It's a culture of exploitation, entitlement, and delusion to assume that someone else will do the exact same things we used to do, but for 1/10th the wage...
Prior to Globalization, what separated the developed world from the "Third World", was a mentality of exploitation. I mean business "opportunity". Globalization was supposed to bring the Third World up to developed world living standards, instead it's collapsing the developed world down to Third World standards. Only the exact opposite result of what we were sold by greedy psychopaths, all so they could monetize poverty at 0%.
China was the superstar of Globalization, so its collapse in broad daylight should have been the wake up call that "this" was all ending sooner rather than later. After all, China is the marginal buyer of everything. Unfortunately, self-absorbed zombies stewing in junk food and junk culture won't be awakened from their stoned coma, until the "Madoff Moment"...
"The End of Poverty". Remember that? I do.
Junk bonds with China's Reserves
aka. Subprime x 3:
"The high-yield market has doubled in size, to nearly $2 trillion, just since the 2008 financial crisis. The growth is fueled in part by the results of that crisis, such as the prolonged period of extremely low interest rates. When deposit accounts yield nearly nothing, investors are driven to consider the significantly higher yields available from these bonds, despite the higher risk."