I think the shortest answer is that "the market" now again will become at least a handful, far less connected markets...
How it will play out will depend a lot on old values, and intact civilizations. It is scary too see how Europe is killing itself off in so many ways, most of the things that are now playing themselves out in dangerous ways were behind my decision to migrate around 2018, then of course 2020 killed off any hope to get back on the tracks.
I have already navigated 2 small, quite weak currencies, especially during the 2020 crash that took some cool, hard decision making... Since then it has all been about becoming more resilient.
Although I tried to warn people about developments now even back in 89/90 I still thought it would take longer, and that relocating to South East Asia to rebuild was the right thing to do. Well, 2-3 months after I spent too much on my own company, a work permit, a business visa and so on the whole world started shutting down haha!
That is when I walked away from my 2 tiny companies, the new one as well as a new business deal, half a house, a shitty pension & basically everything, including filing for taxes in Europe...
Why? Because none of my partners understood that things had changed permanently, and globally.
What will happen when thousands or more of people will have to wake up in the rapidly failing West? When the US does far better, and actually starts recovering?
There will be a lot of randomness, a lot of people (rightfully) losing most, and a few will grab the opportunity to rebuild through the chaotic phase.
That is my plan, why I am here, and why I have spent thousands of hours analyzing & trying to get things right!
What does this translate into on the ground? As an example I think Nepal will do well, its social fabric is intact, they treat tourists relatively well, and many will seek out really cheap countries for a while.
Other, more well known countries that used to have a lot of freedom and low cost are going the other way, basically into the same traps that the West ended up in... Personally I will seek out the "cracks" as well as I can, and produce content from those locations!
Cairo was interesting, to put it that way... ;-)
All of this is gritty, "on the ground trading", what has gotten me through the past ~5 years is gold to sell, cash of course, some Bitcoin & lots of analysis!
Watching this right now btw, Tom Lungo is the best analyst on the big picture in my opinion: https://rumble.com/v6rrl75-how-tariffs-will-create-americas-next-economic-boom-tom-luongo.html
Maybe this was not a traditional "trading" answer, but it is what I live 😀