Even more than Peak Oil in 2018, the hopeless condition of global debt brings the Day of Reckoning, better known on these pages as SHTF Day, into ever closer proximity.  As Nicholas Taleb puts it:

"...We need something to come in from the outside, or maybe some kind of miracle...This makes me kind of gloomy about the entire political system in the Western world."

Since I don't believe in Miracles, I am quite certain the rapidly ballooning debt bomb is going to blow quite spectacularly, and just as lights won't function once the electricity stops flowing, just about all economic activity will cease when the smartest guys in the room can't shuffle the deck of debt anymore.  It's a game of musical chairs where everyone can keep playing as long as the music is going, but when the music stops they'll find 10 chairs to sit on with 100 running around in the circle.

About the only thing I quibble with here is the "Western World" limitation, because there is no real separation between East and West any more,  Globalism got rid of that.  Political systems will crumble everywhere at anything above the tribal or town size level where people can actually gather together in a room and figure out together what they are going to do to hold together.

This doesn't mean imminent extinction any more than Peak Oil does, it just means that every system we have will have to be rebuilt from the ground up.  In that sense it's a great opportunity.  If it wasn't for the fact millions of people will starve, it would be unequivocally a good thing.  Our current systems are so hopelessly corrupt there's no fixing them individually and piecemeal.  It's all too interconnected for that.

The FSoA Debt Bomb is the biggest of many big bombs ready to blow, and serves as a lynchpin for all the others.  The Day of Reckoning draws near.

https://dailyhodl.com/2024/02/10/201000000000-piled-onto-us-national-debt-in-one-month-as-black-swan-author-warns-america-facing-financial-death-spiral/

$201,000,000,000 Piled Onto US National Debt in One Month As Black Swan Author Warns America Facing Financial 'Death Spiral'

RE