That’s the big question: Where is that $2.3 trillion?
JCD
And a bank holiday (soon). And food shortages. And currency devaluation. The list goes on.
DesignR
There is a flip side to hyperinflation…
Everyone talks about the Weimar Republic and needing a wheelbarrow full of money to buy a loaf of bread.
My father just told me an interesting fact about that time.
The ones that still had jobs, and were being paid, had a difficult time PAYING OFF their loans. They could make their normal payments, but could not actually pay the loans off.
The Banks and people that lent money to the public were hiding from their debtors because they knew these customers could now easily pay off their house loan in a matter of months instead of years with inflated dollars. The Bank Officers in charge of collecting payments on loans, literally, went into hiding! You had to hunt the guy down to pay him!
Remember the old “Pre-Payment Penalty” on loans? I never understood why a bank would have that in there, until this conversation with my dad.
Look for Pre-Payment Penalties in your current loans. It might be making a big come-back soon!
I suppose Gold and silver would be a great substitute for paper money. So, if these guys are right, buy enough gold today, and you might be able to pay off your mortgage later.
That is, if you can find your banker and force him to accept the payment.
Xavier
“So, if these guys are right, buy enough gold today, and you might be able to pay off your mortgage later.”
Let me know how that works out for you…I’d venture to say that you’d convert those pieces of gold & silver into food so you can survive. Paying off your debts would be a luxury only the fabricators of this mess would be able to indulge in. Furthermore, they (along with any remaining banks) would be growing richer buying up all your assets which you’ll be selling just to survive.
