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If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?

 
Anonymous Coward
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10/02/2011 02:11 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I've read through all of these posts, and I'm still confused:

IF the dollar crashes, how does this affect my mortgage note?

I don't see how my debt would simply be wiped out.

Even if my bank fails, won't the debt on my loan be transfered to another entity, who will then contact me for new payment arrangements?

This would mean that my debt is not wiped out, it is still a valid debt in some shape or form, right.

From what I have read in these thread answers, it seems that some of you are saying that the loan would be wiped out. That would mean that I'd then own my home free and clear.

That makes no sense to me, as much as I'd like it to be so.



Any help here, for me to understand how the system actually works?
 Quoting: Esoteric Morgan

"
Watch the video "Money as Debt" just google search it part one should be enough for you to understand that your debt is based on a lie and backed by another lie, so there really is no debt, you borrowed fake money from yourself. It will take a while until this sinks in , but when it does remember to let it go since it is all leaving any how , we cannot live in the past, time for the present and a better future for the world. Peace, Rob
Anonymous Coward
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10/02/2011 02:21 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Inflation and dollar crash are a debtors best friend!!!!
Thats why they are doing it.
Worthless money to pay off debt.
If it takes a zillion dollars to buy bread, you still owe $500 on your credit card it gets easy to pay it off...

Dollar devaluation and hyperinflation are used to get us all out of debt.

This will suck for those who were good with their money and are responsible..
 Quoting: Anonymous Coward 1011642


If you dollar is worth 50% of what it was the previous year, and a gallon of milk now costs twice as much as it did at that time, how does this making paying debt easier?

You are being paid exactly what you were before, and you are now spending twice as much for day-to-day expenses...
 Quoting: Anonymous Coward 1136370



banana2Correct. You will be broke and will lose your home to the bank because you won't have enough money to pay your mortgage after you spent your whole paycheck on food. Then you'll be homeless and be living out in the streets or in a commune like millions of other people in the third world countries. America will become a third world country then. The only people that will make-out are those that own gold and silver, because they will be able to buy things up with only a few ounces of precious metals. During hyperinflation, gold could go up to $100,000/oz or more. Then for a couple of ounces of gold or silver, you can buy a house.
Anonymous Coward
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10/02/2011 02:24 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
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?
 Quoting: Anonymous Coward 982522


BECAUSE THERE IS NO GOLD.... SOMEONE HAS IT, BUT ITS NOT IN THE US TREASURY FAULTS ANYMORE.
Anonymous Coward
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Mexico
10/02/2011 03:08 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I'm not sure but there are plenty of countries where currency has collapsed, go look up Germany or Argentina and see what happened there to debt and let us know.
 Quoting: Anonymous Coward 500362

...........................

When the Zionist IMF and World Bank has fuck us into recession the way their penis rigging the US ass right now, immediately, interest rates and prices go way the fuck up while everything else goes the fuck way down, i.e. purchasing power, livelyhood, jobs, and opportunities.

Since the US economy was the big ass in the world, it needs a huge dick to break it, and that is being done, right now. That's why you see the world stinking so much. The shit is coming out of the US's ass.

cool2
 Quoting: Anonymous Coward 2359349


lmao

There is no better explanation, right guys?
Anonymous Coward
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11/07/2011 10:30 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
bumphf
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11/07/2011 10:40 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I've read through all of these posts, and I'm still confused:

IF the dollar crashes, how does this affect my mortgage note?

I don't see how my debt would simply be wiped out.

Even if my bank fails, won't the debt on my loan be transfered to another entity, who will then contact me for new payment arrangements?

This would mean that my debt is not wiped out, it is still a valid debt in some shape or form, right.

From what I have read in these thread answers, it seems that some of you are saying that the loan would be wiped out. That would mean that I'd then own my home free and clear.

That makes no sense to me, as much as I'd like it to be so.



