By now readers of my blog posts know that I tend to have a "muddle-through" point of view. Times may be good, or times may be bad, but rarely does Armageddon happen. In the last 100 years, it only happened 1 time -- in the 1929-39 Great Depression. There may have been inflation, there may have been recessions, but always people adapted and an equilibrium was struck, and growth resumed.
Even World Wars 1 and 2 (and 2 had a lot to do with the oppressive settlement of 1) occurred after 100 years of near universal international peace in Europe.

Over the last 25+ years the entire globe has been undergoing a disinflationary period of growth. Interest rates have declined; consumers in advanced countries who haven't made much progress in wages could at least refinance their debt, or perhaps cash in the value of booming stock or real estate assets.
All of that appears to be coming to an end.