We have been fortunate in that the populist wave hit before the collapse this time rather than after. WWI, the Great Depression and the 30s were all caused by establishment politics. FDR, Hitler, Churchill and Tojo were all reactions to economic failure, not causes.

The fundamental problem is that we've all been trading our IOUs at each other for so long that the reckoning when we tear them up is gonna be fierce. That, more than anything, is what normies miss in all this discussion because the financial players obfuscate it: stock markets, bond markets, treasuries, all of it is a wager between "now money" and "later money" and collapses like this happen when people lose confidence in "later money" and want "now money." 2008 was about all the later money tied up in people's mortgages was revealed to be an illusion so people traded whatever fractional later money they had for whatever now money they could get.

Now? I mean, Vegas is shut down. Think about that: a city of 2 million people whose only viable industry is entertaining 41 million tourists a year. Multiply by the whole world. Nobody has a good model of what "later money" even looks like.