If western elites are now at their weakest in 50 years (imho they certainly are), then we can say they have either collapsed already (in a real sense) or at risk of collapse and being overthrown.
The situation is just incredible.
We see these politicians, almost daily, not just heavily criticised (that has always happened of course) but being humiliated and degraded in every sense.
If they ever had any legitimacy, they have now lost even the shreds of that.
In 1940 the French state itself collapsed and dissolved, the first example in history, of just the threat of a stronger adversary on its border (la grande defait).
But we now have a vastly more powerful state bordering and opposing Europe.

I believe they are collapsing. I don't think we'll see a 'cliff edge' but I worry what will follow on behind.