Any help here, for me to understand how the system actually works?
 Quoting: Esoteric Morgan


I remember a little about the Mexican devaluation back in the early nineties.
This is from memory so don't shoot me if I am wrong.

The Mexican Peso was devalued at a 1:10 return.
Citizens had to turn inn all their Peso's and were re-issued new money to replace it. On paper, you received a Peso for a Peso, but internally within the banking system it was worth 10% of the original value.

For all intents and purposes things were no different for consumers. The value of everything was relative to the value of the peso so at the consumer level all appeared the same. Debts were still debts as well.
The only beneficiary was the Mexican government who wrote off 90% of their debt.
Anonymous Coward
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11/07/2011 10:46 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Can we still buy beer?

moshpit
st8kout

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11/30/2011 12:38 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
It would not happen overnight. You would not wake up one morning to the news that the dollar is now worthless. But, as is happening now due to inflation, we are seeing ever increasing food and commodity prices eating up more and more of our household budgets making it harder to pay our mortgage and credit card debts. So long before the dollar would 'officially' collapse, you probably would not have a mortgage because you would have already defaulted on your payments and lost your home, and/or declared bankruptcy, along with the rest of the population. We will all be in the same sinking boat. We would need most of our money to buy food if it got to that point.

So what can you do about it now? Get out of the credit card trap for starters. I managed to do it several years ago. I still use a credit card but I pay off the monthly balance every month. In fact, I put all my monthly bills on autopay through it and the card statement is now my friend that gives me a nice neat list of all my monthly spending, plus I get a minimum of 1% cash back (my bank sometimes gives back more for certain things). It's not a lot, but now I actually get money from them, plus using auto billpay is great. A whole lot less hassle plus you are never late. The credit card company can raise the interest rate all they want. Does not matter to me as I never have to pay it.

By the way, you NEVER want money coming directly from your checking account for autopay, NEVER. Using your credit card isolates your checking account, keeping you in control over any bank errors, computer glitches, hackers, whatever. You don't want to find out one day that all your money is gone and have to fight with the bank to get it back. At least with a credit card you can dispute some questionable outrageous charge you did not make.

Last Edited by st8kout on 11/30/2011 12:58 PM
Anonymous Coward
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South Africa
11/30/2011 01:13 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
are you kiddin me?

dollar crashes im not paying shit back!

Better be thinking about feeding yourself first.

If the Dollar crashes, you silly clown, that means we have had tremendous inflation. If so, you could pay your mortgage with just one or two pay checks. You'd be a total fool not to pay if off because you'd be able to sell it in the future and make considerable profit.
 Quoting: JoeNeubarth

your debt will stay the same, so will your paycheck. i don't get what you're saying.
 Quoting: 508527

Debt stays the same and your paycheck as well. Food etc, goes through the roof, so much so that therer will be mass starvation and uprisings. Don't belief me?

Look at Zimbabwe.
Anonymous Coward
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Argentina
12/01/2011 11:51 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
are you kiddin me?

dollar crashes im not paying shit back!

Better be thinking about feeding yourself first.
 Quoting: Anonymous Coward 1143571


Such is the schizophrenic nature of the world economic system that US Bank credit ratings are falling while the Dow is on a holiday tear. The system looks good on the outside, but it's hiding a cancer: [link to djia.tv]
Anonymous Coward
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12/01/2011 12:28 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
LOL @ the people who think their paychecks are gonna go up.

They are busy collapsing the entire system, jobs are leaving and not coming back.

Some of you have no idea what's in store.
 Quoting: Anonymous Coward 1143598


I know LOL silly people thinking wages will go up. Truthfully, they'll be out of a job when their company can't afford to pay them anymore.
Anonymous Coward
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12/01/2011 12:33 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Wow, what a great thread with some really good info. It's hard for me to disagree with anyone on here as no one knows for sure how it will play out. Here are my thoughts:

1) They will devalue the dollar so GOVERNMENT(S) can pay their debts, but when it comes to personal debt, I can guarantee they will screw over the average person in a big way. They run the system, they like us as debt slaves, and they aren't going to let us walk that easy. I don't know whether they will value our debt in gold like others have said, or will do it with debt revaluation in the new global currency, but trust me, it will happen. This much I do know.

