We are far past the point where the West can pay its debt.
The only reason we haven’t seen a crushing currency crisis in one country or another is that all of them are trying to race each other to the bottom.
We are a few years, at best, away from the worst financial reboot in human history.
There is a way out. The USA should save itself and the rest of the world be dammed. Tariffs of 20% would stop the bleeding of trade deficits, budget deficits and offshoring. Any factory owner contemplating offshoring would shelve that idea indefinitely. Repatriation of industry should be made a priority. It would be painful at first but in the long run much better. No need to reboot.