We are in the biggest global/sovereign debt crisis of the last 100 year, maybe more. The things that will cause an explosive collapse in this scenario is shrinking population and a global shrinking economy. Debt needs growth. It's like a mortgage on a house. It's a good deal if the house is increasing in value. It can quickly turn bad if the house is losing value. Personally, I'd prefer to see that collapse happen bu…
Debt is a social construct and ultimately a notional and notational reality, not a real one. Real wealth is not financial but physical --- "the annual produce and labour of the nation" in Adam Smith's formulation (and hence a flow rather than a stock as many commentators have noted). Debt and credit reflect claims on that wealth, but not the wealth itself. Disrupting the claim-making system does have profund effects…
As opposed to what? A carbon based life form? A monster truck?
Yes literally every thing that humans interact with that isn't constructed of atoms is a social construct. Contracts, agreements, trades, transactions. Every single concept in finance and economics. This isn't a profound statement