[josephlord]

People would spend for food but save as much money as possible making the economy contract with demand in a depression. Hopefully the government would turn on the printing presses and step in as spender of last resort before the food ran out.

[jerguismi]

People probably wouldn't do anything else than just buy that food, and wait for the world to end? LOL

[josephlord]

Oversimplified. This is an HN comment not a Economics paper. Discretionary spending reduced, borrowing falling leads to deflationary cycle with shrinking economy unless action is taken.

I thought it would be obvious I didn't mean absolutely all spending will stop.