So, I got a PM the other day from a worthy adversary. In short. Keynesian economics is doomed. But the Ivy league keeps it alive. We are going to be blindsided just like the USSR. Some will know what is coming, most will not. I think this discussion is a rather serious one, as the day of reckoning will occur in the next four years. No matter who is President. Just wondering. How many of us down here in the basement are ready for the crash? It is coming, we are nearing terminal velocity, and by the time anyone who matters sees this, we will be well past it. Event Horizon comes before Terminal Velocity. We are past the Event Horizon, but have not yet reached Terminal Velocity. Can we land with all hands? If not, who will be lost? Just questions for our astute members here in the basement.
I have to think that the elite are probably smart enough to figure this out - or they have people smart enough to tell them what is going to occur. Some will, of course, be excluded or refuse to believe. Apart from that, only folks who are astute, and - here's the big thing - can admit that they have erroneously been led down the incorrect path (or said another way, can admit they were wrong) will be able to figure this stuff out. It's not a secret. It's out there for anyone to pick up and work through, if they are so willing. The poor will invariably be locked into serfdom forever, sans the benefit programs they get now which make life a bit more comfortable. That means a reversion to the great depression type bread lines, etc. When the Soviet Union fell, millions of people were suddenly on their own. The stories of how they made ends meet gave me goosebumps when my mother-in-law would tell me about them. But they survived. The real question will be what happens initially when the nets fall. Russians were used to Czars. They were used to being kept under someone's thumb. Americans are not so easily quelled. They will rebel and rise up - the question is how violent this will be, and whose blood will be shed. It will not be our finest hour in the history books. But as you say, there is little to no chance in avoiding it. The best you can do is spread the word and help those you know prepare - bearing in mind they will probably look at you like you are a lunatic and laugh. The grasshopper and the ant story comes to mind here. But if you can admit that what you knew was wrong in the first place, and accept truth, you'll be all the stronger for it. I should know. I was once a believer in Keynesian economics like most.
My fear is because of the nature of our society, we will fight another civil war. It could get very bad here in the states. This civil war will not be like the last one. It will be fought on a multitude of levels. It is too bad you do not like sci-fi. Issac Asimov ( another Russian) saw this all. He coded it in a 15 book series called "The Foundation". It is the story of one man who mathematically predicts the death of an Empire, well before anyone can remotely see it, and what a few do to try to preserve the knowledge of humanity that will surely be lost when things collapse.
I don't think a civil war comes about. I think we see a slow fade into obscurity with lots and lots of suffering along the way.
I have read the Foundation series...twice, actually I liked his galactic empire series better. Although I think Arthur C Clarke has a more extensive writing style and a better command of the language. Anyway, There will probably be massive riots and ethnic pogroms. Ethnic cleansing like Bosnia.
Keynesian tom-foolery is bi-partisan. It is true, the Democrats embrace it far more because of it's inherent nature to spend to drive growth, but Republicans in the last few decades haven't shown any impulse in stopping it.
Keynesianism has carried the day worldwide now, even the krauts have had to look at the data and concede, though it took their high court to put Merkel in her place. It may be doomed, but it's not going away ever. : ) Neither are governments, they're here to stay as well. Now, will governments lay up surpluses during expansions, like the theory expects? That's the question.