The concept of nihilism is difficult to understand from a philosophical standpoint, let alone see it happening right before our eyes.
I really can't think of a historical precedent of nihilism on this scale.
The only guy who might know might be Sunken Civ?
It’s probably already written about in Arnold J. Toynbee’s work:
https://en.wikipedia.org/wiki/A_Study_of_History#Universal_state
Oswald Spengler also foretold of this 100 years ago:
https://en.wikipedia.org/wiki/The_Decline_of_the_West