5 Things That Will Happen To You When America Goes Bankrupt

Townhall.com ^ | April 12, 2011 | John Hawkins

[JimRed]

...if you're receiving Social Security, Medicare, welfare, food stamps, or any other similar programs, those checks could stop or be slashed down to nothing.

And even if the check comes, the value will be slashed down to nothing.

[surfer]

Thanks for the post...people need to overcome normalcy bias to understand what is coming...they just can’t seem to do that.

Like the videos from Japan where you see the wall of water coming and people looking back and just walking like...wow look at that water and wham they are dead.

[surfer]

You seem to be pretty naive with that statement. The fact is: we are headed to intentional government default with the government continuing.

[redpoll]

>>>I have this strange feeling I will see my worthless brother-in-law (If you know him he probably owes you money) show up on my porch.
He has been on the government dole since 1980.<<<

There would be armies of these folks.

[RockinRight]

I’m aware of that, but some Freepers seem to think it’s a good thing that will be all roses.

[ovisdalli]

Reread article, it does mention printing more.

[Moltke]

Imagine spending billions of dollars just to buy a loaf of bread. Sound far-fetched? Well, guess what? That has happened in the Weimar Republic, which was crushed under debts from WWI and decided to pay it off by printing more money.

Well, that didn't work out then did it? (Actually, I don't think that was the driving force for the Weimar hyperinflation at all.)

Germany finally finished paying off its WW I debts on October 03, 2010!!! So much for getting rid of debt by inflation (alone) - more like student loan debt that you cannot rid yourself of until everything is paid up and settled.

[Atlas Sneezed]

I’m strongly considering cashing in a large portion of my investments and paying off my mortgage.

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Noooooooooooooo!

If you have a fixed rate mortgage, pay it off with inflated easy-to-earn dollars.

Take your spare money and put them into things with tangible value (storage food, guns, ammo, gold, silver, farmland, etc.)

[EBH]

The one advantage we have is that we’re not Weimer Germany due to the vast amount of resources we sit on.

I believe most of those resources are already owned by China should we default.

[ConservativeWarrior]

probably the largest store of wealth in the world - will become next to worthless

And the Chinese will buy it for pennies on the dollar.

[sickoflibs]

RE :”Also why the idiots on FR who advocate intentional government default have no idea what they’re talking about.”

The title says “When America Goes Bankrupt’ but then the list posted obviously is talking about monetizing the debt with hyperinflation. Bankruptcy for a country that creates it's own currency is when it is forced to issue a new currency like Russia did at the end of the USSR.

It is likely that a 2008 scenario could happen again: inflation starts threatening the economy and the Fed tries to pull back money ( is currently ending QE bond buying) raising interest rates along with high energy prices crashes the economy in which case :
1) We have even higher unemployment than now with high prices, or
2) Prices go back down as other countries run back to the dollar assuming we crash their economies again with ours, our best hope.

There are no good options here and they only will be getting worse as time goes on.

[Atlas Sneezed]

Gold will be worthless.

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When there are severe food shortages, those with gold will eat the best.

You can hypothesize a scenario where there is NO food, and therefore nothing will buy food.

Gold isn’t intended to help YOU survive a crisis, it’s to help YOUR (spare) WEALTH survive a crisis.

[EBH]

Will Americans suddenly wake up and realize what the left has done to it, or will those who were willing but unable to avert the catastrophe get trashed by the MSM, pushing America even further toward facism from the left?

---

It is said that catastrophes are a matter of pure chance, and there were those who would have said that the passengers of the Comet were Not Guilty or responsible for the thing that happened to them.

The man in Bedroom A, Car No. 1, was a Professor of sociology who taught that individual ability is of no consequence, that individual effort is futile, that an individual conscience is a useless luxury, that there is no individual mind or character or achievement, that everything is achieved...

http://aynrandcontrahumannature.blogspot.com/2007/10/that-winston-tunnel-scene-in-full.html

[Buckeye McFrog]

this is a Captain Obvious alert if I’ve ever seen one

[Gaffer]

Agreed....but he’s in his early 30s so he’s got several decades to rethink his position in the decline. As a Maryland resident, he’s got virtually no protection 2A wise.

[pabianice]

Gold will be worthless.

---

When there are severe food shortages, those with gold will eat the best.

---

When there are severe food shortages, those who can hunt will eat the best. Those with gold will make more attractive starved corpses.

[LibLieSlayer]

I pray daily for America to avoid any fighting or anarchy... IF it happens... it will change the world for all people (for the worse). I also see very little hope that this Union can survive. We are being governed by enemies of everything America was, is and was intended to be. I will not live under sharia or communism. Millions of Americans refuse to live in an UNAMERICAN NATION. This is why republicans caving in now is so dangerous. Some FReepers cannot see the forest for the trees. We are at the point of no return.

LLS

[prairiebreeze]

Depends on your mortgage I’d say. If you have a 4 or 5% fixed rate, I’d hang on to it.

[EQAndyBuzz]

I’m sure the monster is making billions by shorting the dollar.

He did it once already. Soros needs to arrested and his empire dismantled.

[jusduat]

bmfl