French scholar warns of undeclared 'Third World War' driven by debt and demographic collapse

Shift from unipolar/globalized order toward multipolar 'spheres of influence' (US-Americas, Russia-Europe, China-Asia). Nuclear deterrence prevents direct confrontation between great powers, forcing indirect competition through resource extraction from vassal states and economic/demographic pressure rather than kinetic warfare.

Cold War bipolarity evolving into tripolarity; echoes of 1930s deglobalization and rising nationalism preceding WWII, but constrained by nuclear weapons and financial interdependence.

Consumers face potential supply chain disruptions, inflation from deglobalization, reduced access to affordable goods, labor market instability from demographic decline, and increased economic uncertainty from geopolitical fragmentation into regional spheres of influence.

Governments may pursue protectionist trade policies, increase defense spending, restructure debt obligations, implement immigration/demographic policies, and establish regional economic blocs independent of Western liberal order. Central banks may face pressure to manage stagflation risks.