I believe this is one indication of what may be the biggest debt bubble in world history.
We have (electronically) printed and borrowed our way to what looks like a very unstable future.
The whole world, all at the same time.
It's never happened like this before, as far as simultaneously goes.
Relatively large wars are usually a consequence.
The middle east is a mess.
If some petrol supply chains get blown up somewhere, and a price spike evolves, many smaller countries will be at risk of hyper-inflationary outcomes, which usually leads to unrest/uprisings/governmental overthrow.
Trade finance is at risk.
Globalization should diminish.