Assuming we cripple the fed and end up on a gold standard again, how do you view the transition occurring?
Mu h discussion about ending debt, taxes.....etc, but how does joe bob with a mortgage, car payment and credit card with a few grand under his pillow make out and square up?
The financial system is heading for collapse, world-wide. The economy will survive however; they are two different things. Your national currency, too, will survive. For a while.
In the U.S., the current spat of big inflation is pushing us toward a psychological tipping point: as times get tougher, folks are going to spend less, and start hoarding cash. This is the onset of deflation, that is, a loss of velocity in the flow of currency, and the resulting destruction of demand. People will hoard more, prices will fall, businesses, unable to make a profit will shutter, unemployment will climb.
At this point, Keynesians will do more of what Keynesians do, which is to print currency. Lots of it. This will gradually impart velocity to the circulation of currency. As people begin to feel more confident, hoarded cash comes out of hiding and joins the economy. In response, prices start moving upward, but they don't stop -- the amount of cash sitting on the sidelines, combined with the overreaction of the Fed sets off hyper inflation. Not too long after this, all faith in the currency is lost -- the financial system collapses.
In this time, barter will emerge as a viable means of procurement, regions will start producing local forms of currency, or even money. Utah and New Hampshire already have bills with embedded gold. It is legal tender in Utah, don't know about NH. Folks will spend coins with high silver content -- a pre '65 quarter will buy a lot -- and even pure silver and gold.
That's as far as I've gone. Not sure how we crawl out of this. The take away is that this doesn't happen overnight. Trump's EO for the repossession of assets of the many traitors in this movie gives hope for a soft landing, provide Devolution is a thing.