It seems like a new banking system backed by something tangible again like how it was in the 1800's and prior would be a good move but would those of us in debt still be in debt to the banks? If not, how would our debts magically be absolved?
Example, say you owe money on your car and you have a ton of outstanding debt to a bank or credit lender. How exactly does implementing a new system of banking nullify this? Can't the bank still say "Since the USD is defunct, now you owe us the "New US Treasury Certificate" equivalent of that amount"?
I just can't quite put 2 and 2 together how the new currency would be debt free without older debts being absolved first.
There will be no over night new currency.
It’ll be a slow steady roll out on a competing currency.
At first it’ll be 1-10 ratio, then over time it’ll go 1-20.. then 1-50 then 1-100 etc. eventually the new currency will massively put weigh out old shit.
It’s got to be a slow systemic collapse.
It’s got to be done in a way in which it creates the least havoc and continues normalcy.
That’s my leading theory anyway.
Jpowell talked about competing currencies with the dollar all last year