No, the implications definitely aren't fun! We'd better hope that we invent our robot overlords quickly!
Of course, the holders of capital (pension funds, etc.) need to outpace inflation, preferably by several percent, in order to not be in rampant arrears all the $%^$^% time, because of the way they're structured (and the fact that we need to support ourselves for 30 years after retirement, having only worked for 40 years). So they invest in whatever is seen as safe, and also gives a high rate of return. So when the credit ratings agencies say "Packaged sub-par mortgages? Totally AAA!" they all pile in.
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Of course, the holders of capital (pension funds, etc.) need to outpace inflation, preferably by several percent, in order to not be in rampant arrears all the $%^$^% time, because of the way they're structured (and the fact that we need to support ourselves for 30 years after retirement, having only worked for 40 years). So they invest in whatever is seen as safe, and also gives a high rate of return. So when the credit ratings agencies say "Packaged sub-par mortgages? Totally AAA!" they all pile in.