When GDP/M2 <1 then
the incremental change in GDP for injected Capital is less than zero
Return on Investment (ROI) goes globally negative
Capitalism operates by using Capital to make Capital
When the ROI on injected Capital is <0 then
Entrepreneurs cease to invest
due to expected losses on investment
Industry ceases to create Jobs
Industry ceases to grow
Industry seeks to cut losses,
by cutting Jobs and liquidating
This continues until there is a +ROI on investment, but
in the process, societal degradation accelerates
The Health Care System Collapses as Hospitals close
Death, Despair, Anger follows
There is a potential for the return of the Dark Ages
The wording’s a little different, but I believe Karl Denninger (market-ticker.org) has written extensively on that.