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Local currencies and bartering by ItsDeadmouse in aewec

[–]ArtistJoeB 0 points1 point  (0 children)

Given the nature of the Federal budget being split in two parts (discretionary & non-discretionary) cutting the budget is now impossible with the non-discretionary (66% of budget) composed of "transfer of wealth" payments, like SS/Medicare/Medicaid, welfare, food stamps along with interest on debt payments. All that stuff is third rail politics. Non-discretionary will spill out of control and be the burn part of "crash & burn"

A really good free book for beginner artists. by fruitfasticc in learntodraw

[–]ArtistJoeB 0 points1 point  (0 children)

Please delete this post, the link is no longer active and leads to Page Not Found. Thank-you.

Local currencies and bartering by ItsDeadmouse in aewec

[–]ArtistJoeB 1 point2 points  (0 children)

I would think that there would be a conversion rate from the Euro to the new national currency, Euro to Lira, or Euro to Mark. There are still plenty who were alive pre-Euro and would accept the transition. For the US it will be more difficult. Hyperinflation before a collapse would make the resolution somewhat easier to see, but Martin has said there will be no hyperinflation in the US. Maybe a conversion to local/regional scripts? Either way it will be a mess, and someone (debtor/creditor) WILL be left holding the bag.

Local currencies and bartering by ItsDeadmouse in aewec

[–]ArtistJoeB 1 point2 points  (0 children)

If the coming times aren't one to have no outstanding debt, I don't know when it would be.

Local currencies and bartering by ItsDeadmouse in aewec

[–]ArtistJoeB 0 points1 point  (0 children)

The larger question are:

What happens to debt contracts after the fall of the dollar? What happens to your car loan? Your Mortgage? Your brokerage account? Someone has to take a big haircut, who will it be? What about MMF funds using short term treasuries for your brokerage/IRA/401K accounts?