A question

Suppose in a flash of economic magic, the entire world's population was elevated to the prosperity and standard of living of the average American citizen. Given the earth's limited natural resources, is this level of consumption sustainable in the long term? If not, what can be done about it? After this economic speed bump we are experiencing, which may last anywhere from 1-3 more years (though possibly less) world economic growth will undoubtedly return to its long-term trend of 4-5% per annum. And eventually most of the world WILL be living like the American consumer of today (while the American consumer of today will have an even greater standard of living).