The Japanese scenario haunts the U.S. economy.

The idea that all the government spending the U.S. has used to bring the country back from recession may not prevent the economy from crumbling under the weight of its own debts lives in markets today.

There have been signs that the U.S. may differ from Japan's balance sheet recession. The Federal Reserve's quick response, the size of that response, and the current growth experience suggests that the U.S. may avoid the worst of Japan's balance sheet recession.

But a lot of the data explaining Japan's experience matches up with U.S. economic data, and when you look at those charts side-by-side, its fearfully revealing.