This is the inescapable outcome for the Western world.

The world economy should have collapsed in 2008 were it not for a massive Hocus Pocus exercise by Western central banks. At that time, global debt was $125 trillion plus derivatives. Today debt is $325 trillion plus quasi-debt or derivatives of probably $2+ quadrillion. 

The US is today running bigger deficits than ever at a time when:

The interest rate cycle is strongly up 

There is only one buyer of US debt – the Fed

Dedollarisation will lead to a rapid decline of the dollar. 

The financial system should have been allowed to collapse 15 years ago when the problem was 1/3 of today. But governments and central bankers prefer to postpone the inevitable and thus passing the batten to their successors thereby exacerbating the problem.

FALSEHOOD IS THE MOTTO

The world is now desperately clinging on to a false prosperity, based on false money, false moral values, false financial values, false politics and politicians, false media, false reporting of reality whether vaccines, climate, genders or history etc. 

Let's look at some synonyms to false or falsehood according to Thesaurus:

Cover-up, deceit, deception, dishonesty, 

fabrication, fakery, perjury, sham etc.

Yes, all of the above fits today's West and especially the US. But as I often point out, history repeats itself so this is nothing new. But since most major cycles can take 100 years from boom to bust and back again, very few people experience a severe depression in their lifetime.