It could have been so different had they pursued a low carbon development plan to go along with their one child policy. Very sad really.
The only way we are going to get normal interest rates and normal asset prices is through a period of very high inflation. As money loses its purchasing power, the effect is 1) Real asset prices will fall. 2) Real liabilities, be they real private or public pensions will fall. and 3) Real savings will fall. In effect, the future will have be repriced to reflect reality. We have borrowed.from the future so the pay back is we will have less real pensions and less real savings in the future. eg we will all be poorer.
Couple this with the end of growth (on our finite planet) and we will have what is commonly called stagflation.
How does the Fed lose control of inflation? I think when the Dollar loses its reserve currency status in favour of an energy backed currency from one of the major fossil energy exporters. The current war against Russia makes a lot of sense now.