It's not so much my reaction to that sort of action but rather how the people who affect the market would react that matters. Let's say tomorrow all the govts of the world got together and said X amount of dollars in banks will be null and void of value (no taxes, just removed entirely from the market). Can you imagine the economic contraction that would occur? If you think the Great Depression or earlier panics were a problem this hypothetical situation would practically implode a century's worth of growth.
The reality is that we're stuck in a disaster of our own making. Partly because money has no value (no commodity backing) and partly because since we decoupled value from money we thought we could print more of it to spur growth. But growth doesn't come from the money, it comes from the labor to produce goods and the goods which save time when we labor. You can't shortcut your way to growth. It comes from those sources and nowhere else. The rest is purely speculation driven or illusory in general. And it gets worse you think about the hard reality that people don't want more things. Consumerism doesn't fix the problem either as private debt keeps ballooning people realize their finite resources (wages from their own labor) is dwarfed by credit payments. So, bing bang boom the whole thing falls down.
The reality is that we're stuck in a disaster of our own making. Partly because money has no value (no commodity backing) and partly because since we decoupled value from money we thought we could print more of it to spur growth. But growth doesn't come from the money, it comes from the labor to produce goods and the goods which save time when we labor. You can't shortcut your way to growth. It comes from those sources and nowhere else. The rest is purely speculation driven or illusory in general. And it gets worse you think about the hard reality that people don't want more things. Consumerism doesn't fix the problem either as private debt keeps ballooning people realize their finite resources (wages from their own labor) is dwarfed by credit payments. So, bing bang boom the whole thing falls down.