There will be a noticable and very beneficial uptick in consumption. It won’t be anywhere near a doubling of consumption/productive through put, because virtually no one will eat twice as much as they did before and not everyone will buy another house and a boat and two jet skies.
People will save a lot more, and those that couldn’t save before will be able to do so easily now with the more than doubling of their potential purchasing power.
With the new paradigm policies saving will no longer be a macro-economic problem and conundrum.
This will mean that many people will save for larger purchases they want that are not a part of the extended point of note signing 50% discount policy, and hence there will be less borrowing for such purchases.
There will be a lot more actually productive investment/re-investment which will mean there is a lot more money in the actually productive part of the economy… instead of it going into mere pooling financial vehicles that largely take such money out of the flows of the economy.
With the new publicly administered banking/central banking system there will be a lot less de-stabilizing speculative leveraging up on assets, absolutely no creation of idiotic derivative products (except perhaps by investment banks intermediating such bets by compulsive gamblers wanting to risk their own savings which being already saved money will no longer become potentially systemically risky debt obligations).