Quote:
Originally Posted by Houdini
Actually, the opposite. Your debt amount doesn't go down, only the value of the currency. $1000 debt is still $1000, but it would be more of a burden to pay off any debts, since your purchasing power is much less.
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But that is the point... The $1000 debt is still a $1000 debt. And if what it's made of (dollars) becomes all but worthless.. Well, those dollars will be far far easier to acquire and the debt will be worth a lot less to whoever is holding it.
What are they going to try to make your debt into what a dollar was supposed to be? A certain amount of metal? I don't see how they can do that. You owe dollars, you pay dollars.
The only way you wouldn't be able to pay off your debt is if the currency completely crashes and is no longer accepted as legal tender. But then, why would a debt enumerated in dollars still be valid, anyway??