“I hear you, but not as worldwide as you think. China will lead the way ...”
Maybe, but China has every appearance of being a massive bubble (warehouses full of products bought by the govt to boost spending numbers, newly built ghost cities, etc.).
But I agree that the problem may be more severe here, largely because of our large entitlement class and the violence we can expect when the checks stop arriving, and when the corner stores are empty.
There are 1.3 billion people living in China. 1.2 billion of them live in poverty.