Excuse me, all this economic clap trap is totally unimportant to us here in Australia.
We have bigger fish to fry, gay marriage. Please don't waste our politicians time by discussing doom and gloom of world finances. Get your priorities right!

Yeah, if it was only about being wealthy, westerners would sell their assets here and move to Cambodia, etc.

Globalization is a far-Left, totalitarian, world-government affair, in which Australia is being used and abused by foreigners.

"Only when Moral Hazard is expunged from the global financial system, interest rates normalized and the world undergoes debt deleveraging will the world economy recover its long-term growth trajectory."
Globally, money always has to come from somewhere and always goes somewhere. So the only way the private sector can deleverage is for the public sector to leverage.

"the swing towards socialism and protectionism"

Protectionism is nationalist, not socialist.

A nationalist economy can be *internally* liberal, while only external restrictions apply.

"Military instability" in the past was due to imperialism (e.g. Japan and Germany in WWII), not nationalism.
If all countries focus on minding their own business (nationalism), there would be no wars.

Well most of the history is right, but few if any of the conclusions?

We've gone from the third wealthiest nation on the planet and a creditor one at that! Literally awash in unprecedented prosperity!

And as a consequence of the rubbished socialism/keynesian economics!

To one now drowning in debt and mired by greed is good individualism, dog eat dog, bleed them till they die, stack and rack em, business models. Marked by the twin evils of unaffordable energy and unaffordable housing!

We could remain an Island of sanity in a world gone mad chasing its tail, trying to consume its way to a debt laden future.

Where homelessness punctuated by ghettos, squats and armed to the teeth, fear riddled, gated communities, will predominate a landscape nearly as inviting as the desolate dark side of the moon.

That island of sanity will be based on cooperative capitalism and energy and capital returned to the rightful owners, as opposed to those who've purloined it!

Energy needs to be co-op operated/controlled, thorium or biogas based. And as such, allow us to compete with all comers and dominate in an energy dependant future, for market share!

Capital needs to be controlled by co-ops that allow our money to be retained here circulating again and again in our own economy, rather than bulking up the coffers of offshore hedge funds etc/etc. [With a little help from their, rollover for a tummy rub, friends.]

Tax measures/relief that gave the cooperative models/owner occupier collectives a genuine advantage, would restore our purloined economic sovereignty, even as the enraged howls from foreign controlled boardroom could be heard from London to New york and old Paris town!

It's not their prospects that ought concern us! As for ("all for one") Trump, twice tripled bankrupt, (rat eat rat) economics?

The State of Kansas applied them almost to the letter, and in just three short years turned a once thriving economy, to one teetering on the brink of a regional, Great Depression!
Alan B.