The Peter Principle states that "in a hierarchy every employee tends to rise to his level of incompetence", meaning that employees tend to be promoted until they reach a position in which they cannot work competently. It was formulated by Dr. Laurence J. Peter and Raymond Hull in their 1969 book The Peter Principle, a humorous  treatise, which also introduced the "salutary science of hierarchiology."
This apparently is true for nations as well. It is quite obvious that the World's leadership has descended into incompetence. Our so called leaders don't know what they are doing. They don't know what is happening. And they haven't a clue about how to correct it.
Our governance systems have so completely broken down that the world is at the brink of chaos and anarchy. Our fiscal systems have been abandoned and are in the hands of corrupt political operatives who are pilfering the public coffers, pillaging its citizenry's economic potential, and plundering the future in the name of expediency but actually by their acts of selfishness, self-interest, and self-indulgence.
As a result, the consequences of their actions and especially the unintended consequences of their decisions has expanded the breadth of incompetence to an extent that the world has never seen before and the world appears to be headed for a resetting of global priorities.