Many present-day developments are setting the stage for Daniel’s 70th week. Revelation 18:23 notes that during the Tribulation Period, Babylon will deceive all nations with witchcraft, or ‘pharmakeia’. Even today, developments are setting the stage for this deception.
An economic system whereby “you will own nothing” is of course a Marxist-Communist system. Property rights are denied and given to a “state”, but really, the spoils are stolen by an unelected elite.