This has happened many times. And this time is no different besides having easier access to debt though digital currency. It might actually make the problem worse never we will have more debt that had been ever generated before.

Thinking of it like that, its easy to see this will be the worst collapse ever recorded. 90% of our money didn't exist, and only exists though fractional reserve lending, and asset backed debt like stock borrowing. When the system falls apart and we go to eat the wealthy and distribute the wealth, we will find nothing there because it doesn't exist.

Currently we have a few options, completely stop spending and pay the debt back which will never happen. Or continue to spend until bankruptcy. Or what is currently happening, we built a new digital currency that we can leverage debt can continue the gravy train a little longer passing the debt onto future generations. All roads lead to a shitty outcome, it's just do we go though it or our kids, and we both know what people vote for, to fuck the kids.