Many countries are already collapsing to the point of riots and violence, the west was simply wealthy enough to keep plodding on after the crash.
And, yes…we have already crashed. You are currently in a depression. The reason you don't see it (yet) is that we have EBT cards instead of soup lines, and even people with multiple part-time jobs qualify for them.
But the corporations of the world and government employees of the world are being kept afloat by constantly rising government debt. The governments of the entire planet are literally stealing from future generations to keep this wrecked economy of the present from completely crumbling to the ground. All money being "made" today is based on debt, not sales. And that includes personal debt & corporate debt, not just government debt, which is higher than ever.
When will they no longer be able to prop it up?
When they no longer can afford the debt service. As you might have noticed, the banks have kept interest rates historically low for since the crash of 2007/2008. It's because they know if they raise them, they will be hastening the day that so great a percentage of tax revenue will be required for even just interest-only payments, that governments will no longer have anything left to operate off of.
This will mean decisions must be made…higher taxes on the wealthy? (the average joe is already tapped out)…no, the wealthy don't want that.
Governments start printing their own shekels instead of borrowing them from the central banks? HELL no…that undermines their power entirely!
Default?…no, this kills the bank.
Whatever is chosen, a decision will have to be made, as the governments are simply tools of the banking cartels. They do not wish to lose control of these tools any more than you want to lose control of a buzz-saw while cutting wood…very dangerous.
But SOMETHING will have to happen, something will have to give. It may even be possible that the economy will be repaired in order to save the current power structure, although that does not fit in with their plans.
So watch the debt load of countries and corporations…watch the debt bubbles in personal debt, including college loan defaults.
You'll know when it's getting close, as things start to unravel.
Already, home ownership in the U.S. is at historic lows, so the real estate market has already begun to fail.