2) IMO, There will be a huger opportunity to pay of your debt, but your timing will have to be perfect. As things are collapsing and the banks are still open, you will have to sell certain physical assets for cash, and use that cash to pay off your debts instantly. The keys here are not to wait or the window of opportunity will close, and to make sure you have assets to sell that can be converted instantly. PM's will be great in this time period as people in paper cash will be desperate to get out, and will overpay drastically for physical PMs. Usable supplies will be great as well; these include gasoline, food stuffs, weapons, generators, anything a desperate person might want for emergencies/prepping that will disappear off store shelves right away.

3) During the collapse, some people make out better than others. The people that are going to have it tough are the ones that work for companies that are slow to react to inflation, people/business that charge rent or lease fees as they can only be adjusted monthly, and pensioners/social security reciepents/welfare reciepients as you know they will not keep up with inflation.

The ones that will do ok are people selling products that are obtained close by (can adjust to inflation fast and supply chain not effected), people selling valuable preps and staples, and people capable of performing valuable services - doctors, dentists, pharmacists, ex-military.

4) After the collapse I don't know, none of us do. It could be world wide societal collapse ala Rawles patriot book, or something less severe like what Ferfal describes in his book on the Argentina collapse.
Anonymous Coward
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12/01/2011 12:34 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
From what I read, all bank debt and credit card debt will be wiped out...no longer collectible.

How could it be? It's fiat monies that are worthless so the debt would be worthless too.
 Quoting: Anonymous Coward 1143474




Congress will authorize lenders to recalculate loans; can't let the banks get screwed. Probably they'll demand payment in gold or silver. This has happened in other countries.
Anonymous Coward
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12/01/2011 01:19 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Has everyone forgot The Gold Confiscation Of April 5, 1933? It became illegal to hoard or hold gold and you had to hand it over to the government. Do you honestly think that having gold & silver will save you? The government knows that people are buying both up. Don't be foolish to think otherwise and don't think that history won't repeat itself again, in regards to confiscation. With the bill the McCain introduced yesterday, we're all screwed. According to Rand Paul, the Department of Justice can consider you a terrorist and throw you away in some far off place for holding guns, more than 7 days of food, etc. Mark November 30, 2011 on your calendars, folks. Yesterday was the end of any "free" America that was left. It seems quite clear that the government is looking forward to mass starvation & deaths with that bill because that's exactly what's going to happen. You are either damned if you do or damned if you don't.
Anonymous Coward
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12/01/2011 01:51 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Has everyone forgot The Gold Confiscation Of April 5, 1933? It became illegal to hoard or hold gold and you had to hand it over to the government. Do you honestly think that having gold & silver will save you? The government knows that people are buying both up. Don't be foolish to think otherwise and don't think that history won't repeat itself again, in regards to confiscation. With the bill the McCain introduced yesterday, we're all screwed. According to Rand Paul, the Department of Justice can consider you a terrorist and throw you away in some far off place for holding guns, more than 7 days of food, etc. Mark November 30, 2011 on your calendars, folks. Yesterday was the end of any "free" America that was left. It seems quite clear that the government is looking forward to mass starvation & deaths with that bill because that's exactly what's going to happen. You are either damned if you do or damned if you don't.
 Quoting: Anonymous Coward 3738979


Not at all. The gold confiscation in 1933 was pretty much a joke, with less than 10% actually turned in and only one person convicted of it. Everyone just buried it in their back yard, or shipped to Switzerland.

