Austerity was due around 2024/2025. I think it still is.
Been hearing about it since the 90s, more in the 00s, even more in the 10s.
But it’s not an idle prediction. Guy I know sorta (we emailed back and forth a bunch of times around 2000 when I was doing stock investing while he wrote for CBS Marketwatch) – turned out to be a bigshot in the “Group of 30″. Kenneth Rogoff.
Anyway, he’s written about it, done projections and things. He’s not right about everything but he’s been right about most things.
So, I’ve been expecting nations to hunker down for a while.
Do I expect more localization vs globalization? No. Raw materials still won’t be coming locally. The USA and Canada and England is NOT going to start making their own smartphones and computers.
I think we’ll all be a lot more cautious and take less for granted.