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pat gilbert

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If the economy in the U.S. and or Europe implodes how do you see this happening?

Some say deflation some say inflation some say both.

Only the oblivious can ignore the obvious.

Anyway it is hard to wrap my wits around a complete collapse.

The USSR had a complete collapse but the government was so dysfunctional that perhaps people already had created viable alternatives in place.

I would find it hard to imaging that barter could replace the money as there would be no way to have any large scale division of labor or trade. Would this be an opportunity for Bitcoin to replace the money system?

Or would just be a slow gradual decline into a 3rd world economy?

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Closing Statement from pat gilbert

Everyone who responded believes that it is going to happen. One stated it was not going to happen.

Some said it will be quick, one said it will be dystopian, some said gold would be money of choice not Bitcoin.

The thing I find interesting about this is the few who commented on this subject. Admittedly negative, but something that is going to change everyone's lives 180 deg gets few comments?

Yet equality or the environment will get hundreds of comments. Me thinks that people are apathetic about this subject.

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  • Jun 3 2013: I think that the world is too connected for a catastrophic collapse to be a likely outcome in a well established economy like that of the US. Countries, through trade agreements at least, are invested in each other to a very large extent and do not like their partners to endure hardship because it also represents hardship for the investing nation.. So, economically speaking, globalization has something of a stabilizing effect, and that is why I think that economic decline most often happens relatively gradually. Not always, but most often. So yes, if a decline were to happen in the US or EU, I would think it would be mostly gradual until the very end when things would speed up...just like the death of anything in nature.

    Re: barter. I like the idea of barter, and with the internet connecting people, I think it may be easier to do than it has been in the past. However, money exists to make the exchange of goods easier, and it won't be going away any time soon. Digital currency is an attractive idea and I believe that Bitcoin, or something like it, may be on its [gradual] way. Again, however, countries are too invested in trading each other's currencies to allow an overnight transformation like this to take place. Not that they would be completely averse to it, but when it happens, each stakeholder in the currency system will have something to say that will transform it from its original conception into something with so many concessions added onto it that it is still uncertain to me how it would act in the open market.

    Inflation, deflation...it all makes things harder to buy, so does it really matter?
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      Jun 3 2013: The speaker in the above link thinks that most often it is sudden.

      Barter prevents a division of labor and makes trade impossible.
      • Jun 3 2013: Barter is a natural step in the development of an economy. In fact, it promotes a division of labour and is the first step in creating a trading environment. That is, people make something (or provide a service) and then trade it for something that they need. In all likelihood, most of us have engaged in a similar kind of activity as children. Ever read Tom Sawyer? Money is introduced at a later point to facilitate a greater trade of goods between people. Even so, it seems to me that barter still exists within a monetary context...I mean, what about currency trading? Is that not a kind of barter agreement?
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          Jun 3 2013: Barter requires finding someone who wants what you have to offer and you wanting what they have to offer in a quantity that is agreeable to both parties.

          Trade with other countries or large parties would be impossible.

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