I don't know if would happen in practice but the one Silvio Gesell proposed would probably handle as much growth, stagnation or even degrowth as the people collectively decide to want.
The reason for that is that the concept of 'Freigeld' forces people to think about production and consumption schedules. With regular money you can pretend that labor can be stored like any commodity, which is actually not possible.
If you know you are in the Ponzi scheme, the first thing you do is stop throwing any more money at it, because it does become more risky as time goes on.
"Capitalism and not participating in Ponzi schemes don't go hand in hand with each other" becomes nonsense. The last one to jump off that track before it collapses becomes capitalistic winner. But the ones who jumped before that moment are still better on than ones who ended up paying to them.
Since declining populations are here to stay and are increasingly more widespread, sounds like capitalism will need to learn to adjust or risk being replaced.
