There are several people that are predicting an economic collapse for the US or even the world. I think there is some credit to these predictions considering the amount of debt our country is in and the rate they are printing money. A lot of people believe in the not too distant future the bills we carry in our wallets will be worth more as fuel for a fire than to purchase goods and services.
I’m not exactly sure what an economic collapse means for me. I’ve heard predictions that the US would plunge into chaos, food would stop being delivered to super markets, utility companies would shut down and there would be mass chaos. I don’t really understand why. The company I work for provides a service, if we didn’t have a currency our customers would give us things we need like milk, bread, or gasoline. My boss feels there is value in what I do for the company so he pays me, if we didn’t have a currency he would give me a portion of what was brought in on barter, and I could either use that stuff or barter for stuff I actually need. If you think about it, money, dollar bills, are an intermediary for barter. People perceive value in the service we provide so they give us money, my boss sees value in the hours I work so I get a portion of that money. In essence I am trading my time for the things I need, and money represents that. I think money should have intrinsic value even if there is no gold or anything to back it because it no longer represents a measure of gold, but it is a measure in itself. The market would give the currency value.
I understand internationally it would be hard to trade currencies if the world perceives our money as worthless, but locally I think it should still have value. Those numbers on the computer in my band aren’t just bits and bytes they represent work I have done for my company, and people give these bits and bytes to my company because they see value in our service.