This will be the end of America as we know it. Bonds will now be devalued and interest rates are going up. Many people just hanging on to their homes and minimum credit card payments will fall off the cliff. There is no safe place to put your money as the bond market is now going to fall.
If any of you can pay off your house, do it! paper money is worthless but the house you live in is worth everything. Not in dollar value per se, but it's where you spend most of your time. If you own it out right, at least you have a safe haven that is not a liability.
I'm sorry -- what money?