High mortgage servicing + bad demographics + low savings is common in the West but structurally most countries are different. Canada and Aus share a lot of similarities, throw in NZ too.

The US might look like similar but they’ve got global reserve status and 10X the population and 30-year fixed mortgages so they play out very differently.

European nations are totally different again with population density and trade and energy - they’re already worse than Aus/Canada and will plumb lower lows IMHO.