I think there is one factor you're neglecting, which is that you can no longer just pay attention to the United States and assume that you've described the enti

I think there is one factor you're neglecting, which is that you can no longer just pay attention to the United States and assume that you've described the entire world economy. China and Russia now both have the power and desire to stab the US economy, and more such powers are coming up behind them. It'll hurt them too, but they now both believe it may well be worth it because they can recover faster and better, and it isn't clear that it'll be any better than what the US will already do to them if they defy the US (e.g., taking Taiwan). It is a characteristic of our US elite that they are exceeding and extremely pain averse. It is not shared by everyone else in the world. At some point in the next few years, if not the next few months, someone is going to calculate that knocking down the house of cards that the US-driven economy represents will still net benefit them. The only way the US could stop that is to pull its industry back in and accept cost increases as a result... but see previous comment about the near-total inability of our elite to accept pain.