The fact that Saudi Arabia has debt is ironic https://www.islamweb.net/en/article/157155/riba-usury-in-islam

In fact, we have never seen a global world in which money can be owned via memorization with no ability for confiscation expect via interrogation or torture and a money that can be sent world wide too.

In fact, we have never seen a global world interconnected through communication via the internet. We're doing a lot of firsts my guy!

As far as having more crashes....what? The Great Depression of 1929 was caused by credit card debt. I don't know maybe you'd point to smaller more easily survivable "crashes" of no where near the magnitude of a debt cycle crash.

Now, in regard to high cost things, the answer is to save money. You save money, you buy the high cost things, and maybe that means things get created a little slower in the short term, but it also means a lot of stuff that should not have been made in the first place doesn't get made and the entire world's economic system doesn't have to be restructured to adjust for a debt collapse and so it also means you build in a more stable manner and societal leeches never get a chance to establish a foothold aka "Too big to fail" status.