I think that the article underestimates a second aspect of the ww2 mobilization, excess and even baseline global productive capacity was either usurped for wart

I think that the article underestimates a second aspect of the ww2 mobilization, excess and even baseline global productive capacity was either usurped for wartime production or outright destroyed through warfare. by the end of the war, Europe and Asia had been almost entirely leveled. The combination of Fascism, Communism, and war had also destroyed many of the ultra wealthies fortunes if they hadn't been outright killed. Meanwhile, while the US government paid for conversion of auto-factories into wartime aircraft and tank factories - it didn't pay to restore productive capacity to peacetime purposes. While the author highlights that the current debt cycle is unstable economically - I think they underestimate the risk that it is also unstable politically.