If a new currency comes into action, will debt simply be slated off? We owe about £30,000 more to the morgage, so this is debt, but how will this be put into a new currency, if the value of the dollar,euro and pound decends into a worthless or almost worthless currency then will my debt simply get given a new figure in a new foriegn currency? isn't this really bad for everyone? people may end up having to paying WAY more than they should be?!


[edit on 18-10-2008 by fill0000]

Originally posted by fill0000
If a new currency comes into action, will debt simply be slated off? We owe about £30,000 more to the morgage, so this is debt, but how will this be put into a new currency, if the value of the dollar,euro and pound decends into a worthless or almost worthless currency then will my debt simply get given a new figure in a new foriegn currency? isn't this really bad for everyone? people may end up having to paying WAY more than they should be?!

That's a great question and boy, do I wish I had the answer.

I heard a guest on Coast to Coast AM with George Noory a few nights back, speculate that an easy transition into a one-world currency would be to "forgive" debts as an incentive for people to more willfully accept the one-world currency. This may also mean that certain savings are also vanished though, so that everybody can unite around the new currency and everybody would have a clean slate.

I would imagine there would be MAJOR unrest here in the United States regardless of how the new currency is introduced, wouldn't you agree?

Global unrest no doubt! If debts are wiped off then I can see how this will benefit some people (I think the best position right now is to be in debt). But for the people that have worked hard, made money and trusted in the currency and banks to only loose it all, well, this is going to cause some pretty big significant problems. I don't think many wealthy/well off people are going to be too happy with forfitting there wealth to start a clean slate.

But it also raises the question of who decides how much money each country gets, we could end up having new super powers, and will china put its booming economy in risk by accepting a new currency? I don't see how it would all work out.