Assembled in the USA from 100% Chinese parts.

The average Irish family owes something like 100,000 euros. Like the recent US bubble, these various countries have been consuming in excess of their production. If done correctly, this sort of "chain letter on the future" can work well, but people rarely do that, and eventually the creditors stop trusting that they will be repaid, precipitating a crisis. So the challenge is for the debt to be paid off or charged off by various parties in a way that doesn't cause the financial system to seize up in the mean time and reduce production to below what it would otherwise be. In the best case, there will be lots of belt tightening and nose-to-grindstone.