PRC or USA?

Who cares about what Sanford Bernstein thinks?

...“If credit allocation in China improves, the ultimate credit cycle and economy downturn will be mitigated,” Werner wrote in an Oct. 21 note to investors. “However, if China continues to rely on debt to fund its economic growth, the country’s ultimate credit cycle will be more severe.”...--AOSHQ quoting Bloomberg

Of course, 'continuing to rely on debt to fund economic growth' is only a problem in PRChina, right?

Noplace else, like (say) the US of A. 

Nope.

Mighty Krugman tells us otherwise, you see.