"One current difference in how #WW3 is evolving is that almost all of the governments of the world are already bankrupt. Historically, governments only go bankrupt during or after wars; this time they’re all bankrupt before the war has really even started. They’re all welfare states with huge fixed domestic spending. They already have an unrepayable amount of debt. That’s never been the case previously.

"Along with unsupportable debt, and high levels of currency debasement, taxes are already at the 40%, 50% or 60% level for most countries. Before World War I and even before World War II, taxes, inflation, and debt were only a tiny fraction of present levels. Governments could access huge resources. Even though the world is much richer, it hardly seems possible now. They’re already running on empty.

"WW3 will be limited by the financial ability of governments to fight. There’s a bright side, I suppose, to most of the world’s governments being financially unstable or on the ragged edge of bankruptcy, very much like the US government."