The reckoning will be devastating. From Charles Hugh Smith at oftwominds.com:
If we borrow all of tomorrow’s prosperity to spend today, there won’t be any future prosperity, there will only be penury.
The developed nations share many of the same sources of stagnation:
1. Demographically, their cohort of retirees drawing government benefits is expanding with no end in sight while their workforces are shrinking;
2. Their models of funding government programs institutionalized 50, 60 or 70 years ago no longer provides enough income to cover government spending;
3. As their populations age, demand/consumption is stagnating as older people spend less on everything other than healthcare, and the cohort of younger people getting married and starting families is in steep decline;
4. Attempts to stimulate consumer spending via central bank/state stimulus are now increasing inflation, crimping both household and state spending as debt service costs rise;
The Magic Soil and windmill/solar powered AI Wakanda await.
Maybe sailfawn (cellphone) and social media world will lead back to the primitive?
A world conquering tour after the Long March is my favorite.
Cue the Goodfellas laughing scene.