You raise good points, and I certainly do not hope for another world war. I do hope a different thing though -- normal interest rates (normal being something di

You raise good points, and I certainly do not hope for another world war. I do hope a different thing though -- normal interest rates (normal being something different than what we've seen in the past 30yrs). One thing you'll see in the mid-90s and beyond is artificially lowered rates, which cheapen money. Low rates boost asset prices, so they are great for asset owners (and there are very few asset owners in the US on a % basis.) This doest really help normal people, because while borrowing becomes cheaper, prices go up commensurately. Debt:income ratios inflate. Costs inflate overall. Overall it hurts normal people because you end up with the same outcome but more leverage and hence more risk. Worse, because rates are low, income-seekers (e.g., insurance companies, foundations) steer away from traditional means of income (bonds) towards buying up homes, infra, assets, as they "reach for yield". Again, this just worsens the problem for everyone. With rates lowered and debt volumes ballooning, we've given a one-time boost to asset owners and in the process, spread stress and risk to all working class individuals.