With the current global monetary system everyone has to be a very LT bull. That is unless you believe the Central Banks have the cajones to call in this leverage a create a global depression...or at least a US depression.
If there are any depression candidates IMO, it's not U.S, but China, India and Brazil.
NAV...I disagree. Who has the cash? It's not the US. China has nearly $1.5 trillion in the bank and are accumulating tens of billions monthly. The US has trillions of IOUs and are exporting $70 billion more per month. I would strongly argue that the average Chinese consumer is substantially less leveraged than the average US consumer. Explain your reasoning given these facts as I see the US very vulnerable.
Also, their people are hard working, savers, well-educated and more family oriented than ours. In some cases they have substantially less obstacles to business than does the US. I will give you their current basic legal and banking systems are well behind ours and lacking. Overall they have some tremendous advantages and a couple of big disadvantages. However, when you look at each country like a corporation the US is FNM (if that good) and China is Exxon Mobile as far as balance sheet, income statement and cash flow statement.