There is certainly an argument for the consequences of a breakneck economy of high monetary velocity. It pressures everyone into being paycheck to paycheck, which increases stress and depression. The hyper-utilization of the monetary base can also destabilize the economic system very easily when that velocity shifts even slightly - part of the 2008 downturn might be attributed to such a mechanism, as would the dramatic rebound of the stock market in the interim. Basically, total utilization can drive significant growth, but it also means any downturn can be that much more catastrophic. More relaxed economies in Europe were impacted much less severely than the US.