What I have trouble warping my mind around with the alleged upcoming apocalypse is how much is systemic - contracting export of oil and gas, China slowing productions, war in Europe - and how much is self-inflicted.<p>After all, economic indicators mostly measure exchange and inter-person behaviour. If you keep telling people it’s going to be terrible, they act like what you say is true. Some of the current crisis seems like a self-fulfilling prophecy.
The economy of the 70s wasn't weighed down by a 31 trillion dollar debt-millstone.<p>Just raising the interest rate by a mere 2% will incur an EXTRA 600 billion dollars of interest per year. A 3% interest rate hike will incur an extra interest bill that's greater than the whole Defense Budget.<p>The US is headed for 'interesting times'. Pun NOT intentional.