Are We Prepared for a Currency Crisis?

With so much talk about the upcoming currency crisis that has been predicted to be the worst that we have ever experienced, and that will last for many decades, my thoughts turned to my clients, many of whom will not survive it because they won’t be prepared for it.

In the Great Depression and the various recessions, we’ve seen bank failures, the stock market collapse, and mortgage failures, but we’ve never seen the total collapse of our currency, and that’s what’s being predicted by many of the world’s most savvy monetary pundits.

As with the Great Depression, there will be no advance warning; it will happen overnight and it will be devastating with the government helping themselves to our IRAs, 401ks, pension funds, etc. We’ve seen various governments go bankrupt, runs on banks, depositors losing most of their money and the banks not allowing people to have access to their safe deposit boxes.

Now, we’re being told that this was the easy part. With the upcoming currency crisis, and the fact that we were taken off the Gold standard in 1974, we have nothing to back us up. We have taken huge loans that we can’t repay, so who is going to want to lend us any more money, knowing that we won’t be able to repay our loans? And the most frightening thing is that we’ve been printing four trillion dollars out of thin air while our national debt has doubled in size.

And the most worrisome fact is that as America goes, so goes the world. If we have a currency crisis, that means that every other country will have a currency crisis. The U.S. dollar won’t be the standard for the world; they, and every other country, will have to come up with a new currency and none of us will have purchasing power. It is doubtful if there will be fuel at the pumps and that means that trucks will not be able to deliver food and other necessities to stores, even if some of the stores were to stay open.

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We’re going to have a huge learning experience. I’m thinking of all the people who are on the court dockets, many of whom are suing for financial reasons. Some of my own clients are suing for financial reasons and I ask myself how their priorities are going to change when their winnings are worthless.

I also ask myself how the prison system is going to support itself if our money is worthless since the taxpayers are the ones who are supporting it. And I imagine that everyone but the most violent criminals, will be released from prison and that most of the cells will be empty.

We will definitely be looking at a new world. Are we prepared?