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What would happen if the US economy were to collapse?
By Rose | September 15, 2008
rosas_jesse asked:
What would happen if the US economy were to collapse and people still owed money on their credit cards?…only honest answers please..thank you.
but would we still be required to pay back that money?
Hunter
What would happen if the US economy were to collapse and people still owed money on their credit cards?…only honest answers please..thank you.
but would we still be required to pay back that money?
Hunter
Topics: US Economy | 6 Comments »
September 16th, 2008 at 11:21 am
That’s what’s going on right now. Money is the root of all problems and I wish we could get rid of it. The American Indians did fine without it.
Money, technology, school, etc… these are all trivial things we feel we must have in our society so that it functions in a controllable manner. None of it can really hurt us or give us a true sense of being. In the natural universe they don’t even exist in a way that matters to living and non-living things other than us.
September 18th, 2008 at 7:54 pm
There would be a depression and owed money with Collateral would be called in, leaving many people homeless and bankrupt.. some people would take their own lives they would be so distraught with grief.. then others with outstanding balances would have to be forgiven their debt r wait till the economy got better..
September 20th, 2008 at 9:47 am
are economy has had many low points through out our history. we would still owe because our economy would never fully collapse, and if it did so would the rest of the world. if you read the news you will see that every time our stock market hits a lull china, japan, europe and everyone falls even farther we are a major supplier and buyer from their markets and if we aren’t buying they aren’t selling. what needs to happen is the government needs to stop trying to fix all the housing problems and let themselves workout everytime the goevernment gets involved in anything it fails great examples and freddie and ***** they both had government involvement and look at them know
September 20th, 2008 at 6:30 pm
Dollar would be worthless . Creditors would be seeking hard assets for what is owed . Work prisons . Mad Max world .
September 20th, 2008 at 7:51 pm
Hi.
Currently the USA is in a $US10 TRILLION debt owning China, Japan and Brazil the majority.
Unfortunately Bush is trying to do that by invading Iraq and stealing the oil but that has been unsuccessful.
September 23rd, 2008 at 6:00 am
Many people would cry but the rich would laugh and go on a vacation.