Via Free Exchange:
Imagine a world in which technology has advanced to the point thatMaybe we in the US are rationally accumulating debt in perfect foresight of costless robot production. That or we don't give a shit because the rapture's a-comin in 2012 and it won't matter.
robots can build robots that operate at basically no cost at basically
no cost, such that people can have anything that want anytime for free;
the only constraint on consumption is the time available. That would be a
cashless economy, and as a result, debtors would be totally unable to
pay creditors. But does that matter?