The cheap money era is over because the world is running out of young workers and fiscal restraint.

JPMorgan team led by Joyce Chang flags six Ds shaping the economy. Deficits and de-population stand out.

Global public debt reached 100 trillion dollars. Governments keep spending with no real plan to cut back.

Aging populations mean fewer workers supporting more retirees. Birth rates keep falling in advanced economies.

Demand for pensions healthcare defense and infrastructure will climb. That means more debt.

US Social Security faces a shortfall around 2032. About 600 billion dollars in new debt could be needed.

Lower savings from older populations will drive rates higher for years.