Want to place a wager on that?
A drop in the quality of life over the next few decades is a
given. All that stuff you have, the houses, cars, clothes, computers - it has to be paid for with an actual trade on labour and resources.
So far it has been paid for on
promises of labour and resources, in other words debt... leverage. Then each one of those promises has been used as if it is real wealth and leveraged in to more promises. A giant pyramid scheme of promises which people regard as wealth. One day those promises get called in by the creditor.
There are 2 ways it can end:
A. We actually do all the work that has been promised which means working like a slave with the below the standard of living I just described. Debt slavery. Your labour has become massively cheaper.
B. We allow it all to de-leverage (by defaulting) and the people that loaned actual assets against these useless promises take the hit for their stupidity (instead of bailouts). This would cause severe deflation, suddenly nobody can get a loan because very few banks have actual capital instead of promises of capital. You house is now worth £20,000, you company can't get money to pay your wage, etc etc. The only thing the government can do in that case is print money and cause inflation which also makes your labour massively cheaper!!
Either way the quality of life is going to drop. The second option has a better long term outcome though. Massive amounts of "wealth" are going to evaporate.
Someone somewhere has to do the actual labour and produce something. Right now it's Chinese peasants. One day it will have to be us.
Watch what happens in Greece and Italy because it will happen in the UK too.
The current standard of living is a
FANTASY.