if there was a shtf situation where the us economy collapses what would it look like as far as peoples debt is concerned. People talk about all the preps they have but what would happen if your property was foreclosed on? I assume most people will not be working and unable to pay off debts. Will their be millions of people kicked out of their homes?
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finacial collapse?
- Thread starter brew3x
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Infinite Jester
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Looks like you'll be living rent/mortgage free for awhile. That's if you can keep the FSA from crashing your party.
Im pretty sure at that points that the court system will be either too clogged to effectively process the volume or the banks wont want to go ahead with repossessions because why spend $$$ to acquire worthless property that they have to pay taxes on, insure, and upkeep.
Sent using my NSA phone
Sent using my NSA phone
Very relevant info here.
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AllaSnackbah
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if the shtf the only people with money will be the banks, who will use that money to pay people to come and take your shit if you stop paying for it.
Really? You couldn't pay me enough to go confiscate people's sh1t in that situation. It's a good way to get killed. The banks bought all that sh1t with our money anyway.
Hey, why not? The government will take care of them. That's what it's for, innit? Just like in the story Marching Morons.
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I sorta think that the trigger of an economic SHTF crash is the banks failing , or being run on and .gov ordering them closed.
We won't need an EMP strike if the digital money is shut off or becomes worthless. No one will have access to anything - groceries , gasoline , fuel to run power plants.
Which means no ones coming to seize your home over an unpaid computerized tax debt or mortgage payment.
We won't need an EMP strike if the digital money is shut off or becomes worthless. No one will have access to anything - groceries , gasoline , fuel to run power plants.
Which means no ones coming to seize your home over an unpaid computerized tax debt or mortgage payment.
AllaSnackbah
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if your kids were starving i bet you would, and even if you don't, a lot of people will. think JBT's who are out of work, armored car drivers, retired .mil, etc.
Maybe 2 if they're scrawny, a million dollars in $100 bills weighs about 21 pounds.
If the dollar collapses to a fraction of the current value but all else stays the same, I'll cash in my retirement accounts and pay my mortgage off. Then I just have to worry about the town coming after me for real estate taxes.
If the dollar collapses to a fraction of the current value but all else stays the same, I'll cash in my retirement accounts and pay my mortgage off. Then I just have to worry about the town coming after me for real estate taxes.
If the currency is worthless, your debt (denominated in that currency) is also worthless. So take a chicken over to your local currency exchange, trade one chicken for it's weight in "toilet paper" $100 bills, and voila, your US Dollar denominated mortgage is paid off.
AllaSnackbah
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true. either way, if you think that debt collection is going to end just because the shtf, then i suggest you read some history on the great depression, foreclosure was quite common.
Depends on how it collapses. One way to pay off the the national debt, maybe the most likely way, will be for the treasury to effectively just print 17 trillion dollar bills (Simpsons did it). In that case all the people with money in the bank will be nearly ruined as their life savings won't be enough to live on (reason to invest in gold, ammo and booze). People who have lived recklessly will be rewarded as their insurmountable debts will be turned into peanuts.
This is not what happened during the great depression in the US. Look to the Weimer Republic or more recently Argentina for examples.
Is the economy collapses without inflation, but instead we enter a depression where the unemployment rates drops and banks failed and/or become very tight fisted then people with debt will be screwed. Wages will drop, but your debt will not decrease in value. See the great depression or the US from 2009 to present for an example. Whether or not you are kicked out of your home depends on the ability of the US to borrow money and who is in office.
If the Chinese, and others, didn't continue to buy our junk bonds in '09, and therefore enable the government bailout, many more millions of people would have lost their homes as they couldn't pay for them, or just walked away because they were so far under water.
Since no one can predict what format the inevitable collapse will take, it's hard to say how bad debt will hurt you. In any case, stop buying stuff you don't need.
It might have stopped the banking collapse of 2009, but it won't prevent the big one: The day when the US effectively defaults on it's debts.
To put it in preservative, the US housing market, which was worth 13 trillion dollars, dropped by a few trillion dollars in 2009-2010. The US debt is 17 trillion. The debt is greater than the value of all the homes in America, and greater than the GDP.
It depends what your definition of financial collapse is...
All paper money worthless?.....(Hyper inflation)
Total collapse of all forms of financial economy ( country's monetary system disintegrates)
Great Depression/stock market crash of 1930???
For anyone to do anything you have to pay them in something... judges don't judge, lawyers, clerks and courts don't work or operate for free. Police officers don't work or evict people for free. Laws are not enforced for free...who will do it and for what payment?
In the Great Depression/stock market crash of 1930... people had money and jobs. The base of the economic system did not collapse only the monetary value of things did. People earned, accepted and spent dollars.
In Hyper inflation times ( (Germany/ Chile) money was still used but its value was so inflated the actual buying power was almost worthless. That would be a great time to pay off pre inflation loans/debts with inflated dollars. Your problem is how to afford living in an inflated time..only true value is in durable/tradable goods. How much/many of those things can you realistically acquire to survive long time?
In a total collapse, what you have you keep until/unless someone physically takes it from you. Banks (as we know them today) won't exist nor will the national and international banking laws and mechanism of the financial institutions exist. Everything you physically have in your possession is all you have and you own.
That is your net debt and your net worth.
You live/die/exist based on what have or can acquire from the stuff you saved up an own .
(And that stuff you can keep and defend it from others who want to take it from you)
( OR you may just wish to live by TAKING stuff that others have acquired .... not a wise way to live a long life!)
Anyway that my take on your question...
