I think a chapter is closing. The way that countries are structured, economically you cannot keep growing forever. Does that mean despair for the West? No I don't think so, I think it will mean that we will have to view our civilisation differently. Perhaps we will focus on feeding our populus, being more self sufficient, manufacturing at home keeping people in work and spending at home, rather than chasing global profit and the cheapest option. That is probably idealist and completely over simplified. Perhaps we will not be so bothered about being a mini-superpower but quietly content to be managing.
If I were to move anywhere, it would probably be Australia. Being a young nation (relatively speaking) they have a young, optimistic attitude and seem to have a good balance.
Every country has it's ups and downs. The rich elite, of which there aren't many, don't care so long as they're not losing their own money and so long as the poor masses (and even if you consider yourself well off, you're still one of the poor masses) don't really notice or kick off.
I hope perhaps when the money runs out and credit can't be found, we may actually remember that money is not our God after all, and 'stuff' is just that. Apart from war, real poverty and famine, many of the world's 'poor' are among the happiest and if we consider 1st world obesity, diabetes, addictions, cancer rate, heart disease, etc etc etc., probably not as unhealthy as we are either.
So, yes, I think it's the beginning of a metaphorical ice age, a metaphorical sunset (though I don't consider the boom years as sunny) but I also believe that the west will live to see another dawn.