"The economic collapse will hurt most companies in the financial sector, but Kleiner’s position is particularly vulnerable because its investments critically depend on economic growth to produce the pain that these investments solve."
So economic collapse is assured but KPCB will be hurt more than most because of its portfolio.
Well, yeah. Which is not to say there isn't money to be made in such a mess, you just have to e.g. fulfill the real requirements of people and/or companies.
After a good fraction of a decade where the environment for normal VC was awful KPCB changed its business model to rent seeking but made a bad bet on the field to do that in. Other fields where there's real value, not stuff that depends on unsustainable in bad times government subsidies, will do better. Or at least less worse.
What is meant by collapse here? I think it means "general systemic failure" and, if it were to occur, hurt would not be limited to the financial sector. Everyone and everything would be involved. KPCB's investment choices would not have much significance one way or another looking forward.
Frankly, to know whether this guy is blowing magenta [anti-green :)] smoke, or has a valid point, I'd have to look at KP's green portfolio, and see how the companies there are doing. He doesn't give any data points that I can see.
So economic collapse is assured but KPCB will be hurt more than most because of its portfolio.