Class war rages. Western society futures face high unemployment, poverty, less government help, low pay for employed workers, few if any benefits, and higher prices for basic services like food, healthcare, transportation, electricity, heating oil, and water.
Households with below subsistence incomes will be hard-pressed to survive, and governments don't care enough to help. They're extracting maximum wealth to pay bankers and force austerity when stimulus is needed to create jobs and growth.
At the same time, while the Fed and ECB can print money, they can't create wealth by letting bankers use it for speculation, greater consolidation, and big bonuses.
Greece is ground zero, a poster child for destructive economic/political policy. Austerity destroys growth. Its depression level exceeds the worst of America's 1930s.
Government then created jobs. In Greece, they're vanishing and with them the ability to survive. Moreover, bankers impose impossible demands. New ones add greater burdens. At issue, of course, is bleeding Greece dry en route to entirely destroying its economy and people.
Despite contracting nearly 20% since 2007, former senior World Bank official Uri Dasash expects further decline to 30%. No matter, EU/IMF/ECB Troika bandits demand continued wealth extraction until bled dry Greece collapses. Then expect greater pillage elsewhere.
America's future looks no better. Around $2.2 trillion in deficit cuts are mandated post-November 2012. Expect weak economic conditions to worsen en route to greater trouble when another $4 trillion in cuts are made.
Progressive Radio News Hour regular/economist Jack Rasmus says downturns only reverse two ways - by reflating economies stimulatively or liquidating bad assets.