Big picture: crisis, crash, depression?
"What sustains a high-consumption society if not wages or debt?"
Why is debt necessary?
I can see that you 'need' high wages to have the income to buy stuff if so disposed, but accepting debt in the equation seems unnecessary.
Yes, by accepting and facilitating it the vendor side does 'buy' a sale a bit earlier, but at great risk. And surely no one enters a contract without the expectation of being paid?
Hence all debt would seem to be is a mechanism permitted to pander to a lack of patience or other short term aim.
Mind you, if the shortfall does get covered by others I can see its attraction.
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