Thomas Sowell argues that it already has, you just haven't been paying attention.
Meanwhile, Black Swan author Nassim Nicholas Taleb explains how How Debt Ruins Systems.
The problem we have had in almost all Western countries is that nominally they say they are decentralizing, but effectively they’ve [given] more and more power to the central government. You want decisions to be spread out. Government debt is a result of centralization, and typically the cause of more centralization. It’s a very bad circle.