Companies are measured on yearly profits, with continuous (exponential) growth expectations.

Workers are expected to "adapt" and "be flexible".

Long term planning is scorned as "socialistic", the immediate invisible hand of the market solves everything.

Cultural consumption (just the idea of defining culture as consumption-only is revolting) is for short lived products...

We are seeing some fundamental changes in the world (peak oil) which require a completely different mindset: Planning, organization, seeing more than only our own belly... Steady-state economics (well, declining economics, really) as opposed to perma-growth.

The problem is: the cultural framework is so unprepared for the idea planning or addressing problems in a collective way.

My point is: wage stagnation (maintaining lifestyles on debt) is just the tip of the iceberg of society inadaptation to the coming resource constrained world.

Middle-lower class income stagnation was a good explanation for our past problems. But, in the future, there is much more than that on the "Anglo disease" lifestyle that is simply out of touch with the basic premises that will be around.

It is not clear to me that people will be prepared to accept reasonable long-term solutions. The path will not be one of the least pain, on the contrary (although you start to see some of the resource scarcity discourse showing up).

Of all forms of caution, caution in love is perhaps the most fatal to true happiness - Bertrand Russell

Were Woolf to put as much effort into pinning the problem on Greenspan's interest rate policies and resolute refusal to use regulatory powers given the Fed in 1994, would it be possible for him to long continue writing for the FT?  More rhetorical misdirection in the service of all who benefit from The Anglo Disease.

If sanity be culturally normative, then by the norms of this culture I claim insanity.

The reason Western consumers had to borrow was not to absorb the Asian surpluses, it was to compensate for their stagnant incomes caused by macro-economic policies that favor short term corporate and financial profits over everything else.
I completely disagree with this. Western countries had to absorb Asian surpluses or building up trade barriers, as Asian countries have/had explicitly mercantilist policies. Incomes were stagnant largely because of the competition with low wage countries. Wages in the US, UK, Ireland, Spain have grown faster in recent years than e.g. German wages. If your thesis would be correct, German consumers would have borrowed much more than consumers in the above countries. This is clearly not the case, e.g. the term 'Western consumers' is not really what I think is appropriate.
Among the reasons I would suggest for the anglo disease

• different cultural acceptance of debt
  
• different cultural view on showing off, btw. keeping up with others
  
• type of prevalent industry before it began
  
• expectation of future financial situation
  
• autosuggestion into the believe that high deficits are no problem
  
• policy reaction (at least under Clinton) to counter what you suggest as reason, but not to deal with a given Asian surplus (that means, if the state borrows less, consumers will borrow more)

There was a firm determination across Asia to build reserves such that they would never be dependent on the corrupt Washington consensus IMF ever again.