Suffice it to say, I don't feel convinced as you are that not artificially manipulating interest rates won't result in easy money at the start of a debt cycle and a depression at the end of one.

Maybe its just fractional reserve banking that needs eliminated to restrict debt enough to keep an economy from being overleveraged enough to create this cycle, and that could be a fun economic experiment (if fucking with entire populations is what you find fun in), but I tend to err on the side of caution on this topic for the time being in saying, just don't do debt at all.