The whole premise is rather silly.
Debt, shares, and dollars are things invented by people to keep track of quantities, accounts, and property ownership rights. The actual wealth and productive capacity of a society consists of:
1. Real resources (oil, minerals, farmland, etc.)
2. Physical capital (buildings, machinery, roads)
3. Human capital (knowledge, worker skills, legal/political institutions)
As long as these three are available in sufficient quantity and quality, we will be completely fine. SPX could go to zero tomorrow and it wouldn't reduce actual productive capacity by one iota. Wipe out all debt to zero, and you've wiped out some peoples' claims to the future income of other people, but actual productive capacity is once again unaffected.
Ask yourself how it's possible for the future to be simultaneously one of mass unemployment and poverty due to robots taking all the jobs, and one of economic collapse due to population aging and insufficient numbers of workers. Short answer is they can't both be true, and likely neither will be as political institutions will adapt.
Actual threats to our future well-being have nothing to do with financial anything; they consist of things like overpopulation, resource depletion, dysgenic fertility and immigration patterns, and the increasing dysfunction/collapse of socio-political structures and institutions. On most of these points, the trends in the USA aren't so good.
Debt, shares, and dollars are things invented by people to keep track of quantities, accounts, and property ownership rights. The actual wealth and productive capacity of a society consists of:
1. Real resources (oil, minerals, farmland, etc.)
2. Physical capital (buildings, machinery, roads)
3. Human capital (knowledge, worker skills, legal/political institutions)
As long as these three are available in sufficient quantity and quality, we will be completely fine. SPX could go to zero tomorrow and it wouldn't reduce actual productive capacity by one iota. Wipe out all debt to zero, and you've wiped out some peoples' claims to the future income of other people, but actual productive capacity is once again unaffected.
Ask yourself how it's possible for the future to be simultaneously one of mass unemployment and poverty due to robots taking all the jobs, and one of economic collapse due to population aging and insufficient numbers of workers. Short answer is they can't both be true, and likely neither will be as political institutions will adapt.
Actual threats to our future well-being have nothing to do with financial anything; they consist of things like overpopulation, resource depletion, dysgenic fertility and immigration patterns, and the increasing dysfunction/collapse of socio-political structures and institutions. On most of these points, the trends in the USA aren't so good.
