Finish Dollar
What happens to people in debt when the dollar collapses?
If the dollar gets reduced to zero and some person has thousands of dollars in credit card debt or mortgages, what happens to them? Are their debts wiped away? Are their assets going to be seized?
I don't have debt. I just finished paying off the last bit. I'm just wondering.
I don't literally mean reduced to zero, I mean fairly close to the point where currency traders unload the dollar on the world market. A dollar crash.
Their debts are essentially wiped out. If you owe $10,000, and hyperinflation reduces the dollar by 99%, you would owe the pre hyperinflation equivalent to 10,000 cents. The savers, people on fixed income, and usually people who live on a pay check are hurt the most because their dollars buy so much less food, etc. Their incomes might be adjusted upwards, but this seems to lag behind the rapidly rising price of everything.
The current administration has already added over 1 trillion in new money into circulation. This is roughly equal to the total amount of money ever issued by the US Treasury. Since not all issued money is actively in circulation, the government may have tripled or quadrupled the amount of money in circulation. History tells us that new money added to circulation takes about 2 years to produce its inflationary effects, so we probably won't see much action until people forget about the threat, but it could happen sooner - a TRILLION is a lot of money.
Once high rates of inflation are apparent, foreign governments will see the value of their US bonds falling and will probably begin dumping their holdings of dollars, thus accelerating hyperinflation. Once the cost of everything is skyrocketing, the government will not be able to collect taxes fast enough, and it will have to resort to printing even more money (as happened in Germany about 100 years ago when 99% of their government spending was with printed money and only 1% from tax receipts) further speeding up the hyperinflationary death spiral.
What matters as far as initiating hyperinflation appears to be when government deficit spending via printing money is about 1/3rd of revenue. When a country crosses this line, hyperinflation starts sometime in the future, but nobody really knows how long in the future. The USA just crossed this line for the 1st time.
Remember, hyperinflation is a local event; it does not affect currencies in foreign countries,and may even help their stock markets via shifting purchasing power to unaffected countries. I have a site where I help people prepare for what is coming; I cannot guarantee it is hyperinflation, but one way or another, it will be bad for anyone who is not prepared.
http://swissbankaccounts.webs.com/
Stashing money in a foreign country in a foreign currency is the best protection. You can then get some interest on your savings, or even invest your money outside of the USA, & be making a profit outside of the influence of hyperinflation. In today's world, you can just buy what you needed with your debit card issued by the Swiss bank, and the money you spend would not be converted into dollars until you actually spend it.
I hope this helps!
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