What should we do after fiat currency fails?

[Pro88LX]

[SMEGMA STENCH]

Right after fiat currency fails, you should probly start hoarding food and plant a garden real damn fast. Might want a gun or two, to run off people trying to steal your food. Course I guess if you kill the people, you could eat them. That might help you survive a little.

[Denny]

Just remember when this all goes to hell, you and Uncle Al can depend on me as a hired gun. I'm not far enough ahead of the curve to be landed gentry like you two.

Hired gun with benefits?

[YALE]

Don't forget to mention that our currency would be worth absolutely crap almost immediately. Our currency is based off of our government's promise to pay. Without that, I'd rather be holding Charmin... better quality paper for my ass.

Just remember when this all goes to hell, you and Uncle Al can depend on me as a hired gun. I'm not far enough ahead of the curve to be landed gentry like you two.

[Denny]

Default for the purposes of Isolationism might work, but first we'd have to borrow to rebuild our manufacturing base, and restructure public education to suit it. We've still got an early 20th century style factory school system, which is doing us no favors, and we've dismantled manufacturing in this country wholesale. We'd spend long time not being able to defend ourselves through a lack of materials while we built it up. Recycling would have to be at an insane level (to the point that we start mining old landfills for plastic and metal, not to mention a seizure of old cars that would make cash for clunkers look like a pretty please with sugar on top), and people would have to lower their expectations of quality of life drastically. More likely than that, a large scale default would probably plunge this country into chaos.

Don't forget to mention that our currency would be worth absolutely crap almost immediately. Our currency is based off of our government's promise to pay. Without that, I'd rather be holding Charmin... better quality paper for my ass.

[YALE]

i'm ignorant to all this financial mumbo jumbo...but what if:

1. The US defaults and says "sorry" to it's investors in our debt...?

2. Declares bankruptcy and zeroes all our debt payments. It worked for GM!

3. does like 90% of the folks in the US and just walks away from debts..?

Probably WW3....but...the dollar remains a viable currency IN THE US. The system for trading dollars for goods and services still exists. Only thing we lose is the ability to provide ourselves oil and shitty goods not made here in the USA.

So, if we could keep this train a rollin' for another 10 years, partake in a form of "nationalism" and becoming self sufficient again for most every day services while putting a 20-30% tarriff on imports to incourage manufacturing here in the USA...i'm rambling and losing track of my point....but the only solution that keeps the politicians in office is a large scale war. Letting the dollar fail does them no good because we kill them.

It's late...my brain isn't working so I am going to go clean my firearms and check the pantry.

night!

Default for the purposes of Isolationism might work, but first we'd have to borrow to rebuild our manufacturing base, and restructure public education to suit it. We've still got an early 20th century style factory school system, which is doing us no favors, and we've dismantled manufacturing in this country wholesale. We'd spend long time not being able to defend ourselves through a lack of materials while we built it up. Recycling would have to be at an insane level (to the point that we start mining old landfills for plastic and metal, not to mention a seizure of old cars that would make cash for clunkers look like a pretty please with sugar on top), and people would have to lower their expectations of quality of life drastically. More likely than that, a large scale default would probably plunge this country into chaos.

[aggie97]

i'm ignorant to all this financial mumbo jumbo...but what if:

1. The US defaults and says "sorry" to it's investors in our debt...?

2. Declares bankruptcy and zeroes all our debt payments. It worked for GM!

3. does like 90% of the folks in the US and just walks away from debts..?

Probably WW3....but...the dollar remains a viable currency IN THE US. The system for trading dollars for goods and services still exists. Only thing we lose is the ability to provide ourselves oil and shitty goods not made here in the USA.

So, if we could keep this train a rollin' for another 10 years, partake in a form of "nationalism" and becoming self sufficient again for most every day services while putting a 20-30% tarriff on imports to incourage manufacturing here in the USA...i'm rambling and losing track of my point....but the only solution that keeps the politicians in office is a large scale war. Letting the dollar fail does them no good because we kill them.

It's late...my brain isn't working so I am going to go clean my firearms and check the pantry.

night!

[YALE]

Regarding the OP, if one currency collapses, they'll create another out of thin air, like they did with the Euro.

I know that's a short term solution, I'm talking about a global systematic shift, like a return to mercantilism or something (bad example, but you get my drift). Like let's say we grow out of the system we have, or it ceases to function efficiently for us. This wouldn't just be a currency collapse, but a failure on the part of the financial structure to meet the economy's needs. What then?

[Denny]

Regarding the OP, if one currency collapses, they'll create another out of thin air, like they did with the Euro.

LOL... just like that, huh?

Who all will it involve? Are we going to share monetary policies with other countries?

I'll be the first to drop in a big negative to that one.

[Forever_frost]

Regarding the OP, if one currency collapses, they'll create another out of thin air, like they did with the Euro.

[jw33]

Spacebucks

[Denny]

That sounds pretty honest, actually. As long as the average person could still trade on the commodities markets, I don't see that model getting too top-heavy on its own. I'm probably wrong, though.

If regulators can keep the derivates in somewhat of a check, then everything SHOULD be hunkie dorie. This stupid over-leveraging shit going on is manipulating prices per the biggest buyers' liking.

[YALE]

I think most commerce on our level, will be very localized and more barter-specific as I posted above, but once the dust settles, there will be more meetings similar to the G20 summit and Bretton Woods to come up with a new global currency (most likely gold/silver backed). Now this currency would be used for international trade, but each sovereign nation would have to come up with their own currency that is validated through this neutral party to rate its value.

So basically, each country will have its own currency for intranational trade, but if they want to be a part of the global scene, then they would have to go through an audit by the bank that handles the new global reserve currency and rate the currency against it. OR goods trades vs. goods from other countries.

This is honestly the only fair way I can see any of this progressing. It sounds like a lot, but for the sake of maintaining the global markets, it can happen very quickly if they want. I'm sure there are already many contingency plans made. Most are probably still heavily favoring the elite, though.

That sounds pretty honest, actually. As long as the average person could still trade on the commodities markets, I don't see that model getting too top-heavy on its own. I'm probably wrong, though.

[Denny]

I'd still like to talk about what you guys think will happen to the dominant system of economics in the long term future, after this system fails or fades. That's kind of been weighing on me. Sort of a, "what would work better than this?"

I think most commerce on our level, will be very localized and more barter-specific as I posted above, but once the dust settles, there will be more meetings similar to the G20 summit and Bretton Woods to come up with a new global currency (most likely gold/silver backed). Now this currency would be used for international trade, but each sovereign nation would have to come up with their own currency that is validated through this neutral party to rate its value.

So basically, each country will have its own currency for intranational trade, but if they want to be a part of the global scene, then they would have to go through an audit by the bank that handles the new global reserve currency and rate the currency against it. OR goods trades vs. goods from other countries.

This is honestly the only fair way I can see any of this progressing. It sounds like a lot, but for the sake of maintaining the global markets, it can happen very quickly if they want. I'm sure there are already many contingency plans made. Most are probably still heavily favoring the elite, though.

[YALE]

I'd still like to talk about what you guys think will happen to the dominant system of economics in the long term future, after this system fails or fades. That's kind of been weighing on me. Sort of a, "what would work better than this?"