Paper Money Will Be Worthless?
March 8, 2010 by Bob Livingston
If, as stated in your summary report of the pending economic crisis (Surviving A Global Financial Crisis and Currency Collapse), paper money will be worthless because it is not backed by gold or silver, how will one be expected to pay their loan payment or utility bills? I have my paychecks automatically deposited and the same with my monthly pension payment. Are those checks supposedly worth anything during the economic collapse and what will the banks do with them? Could I become a victim of the system and lose my home because nothing I have to pay my mortgage with will be considered of any value? I really feel that there isn’t much I can do to prevent a lot of this because every source of income I have may have no more value than paper money. I don’t have a huge stash of gold and silver coins and it’s a little late and way to expensive to consider buying enough to make mortgage payments with. Any advice you can offer would be appreciated.
Dear Ted Smith,
In the last days of the system, as its collapse is occurring, you will still have to make payments with cash or checks based on the inflating fiat currency. So you will have to exchange your gold and silver for paper. In Weimar Germany people were being paid with wheelbarrow loads of cash then rushing to the store to buy bread before the price rose again. I expect something similar to occur here. The key is to have something on hand for after the system collapses so you can continue to buy what you need.