MrMaxwell

No one seems to understand what I am talking about or agree with me.. but say you're millions of dollars in debt, and BLAM the dollar crashes... Would that not be a great position to be in?

Think about it they start printing $1,000,000 bills you can use to buy a fucking Coca Cola ... You go show someone your tits for $10,000,000 and go pay off your debt on your homes and cars and everything else

It ain't like they can say "We won't accept dollars"... the debt IS in dollars

Deej

Stop blowing people's minds...

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Sly

That happens at the federal level. So, you are right.

I wouldn't recommend doing it though, LOL. A lot of pieces of the puzzle would need to fall in place.

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Cherry7

Don't worry the banks will make sure your debts grow faster than the fall in the value of the currency.

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MrMaxwell

They will? How?

jalami

In a high inflation / hyperinflation scenario, debts with adjustable interest rates will have rate increases that will reliably outpace inflation. You're right about fixed rate debts, although it could be much more tricky to earn the income necessary to pay them off. Savings would be wiped out, and if they are in a foreign currency, they might crash faster or slower than the USD (I assume we're talking about a hypothetical USD crash, and by extension, a hypothetical global currency collapse).

Needless to say in such a scenario it might be prohibitive or even impossible to take on any new debt. Or have access to any of the savings you might have at home or in foreign countries.

My advice -- don't worry about it, and just be prudent in being prepared for such a scenario based on your best personal assessment on its likelihood and severity. I don't see anything crazy about investing a small portion of your portfolio in physical gold/silver, learning how to grow food locally (which can be fulfilling on its own regardless of what happens), developing useful survival skills (which at any rate will serve you well in a natural disaster scenario anyway), and so on.

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The Heron

If the dollar crashes you wont care about paying off your debt, you'll be looking for food and shelter

MrMaxwell

Now that makes some sense.. I can see how you're fucked either way on adjustable rate debt. When you hear about countries with huge huge sudden inflation, do the rates on private debts go up into the 1000s of %s??

MrMaxwell

That is another good point. If you can't protect what you have, there is no point in owning a lot.

newB

You'll still be in debt, but instead of owing one million dollars you'll be indebted for a litany of livestock, produce and sexual favors.

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Operator

It depends if you blew the debt before it tanked.