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August 1, 2014
The crash will be 2008 on afterburner
because no one trusts anybody, no one honors anything, no one believes anything.
The market isn't the economy, true enough, but a couple dozen trillion dollars isn't exactly budget-dust. The citizenry would see a yawning crater where their 401ks and IRAs used to be. They'd notice when their checking account is gone but their debt isn't, and when the ATM doesn't recognize their account number, or when their bank is an empty storefront and their car loan has been sold to Vinnie, or when their insurance company doesn't answer the phone. As always, people don't go nuclear until reality invites itself into their living room and defecates on the carpet. That's when things get interesting—when people notice, when they have to face what was formerly unthinkable and their only fallback is what good people they are.- - ol remus
Posted by gerardvanderleun at August 1, 2014 11:15 AM. This is an entry on the sideblog of American Digest: Check it out.
Your Say
Yeah, well the good people are the ones that prepared for this. They're the ones that know how to save, grow food and work.
While I and many people will miss the Internet, my life won' end with out it. Hell I remember when Electric Football was a high tech game. Most games requires yourself and your imagination.
Oh yeah, the shock of life without all those amenities will hit many right in the gut. Harder than that "Punch in the Face" they'll get anyway.
Posted by: Vermont Woodchuck ![[TypeKey Profile Page]](http://americandigest.org/sidelines/nav-commenters.gif)
at August 1, 2014 10:47 AM
I wonder how many actual $100 dollar bills are "sequestered", by the pallet load,(no really),in foreign lands, by "interests" foreign or domestic?
The market isn't the economy? Really?
SO when my investment returns are "held" for future "development", allegedly earning interest in by virtue of "investment" in far away places, or given as rewards for "performance", instead of paid out...
Posted by: CaptDMO at August 2, 2014 5:38 AM
Capt. there could be pallet loads but that is nothing but paper. Anymore that "Full faith and credit..." is backed up by an outhouse load of debt. Other countries like Russia, India and China have been buying gold and/or silver. Well, China has been buying our T-bills too so they'll take a bath with those in the short term.
Most of those holding our treasuries probably bought Credit Default swaps (CDS) too so somebody else is going to take it up the old dirt road.
Fiat money is a joke, Kings knew it which they traveled with an entourage and a considerable amount of gold. We'll be back on the metal backed currency; credit cards will be a thing of the past. No one will exchange anything without something in return, over the counter.
Then some idiot will decide he doesn't want his pants falling down from the weight of his wealth and demand paper money and off we'll go again.
Posted by: Vermont Woodchuck at August 2, 2014 6:12 AM
When we break up into nation states the common currency will be precious metals and barter. A pound of beans for a box of 22lr, four ears of corn for a pound of wheel weights, twenty pounds of wheat for a live bantam chicken, so forth.
My uncle Letsgo Lozko was ahead of his time. That's typical in my clan.
Posted by: chasmatic at August 2, 2014 4:45 PM