In the late 1970s to beginning 1980s, an epoch changing transition occurred, unnoticed by most. This transition corresponds to a change from a productivity-fueled growth that was seen in the 1950s and 1960s to what I will refer to as the regime of the “illusion of the perpetual money machine”. The result has been a succession of a number of massive bubbles and crashes, all developing jointly and feeding on each other until 2008. The bad news is that, since the great crisis and recession of 2008 and following aftershocks, the spirit of a “perpetual money machine” has been further developed into a regime of very moderate growth at the cost of ever increasing relative debt. This “new normal” heralds a period of global growing inequality and inter-generation conflicts, as well as grooms social crises and even more serious disruptions and conflicts. This situation may be further aggravated in the next decade by an increase in financialization, through exchange-traded-funds (ETFs), speed and automation, through algorithmic trading and public debt, and through growing unfunded liabilities. We conclude that, to get out of this catch-22 situation, we should first better manage and understand the incentive structures in our society. Second, we need to focus our efforts on our real economy and launch massive programs to support really disruptive and creative innovations, which come both with enormous risks and rewards. Here, the public sector has a fundamental role, as it had during the previous industrial revolution and the economic boom following WWII. We need a WWII-type effort in R&D and innovation to rebook the economies of the World. In this respect, China seems particularly well positioned as we will overview.

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