As long as the dollar remains the reserve currency of the world, your dollars will be good. I am of the opinion it will, but I'm a no expert...( but I did sleep in a Holiday Inn once ! )
What will happen is those dollars will be worth a whole lot less (reduced buying power) depending on counties who hold dollars do with them. Think worst case scenario (Zimbabwe) or inflation in the best case scenario in the 20 % + annual range
will the govt confiscate our bank accounts and 401's?.
confiscate 401 K is highly likely if 2012 doesn't remove the ursurper from office.
He will need the cash to pay off his pubic sector union thugs to get them to do his bidding
In Argentina they closed the banks and then devalued the currency. One day people had $1,000 in the bank, they next they had $300.
Prices of course didn’t decrease by a similar amount.