I think this. And not just the economy, but also the idea of a “nation”. I think both have actually collapsed.
The economy was hollowed out by financialization and then collapsed with the dot-com bubble.
Only the scam bubble economy remained and it consumed the housing market. The financial crisis followed and they inflated the EVERYTHING bubble.
Crypto extended the cycle, but the everything bubble popped in 2019 and thus COVID 19 was born! Trillions printed! MOm and Pops out of business. The largest transfer of money from the Middle to the top in history!
The AI bubble is not gonna work. They need too much power and too much water To inflate it big enough to cover the popping of the everything bubble.
We are waiting for the other shoe to drop.