All paper money worthless?.....(Hyper inflation)
Total collapse of all forms of financial economy ( country's monetary system disintegrates)
Great Depression/stock market crash of 1930???
For anyone to do anything you have to pay them in something... judges don't judge, lawyers, clerks and courts don't work or operate for free. Police officers don't work or evict people for free. Laws are not enforced for free...who will do it and for what payment?
In the Great Depression/stock market crash of 1930... people had money and jobs. The base of the economic system did not collapse only the monetary value of things did. People earned, accepted and spent dollars.
In Hyper inflation times ( (Germany/ Chile) money was still used but its value was so inflated the actual buying power was almost worthless. That would be a great time to pay off pre inflation loans/debts with inflated dollars. Your problem is how to afford living in an inflated time..only true value is in durable/tradable goods. How much/many of those things can you realistically acquire to survive long time?
In a total collapse, what you have you keep until/unless someone physically takes it from you. Banks (as we know them today) won't exist nor will the national and international banking laws and mechanism of the financial institutions exist. Everything you physically have in your possession is all you have and you own.
That is your net debt and your net worth.
You live/die/exist based on what have or can acquire from the stuff you saved up an own .
(And that stuff you can keep and defend it from others who want to take it from you)
( OR you may just wish to live by TAKING stuff that others have acquired .... not a wise way to live a long life!)
Anyway that my take on your question...
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Laws and systems (civil/financial) are toothless and irrelevant unless there is some one or entity to enforce them. In a true collapse kiss off what was because it won't exist any more, there will be new rules for a new time.
Until some people form and band together to form self protecting/self supporting camps/tribes/bands it will be the rule of the gun. Haves vs have not's.... In a collapse its foolish to think we will just all be open and share the food we have .... it will be a redistribution of goods from those who have to those who don't! If you don't give willingly they will take what your have. An empty belly has no morals and will go to any lengths to fill it. Its called self preservation.
( on the bright side there will be no gun control so you can now have, own and carry anything you want!
You can starting digging up all that stuff you have had buried for years! )
i often contemplate these scenarios and wonder where I would stand as a United States Marine. For example, in any case 'martial law' was put in place, there would no longer be a constitution for me to defend, unless there was also a revolution against the machine (rage.)
I know I can trust a LOT of people on this site to do the right thing by god and country, and also I'm inclined to trust the majority of those who have served as I do...but the majority of people can NOT be trusted...and i'd take aim at some of my neighbors before i'd let them take what's mine. I know men are capable of some disgusting behavior when desperation settles in...but I, for one, will NEVER FORGET the oath I took to protect and defend The Constitution...that, to me, is more important than all but the most essential of survival items (food, water, shelter, protection for my family). If our Constitution survives, WE survive and we remain free to create and improve the world as we see fit.
I know I can trust a LOT of people on this site to do the right thing by god and country, and also I'm inclined to trust the majority of those who have served as I do...but the majority of people can NOT be trusted...and i'd take aim at some of my neighbors before i'd let them take what's mine. I know men are capable of some disgusting behavior when desperation settles in...but I, for one, will NEVER FORGET the oath I took to protect and defend The Constitution...that, to me, is more important than all but the most essential of survival items (food, water, shelter, protection for my family). If our Constitution survives, WE survive and we remain free to create and improve the world as we see fit.
I have a real hard time thinking those currently in power and wielding guns will leave everyone alone and not band together to enforce self serving law in whatever aftermath we find ourselves in.
When I think about equipping for longer term disasters and read other posts of those who do I can't seem to get around this one problem. The one that no amount of gear or training can overcome.
Location. Unless your logistically equipped to supply a platoon and can recruit one or live in a trappers lodge you are done. It is only a matter of time.
When I think about equipping for longer term disasters and read other posts of those who do I can't seem to get around this one problem. The one that no amount of gear or training can overcome.
Location. Unless your logistically equipped to supply a platoon and can recruit one or live in a trappers lodge you are done. It is only a matter of time.
Hiltonizer
Banned
They can't even take care of the squatters in Detroit, a national level collapse the infrastructure for foreclosure will be impotent at best. Barring that, doesn't it take like 2 years to get a foreclosure these days? With the housing collapse I recall a bunch of shit to that effect getting passed.
Taking care of your finance is rule #1 of prepping, as a financial disaster is your most likely disaster on a personal level.
Taking care of your finance is rule #1 of prepping, as a financial disaster is your most likely disaster on a personal level.
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This. Do people really believe the government hasn't been making plans and contingencies for the coming collapse? Do they really believe those in power would relinquish control to random mobs? Why do you think DHS has been buying up all the hollowpoint ammo and MRAPS? Why is it that DHS/FEMA have become so militarized that few are able to discern the difference between their agents and our military overseas?
It's pretty clear to me what they've been preparing for, just continues to amaze me how woefully stupid the average American is to not be capable of reading the writing on the wall. DHS/FEMA have become an army unto themselves since 9/11. Of course they will arrive on scene under the guise of delivering 'aid' and enforcing 'order', but let's not kid ourselves- this is their workaround for Posse Comitatus. Martial Law is putting it nicely.
Now queue the standard
![[tinfoil]](/xen/styles/default/xenforo/smilies.vb/tinfoilhatsmile.gif "Tinfoil Hat [tinfoil]")
responses and quick-witted remarks. It's funny until it's here.
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In the last depression if you had a little money you could buy a lot. In the next one if you have a lot of money you will be able to buy very little. Good for debtors. Bad for savers. Hard assets will be the store of value.
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