Economics will say this is a normal peak in a mathematical equation that for some reason represents the world

Actually, I've been hearing the excuse that this is an Amazing Once-in-a-Century Disaster.

Correct though, how much it is going to cost. It strikes me it's not just the cash that is officially spent but the loan guarantees that could cost ten times more.

Either the next few generations pay this off, crippling their opportunities or massive inflation happens and the money to pay off these loans becomes very cheap; or both.