Say, if the USD was only worth 20 cents? Would the monetary system recalibrate or is it just every man for himself and hope you aren't one of the first to get evicted or repo'd on?|||I'd be more worried about how much food supply you had.|||If the USD went down relative to other currencies it wouldn't necessarily mean inflation within the United States. Prices for imported goods would go up, but in theory there could be very little inflation and the cost of everything else could stay about the same number of US dollars. Currency market changes don't automatically trigger inflation.
If there were massive inflation for this or any other reason, then legally, you'd only owe the equivalent of $5 to $30 a month on your car payment and mortgage. Of course, whether your wages would keep up with inflation would be another question, and the relative costs of everything not locked into a contract would still go up. And if banks feared losing even more money to future inflation then they wouldn't make any more loans to anyone else for credit cards, mortgages, etc.|||Your house would be underwater.
Your car was underwater the minute you drove it off the lot.
Unless you lose your job... nothing will change except the gas bills, energy bills and food bills and unless you already have a loan, you will not be able to borrow on your house until you regain equity in it.|||Your loan repayment contract specifies payments in USD. You keep paying the same amount and the bank has to just accept it. Of course, that will be the least of our problems.|||Probably more of what we've already being seeing, banks start seizing property, property always has value regardless of the dollar value (similar to gold).|||The people with investments will find them worthless.
The people with loans will be in a happy position.|||Recalibrate. Wishful thinking what is that exactly?
Read about the Wiemar Republic.|||The real answer to that should be if your mortgage company goes under, tough for them. Your house should then be yours free and clear.|||Mass panic and suicides?
It doesn't matter because chaos will overshadow the crisis.|||you can't compare two of the same currencies.|||If the USD collapses. Just what you'd imagine|||False.
You would pay off your loans with cheap dollars and the banks would be screwed.
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