When the electronic debt bubble implodes, (and physical history says it must), paper debt notes will be used by some who lack any alternative. That will work for awhile, as others have stated. Eventually producers will stop taking the paper notes and will demand real money (gold, silver eagles, nickels, old pennies, etc..). The long term US affects of the electronic debt implosion can be seen over the short term in Greece right now. Power companies will soon be failing. Prisons cannot feed their inmates. What we need to be doing is finding alternatives to the paper debt notes. The states should be taking control of these issues, since the feds have failed miserably.
I disagree. Green cash money will be good in a deflationary collapse. In an inflationary collapse then it loses worth each day and people might tell you they will not accept it but will accept precious metals. But then the Feds might enforce the legal tender laws where you must accept green cash money for payment
"This note is legal tender for all debts, public and private." is what it says on your dollar bills on up