Well put. Good job. That's exactly what we're witnessing, and you put it into understandable terms.
(We have a false economy, but I've always found it hard to explain).
IMHO the collapse is happening at this very moment. It is a slow moving train wreck. All I know is everyday it gets harder to pay the bills, everyone I know is struggling and theft is up, big time. I am watching a slow descent which likely will take a few years before we (middle class, working class) are all starving in the dark.