Although I can't read V's posts, I've heard the arguments before. I have a fundamentally different philosophy.
V's argument goes like this: Patients don't care about quality, they want outcomes. If an NP can Rx a drug, set up an appt and do all that for cheaper than a doctor - then where does the physicians value come in? Why train so long for such a simple job? Writing Rx for simple Dx and setting up further appointments?
My counter argument would be, there are people who WILL and DO pay more for higher quality services. This can be seen in any industry in the world. If the patient sees value in what they pay for, they will buy it.
What is the added value? If a psychiatrist is exceptional at what they do, exceptional with communication, therapy, knowledge base, knowing other medical problems that present like psychiatric problems, exceptional at marketing and networking, and caring for the patients - then this individual WILL have plenty of patients vying to use their services for a lifetime. How much more would they pay compared to an NP? Well, it depends on their income.
In a doomsday scenario that NPs are nationally accepted to practice like an MD, I would not fear. My strategy? I will just market myself to individuals earning 100k -500k or more. If the government forces me to have a practice that is not viable to the general public, I can play that game. In fact, I think my earnings would increase in this doomsday scenario. That's business and marketing, networking. Do you think a single guy earning 300k cares if he pays $100 or $200 for psych? Nope. He wants a quality product.
What we are venturing into is like evolution or computer hacking. Throughout the millions of years of evolution, certain changes forced the organisms that could thrive to adapt and become better. The organisms that adapted reached new levels of performance. In computer hacking, every time a new security update is made there is a hacker somewhere trying to break it - and they do. They find the way in.
Welcome to the game of life.
If everything goes wrong, I don't know what the solution is yet. But I do know the sure way to failure. Believe and tell everyone that your extra training has no value, that all you do is Rx drugs and that there is no reason for your job if plenty of NPs come along. That's an attitude that's sure to land you in the bottom 10%'tile in earnings.
In summary: V thinks so little of what he does, I on the other hand think so highly of what a psychiatrist can do.