posted on Jan, 21 2012 @ 07:53 PM
reply to post by Pelvi
If society crumbles and there is no infrastructure your debt to Chase won't matter much to you, now will it?
In the end our debts only matter to us because of perceived consequences to defaults. I pay my Mortgage because I want to keep my house. I pay my
credit card bills because I don't want a bad credit score. I pay my car payment because I want to keep my car.
If I stopped paying on any of those items what happens to me? Nothing. I get a ding on my credit score, a fictitious number placed on me by banks.
Eventually they may repossess some thing. If society is at a stage where "money doesn't matter" I highly doubt a bank will send a repo man to take
your car from you.
Now in the event that there is a currency revaluation or a currency collapse or transition.. debts do not disappear. Almost all financial contracts
do not have a clause stating debts must be payed in US Dollars, but that all debts must be paid in fair market value.. meaning your debt, even if the
currency is changed or revalued, you still owe the relative debt so long as the structure of law is upheld. You can still default of course.. again
.. the only consequence is a number on a screen somewhere.