But you are right. Nothing will save us if we let them walk all over us and do whatever they want.
Anonymous Coward
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12/01/2011 01:52 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
paid in full5a5a5a
Anonymous Coward
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12/01/2011 01:54 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
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?
 Quoting: Anonymous Coward 982522


Because we dont have enough gold to back all the paper floating around...
Anonymous Coward
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12/01/2011 01:54 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I SAID PAID IN FULL5a5adanceblair:::dance::gwdance:
lmusern
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12/08/2011 10:25 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Inflation and dollar crash are a debtors best friend!!!!
Thats why they are doing it.
Worthless money to pay off debt.
If it takes a zillion dollars to buy bread, you still owe $500 on your credit card it gets easy to pay it off...

Dollar devaluation and hyperinflation are used to get us all out of debt.

This will suck for those who were good with their money and are responsible..
 Quoting: Anonymous Coward 1011642


Think about what you just said...'It takes a zillion dollars to buy bread...owe $500 on credit card it gets easy to pay it off'. Why would your money be essentially worthless when buying bread and valuable when paying a credit card. The money is worthless for both. You can't have it both ways. You will NEVER be able to pay off the card. It will take incrementally more money for any purchase, bill, etc. as the value of the dollar declines.
My sister lived through this in Russia 20 years ago. #1 She carried her 'just in case' bag everyday. 'Just in case' she found food she might be able to buy. Her best find was 30 cans of expired Campbells tomato soup. It took every penny she and her roommate could scrape together to buy it.
#2 She was paid twice a day because the value of money was dropping so quickly. People would take lunch time to buy provisions because inflation would cause the prices to skyrocket several times a day. I'm afraid people simply don't realize how tough things are going to get.
lmusern
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12/08/2011 10:30 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I SAID PAID IN FULL5a5adanceblair:::dance::gwdance:
 Quoting: Anonymous Coward 596744


The government will assume ownership of your home and then decide if you get to live there. There is not going to be some amazing free pass with this crisis. We will lose many freedoms because we have debt. Even people who are debt free could lose their properties. The government can seize anything they want. They are preparing to steal our retirement accounts under the guise of requiring us to invest retirement in government investments. (Because they are so good with money, right?) We are screwed and we better start getting some self sufficient plans in place. No one is going to give you anything for nothing. That much should already be apparent.
loser
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02/11/2012 08:51 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
how come no one has mentioned the fact that during the depression owning gold or silver was made illegal?? They did this before they began devaluing the dollar. And you had to turn it in to the govt. for FREE!! Do you think they won't do it again?? So keep buying gold keep wasting your money. rockon
Anonymous Coward
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02/11/2012 08:59 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Ill bet you the answer is inside your loan papers..somewhere in the 300pages of documents they give us some clause probably says your debit has to be repaid in full no matter if its act of war, banking stability or other. They will take your furniture, goods, assets, metals to pay it back
ELSE, the house is the banks. Id guess that china will swoop in and buy everything for pennies.


Look for the words "force majeure" in your contracts
This is a fun set of words and has been around for a long time. In short it says IF a Force Majeure is declared ALL BETS OFF.. Contract is null and void
Quasar
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02/11/2012 09:06 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
This was planned from the beginning.

The Fed took your gold and silver and replaced it with paper, what a deal for them huh.

They then loaned you their paper, which cost nothing to them, so you could purchase property. Then they tank the economy and you give up your property because you can no longer afford it.

Now They have the deeds to real property which they acquired with paper they printed which cost nothing and now you will be paying rent on your former property.

