I was wondering what would happen if----the US went bancrupt?

[franmarz]

If all the taxing, and fleeting jobs, and restrictions of many things led to a loss of credit in our system? The social secutiry bank went belly up, what would be the first signs, can anyone surmise the effects? Just wondering.

[benburch]

1. We'd print money. There would be hyperinflation. And then a Revolution.

Just like Germany in the 1920s.

[ElsewheresDaughter]

2. i do believe we already are bankrupt

[carrowsboy]

4. morally

..at least

[0007]

3. Homelessness, long long soup lines, high crime rates

and many sweat shops springing up over the country. I was a child in the last depression and one thing I remember is that no one had money for things like toilet paper or sanitary napkins. Rags were used.

[youngred]

5. the world ecnomy would take a huge hit

The Yuan (China) is pegged to the US dollar and the dollar going bust or US going bankrupt (since we borrow $50 Billion every month to just pay of the interest on our debts) would cost them a lot. The US dollar is also the world's gold standard. The Canadian economy would also be pretty much f*cked as we are their largest import/export partner. The Europeans would take a huge hit, and the Saudi's and oil producers would lose a lot of business between the US and China.

At home, layoffs and big inflation as the gov't prints more money to pay off debts. Interest rates would skyrocket and there would be little to no reinvestment.

[Ravy]

6. According to Tweety, it already is.....

He said on his show that when the outgo exceeds the income, it is called bankruptcy. Of course, he was referring to Social Security in the distant future, but it applies to the US Governmnent today.

[ayeshahaqqiqa]

7. I'd be having

a lot of friends and others visiting me, and, God willing, I would share what I have.

[marcologico]

8. It happened to Spain about 1615

I think, after they lost their third Armada (yes there were three) and their Italian bankers refused to extend more credit.

And it's pretty much been downhill ever since.