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If the dollar defaults, so will the eruo and rimbei. The currencies with be devalued and interest rates will increase dramatically from today's very low rates. Gold will devalue as well along with the currencies. Expect a 20% contraction in the economy and 20% unemployment. The recovery should take about a year before the first signs of improvement are observed. The eventual recovery to "normal" will take about 10 years.
Look to Argentina in about 2000 as an example.
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