The economy would seize up like a roots pump stack with a bag of hammers thrown down it, followed shortly by vain and disorganized attempts at Netflix-style purging, disrupted and made chaotic and stupid not least by all the interessents who have the actual wealth, only they are all in hock to each other and are totally dependent on the system keeping on rotating dumbly and numbly with the right crony midwit mid-elites in admin functions in order to stay wealthy.
Following, there would start to be a fragmentation as some people and orgs understand that something more like a Twitter-style purge is absolutely necessary, along with requisite value-addition or threat thereof (Musk v. Cook) to jack under things. While on the other hand, other fragmentary pieces and allegiances would form around the desperate croneyists realizing they're about to be out of their grift, and so finally deciding to put in still more money and take a hard stance, rather than merely a passive- and nudge-aggressive one, in a more firmly biting response to the economic immune reaction to them.
In the end it all goes to pots chaotically and stupidly, with few if any lessons learned, and the actual action is economically and legislatively "forcible" and merely the outcome of necessity, rather than being considered action. And as a result, one might say that the economic - and possibly actual - casualties are something like even on both sides of the divide, between makers and takers, who is more and who is less to blame. And so the actual damage occurs; Nobody understands what the hell actually happened, no actual policy action or legislative changes that really pertain to the problem occur, nothing is simplified or really resolved in the long-term, and no actual structural or moral lessons are taken and learned. And so it all most likely just gets "papered over" again with another swath of printed stuff, both fiscal and legal, just vaguely directed a little more away from the problems and their creators, but not very meaningfully so. And the death from buildup of inefficiency soon resumes.
And, key to understanding all of the above; This is all a sliding scale, and shades of grey. Different manifestations and magnitudes of consequences are attained at different speeds and with different levels of "casualties" and effects, basically as a normal bell distribution, depending on the level to which the liquidity choke is applied.
And it has already happened/is already happening to a degree.