So now they have all of you gold and much of your property and you have their paper but even that They will soon take...
Anonymous Coward
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02/11/2012 09:45 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
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?
 Quoting: Anonymous Coward 982522


TPTB don't measure the value of gold by dollars (or any other paper debt instrument). TPTB measure the value of the dollars by gold. When gold goes up in price that means the value of each dollar is less because it takes more dollars to trade for the same amount of gold as before.
example -
In the 1920's you could purchase a gallon of gas for a dime.
Today the silver in a silver dime will purchase a gallon of gas. What has changed? The change is the value of the paper dollar against the silver (precious metal).
In essense, the price of gas has not changed since the 1920's. The value of the dollar has dropped A BUNCH!
We have been taught to measure the value of everything by dollars. TPTB use this deception to cheat us of everything.
Anonymous Coward
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02/11/2012 09:49 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
The same thing is happening in China. The government is encouraging the citizens to accumulate gold. They allow/encourage the citizens to import gold. They don't allow anyone to export gold. They will confiscate all the gold when they find it necessary SO all the citizens' gold is just gold for the chinese government. It happens the same everywhere.
Anonymous Coward
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02/11/2012 10:04 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
As far as the mortgage goes, banks can "call" a loan at any time. This means that you make your monthly payments on time per the contract and if they bank wanted to they can ask for ALL of the money owed to be paid by a certain date. It's usually somewhere in your contract. If you can't pay it, you're out!

Argentina had their debts stay the same when they devalued the currency they did NOT devalue the debts. The people fought and eventually won until they devalued the debts as well. I read this a few years ago, maybe Ferfals account. Now, the problem here is that tptb know how to play the game. The lag time it took for the people to fight and win was most likely enough time for most of the people to lose everything. So it may not have been a "win" for most. Other countries sounded like they did other things from previous post, convert to gold, possibly, so what this means is each country may handle it differently and I'm sure by now tptb have it perfected to extract as much wealth as possible, so however they can do that, that is the scenario they will likely use.

Also, from what I read about Argentina a few years ago, I remember them saying that people who worked for the post office sometimes would just take all the mail they collected and pay the bill for the people. It took less time than going to work (or possibly used the time to buy more items, idk).

I've read that during the depression or maybe it was a scenario from another country, rent was the lowest bill people had. So, maybe you pay what seems like in todays dollars $2.00 a month for rent, but your bread is $50. So, no-one really cares to own anything at that time because they are taking care of their survival with any income.

Just sharing the different types of scenarios that I have read about in the past. There's a few options that can be used, but it seems timing is the biggest win or lose for people.
Eggcellent

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02/11/2012 10:10 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
China is going to be really angry. Tell them they can come and get all their stuff they made for us, we have mountains of it here, and they can take it back with them. But I think Billary allready gave them eminent domain rights. Of yeah, Mortagage and Credit Card Debts will be nonexistant, what are you going to pay with, blood? Lets hope they do not try to reinstitute debtors prisons once again.
 Quoting: Anonymous Coward 1143568




Oh, but I'm sure that they will! They already have the FEMA camps in place.

Given their history of callously disregarding the results of their greed and corruption upon the lives of thousands (if not hundreds of thousands) of families, I can't imagine that they would cheerfully re-calibrate our debts to them back to zero.

It hasn't been all that long, historically, since people were thrown into prisons, or even executed, for stealing a loaf of bread to feed their starving families.

"History" has a tendency to repeat, or echo, itself....
"I have come to the conclusion that all news should be treated like 9/11, assume it is a psyop with actors participating in a staged event complete with props, until proven otherwise, in which case assume whatever is being recorded, reported, televised, is distortions/lying by omission/outright lies, until proven otherwise." - Anonymous, 4-13-12
Anonymous Coward
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Guatemala
02/21/2012 10:05 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Where can gold and silver be bought??
Anonymous Coward
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United Kingdom
02/21/2012 01:56 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
bump
Anonymous Coward
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02/27/2012 10:27 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Everyone worried about the government confiscating gold and silver ... I think it is highly unlikely. When they confiscated gold back in the 1930's they used the excuse that "money was backed by gold, so therefore gold was money". Of course, in that case ALL money belonged to the government that issued it, so therefore they could confiscate gold. However, now that we are no longer on the gold standard, they cannot use that excuse. Of course, they can do whatever they want, and make up other NEW rules. However, it would be much harder to justify. spam

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