1---Monetary policy solves---secular stagnation is the only scenario for true collapse

Why would a cashless society be a depression-less society? Starting about 40 years ago, it became clear that central banks had the power to end most recessions pretty easily, independent of fiscal stimulus. If your economy is saddled with idle resources—unemployed workers, vacant office spaces, factories that aren’t running all their shifts, trucks cruising down highways half-empty—what you need to do is increase the flow of spending through the economy. You do that by cutting interest rates. When rates fall, business investment, homebuilding, and durable goods purchases all rise and next thing you know everybody’s back to work. That’s how the American economy worked from the mid-1970s until 2008, and there wasn’t much more to say about it. When recession comes, cut interest rates, and growth restarts. Economists could happily move on to more interesting topics, such as: How do countries get rich rather than simply escape recession? But there is a problem with this simple recession-fighting formula. The number zero. As Paul Krugman wrote in a 1999 Slate column about Japan’s decadelong depression, “whereas U.S. interest rates in early 1982 were in double digits—and could therefore be sharply reduced—Japanese short-term interest rates have been below 1 percent for years, apparently leaving little room for further cuts.” Japan couldn’t reduce interest rates to spur economic activity, because interest rates couldn’t fall below zero. Today, the United States is in the same boat. That doesn’t mean there’s nothing a central bank can do to fight a recession, but it does mean the standard formula of simple rate cuts won’t work.