Comment Re:I gotta say (Score 1) 47
There's already a lot of wiggly behavior with sovereign debt vs. household; since you get into what currency the debt is denominated in and all kinds of hairy macroeconomics rather than a nice, simple, "assume that the economy is more more or less arbitrarily large vs. your net worth and what you'll be buying; your ability to buy stuff varies directly with your assets or available credit"; but a problem with labor supply more directly hoses the supply of goods and services that are actually available.
It's still not unlikely that people who have cash in hand will be ahead in line vs. people who are offering IOUs; but the fundamental problem is that there are now more wrinkly asses to wipe and fewer geriatrics specialists to wipe them; rather than just you not being able to afford a nursing home because you've got debt. With that sort of supply constraint having money is still probably a betters strategy than not having it; but, since there's a genuine supply constraint, having more money mostly makes the price go up; rather than increasing the amount you can buy.