the yen first and the dollar later. Many have bet against the yen and lost, including recently Kyle Bass, but if the Japanese themselves are starting to bail, the end must be approaching. It is an interesting island culture shaping up. Greying and shrinking population, growing robotics industry, worlds' largest creditor nation with trillions in net assets, "xenophobic" immigration policy, shrinking working population... it is like they are setting up an island of a homogenous, rentier class.