posted on Apr, 24 2011 @ 05:31 AM
Everyone gets pretty wound up over all of this.
At the end of the day, the economy is the economy, and it will find ways of functioning with or without the U.S. official currency.
People need food, housing, power, etc. Businesses need manpower and supplies. If the proverbial push comes to shove - it will not be fun or pretty,
but people and businesses will do what they need to in order to survive.
For example - Facebook may begin offering a way of crediting people with 'facebook credits' to employers. It may sound kind of silly - but if you
stop and think about it - it's a ready stand-in for the dollar with a value relative to a number of other currency systems. Wal-Mart would being
offering a service to exchange facebook credits for in-store credits, if not utilizing a more direct and universal system.
In all probability - banking systems would simply fragment their own bank notes off of the dollar. This would be rather rough-riding, but would allow
you to retain some value of any money in your bank (the transition to facebook credits presumes a rather catastrophic collapse of other banking
The point is, however, that people would find a way to make things work. It's the way we are wired, on a physiological level.
That said - it could all be avoided if we just stop raising the debt ceiling and start running a budget that isn't in the deficit. The problem is
that it would require such deep cuts or such fundamental restructuring of the entire medicare, social security, and military financial structure that
no one wants to cut it. Those three are the biggest when it comes to federal spending, and need to be addressed - as they each are at, over, or
approach a trillion dollars, each.