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The unencumbered realist concludes that there are no solutions within a status quo structure that is itself the problem. Realists who question received wisdom and conclude the status quo is untenable are quickly labeled pessimists because the zeitgeist expects a solution is always at hand–preferably a technocratic one that requires zero sacrifice and doesn’t upset the status quo apple cart.

Choose one, and only one: a stock market that inflates and pops in an endless series of ever-more destructive bubbles, or a real economy that is no longer in thrall to the engines of wealth inequality and speculative frenzy.

My projections are: less high-quality work gets done; less work of any quality gets done; those carrying most of the weight burn out and quit and everyone wonders why the quality of goods and services is sinking to new lows.

So sorry, but the lifestyle of low-cost credit and all the goodies it could buy is permanently out of stock. In focusing on geopolitics, we lose sight of the dependence of every economy on a functioning global economy of low-cost goods, services, materials, shipping, transport, capital, labor and financial instruments, all flowing freely across borders and around the world.