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If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
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[quote:Anonymous Coward 1136370:MV8xMjM0MzY1XzIwMTA2ODgxXzY0QjNFMDA0] [quote:Anonymous Coward 1130234] its unclear to me what happens but I do have a curiousity about gold, if our money is backed by gold standard and gold goes through the roof then why doesn' t that make our dollar more valuable? The dollar is not backed by Gold. It hasn't been in years. The "value" of the dollar is totally a fantasy. [/quote] Note* Nixon took us off the gold standard in 71' [/quote]
Original Message
If the dollar takes a dive or dies completely, and there are bank holidays to allow for its devaluation and/or replacement, what happens to existing debt on the books?
I know that any cash you have on hand and in the bank will now suddenly worth less in value. But will the same recalculation be done on your debt? Or will that stay at the same value, and you're effectively screwed?
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