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OK, so I keep hearing that the budget needs to be addressed ASAP and the debt ceiling raised (or debt reduced) by the beginning of August... what happens if they (the bickering politicians) don't come to an agreement?
I am worried because I have quite a bit of money in my bank account and am worried that all that of it would become useless. What's a boy to do? I am going back to grad school, so I was going to use that money to live comfortably for the next 2 or 3 years.
the money in your bank account will still be there. our dollar may get weaker, but the larger impact will be if you own stocks/bonds. we could lose a decent amount of market value because interest rates will go up. there's not much we can do individually. you can be an alarmist, and go buy gold. but that's not foolproof either.
By the end of 2012 there will no longer be a dollar. The United States will have went through months of chaos, anarchy, and riots and will be restructuring into smaller, balkanized governments. The most valued items to trade will be commodities, most preferably gold. We might even go back to a bartering system in some areas.
If you are worried about your savings move them over to gold and silver bullion not stocks as they would crash if the general stock market does.
The US collapse.................at this point it's unavoidable. If they can't resolve this childish conversation about raising the debt ceiling {like the US has an option} then it will happen much sooner than later. If they resolve this mess the US is still screwed.
I don't want to rewrite everything I said in the "folly of raising the debt ceiling" thread but if someone knows how to transfer my last 2 posts on that thread to this one that would be appreciated and you have my authorization.
No, the dollar isn't going to collapse and it will be political suicide to not raise the debt ceiling.
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