You'll love the source of this video and think I have gone bananas to use it, However the theory here is correct We are entering a Great Depression the down turn started a long time ago and is different that the last Great Depression In that it has taken longer to hit bottom..
The truth is that all the major nations will end of defaulting on their debt..Making everything come to a halt.. everything.. This piece says all that all that will be left of value is Gold and the dollar..I am not so sure about the dollar.
The country is no different than a family... A family can go bankrupt and be shed of their debt burden and continue on a pay as you go routine until your credit is restored .. Countries are no different.. Even though their will be world wide crash their will always be rich folk out there who want to get richer and will fund a currency to get a return on their investment.. Think Germany between the great wars... Germany went bankrupt so Hitler created a new currency , paid off the old debt with inflated currency and built The WW2 war machinery with the new currency.. So that's how it can be done.
Either way for us common folk their will be a period of great pain, will we survive it ? Not unless we are willing to give up some silly ideas of what an American is.. We are not rugged individualists (although we have been told that is our difference with the rest of humankind) , We will only survive as communities working together to survive and rebuild.. We will have to take our religions back within our churches and be satisfied that being saved is the persons own problem .. We will have to relearn that race does not make a difference , nor does your religion, nor your sexual preference , not is what you do with our own body my business. Above all else we will have to give up our fear , since 911 the country has turned into a large whimpering mass.
I am fearful that we cannot.. In these troubled times we are left with political parties that resort each election cycle to return to their old tried and true schemes....For the Right its "GAGG" god, abortion, gays and guns. For the left it is attack the rich, save the social net , equalize the monetary rewards, and spend to promote growth. However neither side offers any real programs to carry out their separate agendas. We get broad paint brushes of what they will do , no specifics , no numbers, no real idea of what they will do..We do know by example they will say one thing and then do something else.. If we are to survive it will be up to you and me pulling together not from the rich fold suddenly throwing money at the problem.