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.
Personally I am the type of person who does not like to be boxed in. I like freedom of manoeuvre and options. This situation is unique and difficult to predict what the outcome will be. So what leaves me with the largest range of strategic options given I don’t know what will happen? Precious metals under my control. Having been debt free my whole life I have recently built up around $50k in debt buying even more because 1) maybe it will be wiped out 2) if it is not wiped out, the precious metals I am buying will in all probably be revalued relative to the money I borrowed and debt can be cleared for a fraction of what I borrowed. 3) if I am wrong and the debt is relatively the same burden, I still can clear the debt since I just converted what I borrowed into a different form of money and what I borrowed is just a small component of my stack anyway. So, it’s a small gamble but I figure the risks are outweighed by the potential benefits and my strategic options are maximized.
It also lets me get back at the banks for the swindle they are engaged in with the precious metals price manipulation.