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It's more or less the same here. Germany spends tens of billions on social welfare per year, at least half of which is fraud. With covid lockdown aids, literally billions ended up in the middle east because arabs made up fake businesses and collected the aid. But Germans want it that way. We pay 12 billions for 'development aid' in shithole countries per year, we're financing bicycle lanes in Peru, campaigns for positive masculinity in Uganda, improving road surfaces in Tanzania, company cars for Nigerian parlamentarians. It's no joke. Even the people in those countries themselves say this is for nothing, the money disappears oin the pockets of corrupt politicians and buerocrats. Does that make Germany spend less? Nope, because that would be right wing extremism.
But don't get your hopes up, there will be no big bang. The financial system is vodoo magic, actually always was. Some counrties like Argentina live with permanent 3digit inflation rates. It will be a slow demise of the west but no implosion.