For decades, the world drifted dreamily along, still believing in the power and value of the American dollar, no longer backed by gold or silver. All that time, the dollar was only worth what its government said it is worth, when actually the dollar is really without any intrinsic value whatsoever.
So if you think that heathen cultures were foolish for worshiping gods of gold and silver or stone, give a second thought to modern man who has been worshiping gods made only of paper, and very thin paper at that, for a good many years now!
When the U.S. government is virtually out of business, what do you think is going to happen to the U.S. dollar. In terms of the U.S. alone, the dollar wouldn't be worth the paper it's printed on.
But because the world has yielded to U.S. pressure and accepted dollars as a world currency and because an awful lot of people in the world will still have dollars and won't want them to be worthless, for a while governments will do their best to try to support the dollar as much as they can so that they won't lose everything, and try to keep it as a world currency until they find something better, which they will, of course, in a new credit system.
The Dollar will eventually take a nosedive. And what happens when a company, or in this case a country, goes bankrupt? Well, a company is put into a receivership by the government of the country. (In smaller cases they call it fraud or a financial scandal and send the company directors to jail. Of course, when it comes to a large respectable corporation or bank, that's a different story!)
So the company goes into receivership and the government administrator determines if there are any assets, which are distributed amongst those the company owes money to. They pro-rate it and pay so much on the dollar.
Well, governments of virtually the whole world will be going into receivership. So what are they going to do with the currency? Devalue it, and pass laws forcing the people to accept the new money.
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