Unless there is a total collapse of civilization, gold and silver will still be worth something.
Do you think the reason why the Congressional leaders gulped is that they were warned about the actual collapse of civilization?
Yes.
Further, they were warned that they had better look inside their own blind trusts, because there are absolutely no safe asset classes left. They were warned that Congressional salaries might be the very last thing the government had to worry about paying, let alone staff and drivers and other perks of office. They were warned that there is no place to run and no place to hide because globalization means every nation on Earth is affected. They were then told in explicit terms just what the domino effect in this instance would bring about and since it isn’t pretty, affects every District from the inner cities to Barrington, IL and probably obviates them getting personal security paid for by the government, they could only gulp.
That was only the financial aspects. Imagine the national security implications with our devoted enemies having nothing left to lose and willing to go out with a bang? Those of us here, who have been discussing this situation for what seems like decades, are only too aware of what a post-apopcalyptic scenario is actually like. I am certain these folks never gave it a thought and if they did, they figured their money, property and importance would mean they would be untouched. They were basically informed that they are no longer Masters of the Universe and, further, the Universe itself doesn’t give a damn.
Pelosi probably went home to check that the bunker is fully stocked.
I think they will be good little soldiers until they think this is safely in the past and forgotten by the rest of the populace. Then, I would not be surprised if we have a rash of resignations or failure to rerun for office. And the population of Paraguay will increase by 650 families or so.
No, I believe that Bernake told them like it is. He told them that their policies of pandering to people who should not have been given loans have driven the country to the brink of the next Great Depression and it may be too late to stop it.