Something tells me from watching what is going on in places like greece, spain, and even stateside in places like detroit and camden, that the above is not going to happen. Or should people expect central banks to print more and allocate more debt to people?
It's going to take some time though as nowadays the middle class doesn't like the idea of more social welfare since there's currently a direct connection to heavier taxes.
We can all collectively live on a lot less than we currently do (stuff-wise, not necessarily money-wise).
I keep hoping that a positive side effect of this economic shift will the reduction of accumulation of unessential crap..
It's interesting to think about how that world would look like. Imagining a constant rate of production, this means that cheaper goods will be spread around fewer people. I imagine that this would drive a push away from mid-level jobs, probably into highly educated roles that innovate or maintain complex autonomous systems.
http://hateandanger.files.wordpress.com/2012/10/buckminster-...