Java doesn't have a standard pre-processor to do this. Generally this is a good thing. In this case, you can use you own.
I suggest you use the debugger in your IDE for debugging your program, this avoids the need to write code to dump such debug statements to the console. Note: in Java there is little penalty for making your code always debuggable and most code ships with debug on.
If you breakpoint a line you can see all the values for local variable and what ever objects they point to. You can also go down the stack and see all the callers if you want.
