How will people living in western countries cope with the diminution of their status in world terms ?

The west has fostered the cult of the individual, self esteem and the me me me culture. These attitudes are at odds with the steadily diminishing prospects for western economies. There is a distinct possibility many western economies could end up defaulting on their debts, ending like Argentina in the late 90's. There peoples savings were wiped out overnight and many middle class people ended up relying on soup kitchens. How do you think our present shop till you drop on money you don't have society would cope with such dramatic challenges, combined with the fact that Asian countries would be the new financial masters of the universe ?