I agree that there is an unhealthy attitude to capital growth. That definitely needs to change.
As for the 39% of Americans not investing, how many have pension funds or other retirement schemes that do the investing for them? Regardless, they are free to choose what they do with their money. If they want to hold it, so be it.
A period of deflation might make for a good break, but not as a permanent solution. Investment inspires innovation, and innovation in new technologies will be vital in combating climate change.
I can’t comment on the wars or Rome but I think there are multiple factors there, fiat maybe being one but of what significance?