Classical economists failed to foresee 2008-2009 GFC. Austrian economists saw it coming.
Austrian School of Economics foresaw the Global Financial Crisis because they understood the role of debt in the business cycle. The Classic
Decline of the West 1980-2060
This chart clearly shows the comparative decline of the West. More on this can be found here http://www.puzzlefinancialadvice.com/largest-emergence-event
