Once upon a time, the dollar in your pocket had positive value. Money is now only a number in a database. Even the money in your bank account is a fictitious number. Roughly, only 10% of the people could cash in their accounts, bonds, pensions or securities in any given month or even year. That is why the US banks crashed a few years back and required bailouts in order to keep pension funds and savings afloat. Too many mortgages based on fictitious values went sour.
Could it happen again? Yes! The only thing different is the shift in responsibility. Now everyone owes, instead of only the richest who had the most dollar amount to lose.
Will it happen again? Yes! The debt didn’t go away, it is still there – accumulating interest, on a graduated scale. The more the debt, the higher the interest. The deeper in debt, the greater risk of collapse.