THE SADNESS OF JAPAN: Is The Economist's cover story this week. They report:

Even those onlookers who see Japan’s malaise as chronic but not at crisis-point, are fretting for another reason. Unlike most previous bouts of panic, this one has far more potential to cause trouble in the rest of the world, where much of East Asia is still in recession, and an American recovery is still shaky. Japan remains a big trader, investor and lender, so any collapse would affect all its counterparties.

Much bigger than the Argentine collapse. Scary.