If there was an emergency, which would require the Western world to engage in a major conflict—such as with the Islamic State—what would we do? Would we just say 'Sorry, world, we have no money, because we've squandered everything on food stamps and bailouts, let's try to reach a settlement with ISIS?' Or would we just give in?
That said, everybody knows that ISIS is no direct threat to the Western civilisation for the time being. The most vicious and hateful state since the Third Reich (yes, it is already a state, albeit not recognised) is still weak and could be easily wiped out if the West only wished so. However, what may happen in five, ten, or twenty years?
One day we might bitterly remember the rosy times of the not so distant past when our debt was only 92 per cent GDP and the Islamic State had no air force and no nuclear weapons yet. Will we seek appeasement then?