I didn't learn finance in Germany in school but we all knew that taking on massive debt is stupid. It's the advertising and easy access to consumer credit. Wage increases have been replaced by easier access to credit.
The German model definitely has lower risks. If something goes wrong, there will still be something left with which you can rebuild.
The American high-risk model on the other hand is definitely one that isn't long-term sustainable, but it wins out in short term, until another crash happens.
