Huge World Recession Incoming?

I generally watch a lot of international videos about the world economy and its not looking good. There is a huge amount of videos discussing the huge collapse in the Chinese property and banking sector and the trillions of debt there. The EU continues to add huge debts to many of its economies, the US is in a terrible state with horrific debt levels and generally the world seems to be very unstable at the moment financially.

I couldn't help noticing Warren Buffett's company is sitting on $200 billion of cash reserves which he refuses to spend as its clear he thinks the market is over-valued and heading for a huge collapse. He is primed to pick up many companies at much reduced price when the recession hits and it is clear he is expecting this soon. He has recently off-loaded many of his Apple shares. Economic recessions typically damage premium brand companies more and essential products and services companies less. Everyone needs energy, food etc but they don't need premium products if their money is tight. So Warren seems to be adjusting to the expected world recession.

Many economies like the US, UK and Europe run on a pyramid scheme where they increase their debts with their GDP which to them means the debt level is affordable but of course a world recession collapses GDP and you are still left with the same debt.

Countries were far better dealing with a world recession when there wasn't as much globalisation of the markets, i.e. a smaller percentage of their economies were influenced by the world's overall economy.

I hope what we learn from this recession is globalisation should be avoided and reduced. Countries need to produce products and services mainly for their own economies. Assets should be mainly owned from within the same countries and governments should be working to maintain their own healthy economies without being influenced by other countries. The free movement of people is not realistic or desired not just for environmental reasons but because economic migration causes so many economic problems.

What we also don't know is the scale of this recession that is likely incoming. Recessions often expose financial problems that have been swept under the carpet and now have to be dealt with. The last big recession was due to the US reselling mortgage debt that was never going to be paid. However this new recession probably has half a dozen or more major factors so should be much deeper. However the depth of the incoming recession is made more complicated by the world economy being much more complicated nowadays so predictions about where it will do most damage is more difficult. Of course predicting a world recession is a 100% safe bet, the world economy regularly has a recession its really just the exact timing and the severity of the recession that is debateable.