At some point, the developed world is f'ed, unless they start on a politically unpopular course. On what do I base my particular doomsaying? Thought you'd never ask.
It's the entitlement explosion crisis. (Post will be light on links, but I'll substantiate this later.) Governments have promised huge benefits, such as pension and health care for the elderly, that they cannot possibly finance. These obligations aren't counted in national debt figures, but are enormous and would made developed countries look a lot further in the red than the currently are.
Now, I'm sure you've heard the figures about how, oh, this entitlement program will be running a deficit in this year, it's trush fund will be exhausted in this year ... the problem is that the crisis will have to hit before those times, and with less warning, because of a dangerous (positive) feedback loop:
At some point, governments realize, gosh, we can't pay for what we've promised. So, they somehow suck more out of the productive class: higher taxes, worse government services, inflation ... it doesn't really matter which route. Then, some of those workers, probably those with the most mobility, say, "Hey -- this is stupid. I can just move to $SAFE_HAVEN, and have a much higher after-tax real income." So, he moves. And so do others in that situation.
Uh oh! Now that's a smaller groupe to gore to pay for the obligations! So, they have to do it again: gore them at an even higher rate, cut benefits, etc. Then more workers are in a position that they're better off by fleeing. Then you need a higher tax rate until there's no one left to gore and those expecting payments, or still working are left "holding the bag" -- they're very little wealth to go around.
We've already seen miniature versions of this happening at corporations that tried run their own little entitlement system: they realized, all to late, that no one has to give them anything: they can go "work" for others who won't ravage their pay to cover other people's entitlements. Some view the USA as being different in that, gosh, you kinda don't have a choice ... but you do, just as people had a choice not to help fund GM's welfare system, and they exercised that option, despite such a scenario seeming impossible.
Needless to say, I don't want to be the one holding the bag.
Here's the kicker, though: none of the financial markets in these countries seem to have price in this near-inevitability. So are they insane, or am I insane? And to where would I flee? So far, it looks like Singapore, China, and Australia are the only developed or near-developed countries protected from this upcoming crisis.
PS: Cheer up! Don't forget about the pizza party! Eat, drink, and be merry, for tomorrow we will sure have outrageous entitlement taxes.