“If you don’t have something to barter then you’ll be up a creek.”
We will NEVER barter, at least to any measurable extent. Currency has been around for thousands of years and to get rid of it would mean living in pre-historic times. If we ever do end up at that place, it will suck, because, to be alive then, means that you killed many, many, people and were very lucky no one shooting at you hit you in a lethal way.
So what will happen? Simply, an Argentina-type meltdown, and life, for a while, in VERY INFLATIONARY conditions. These are conditions where if you don’t spend your cash, or savings, in a month, it loses 10% of its value...month after month. Expect about 2 years of that, which will triple prices on most goods. At that point, we will have wiped out enough savings and enough value out of debt holders to at least be solvent again (kind of). After that, things will improve for a while, except a re-run (same as Argentina, and Russia) is likely until (and unless) the country pulls together and seriously makes an effort to stop spending money that doesn’t exist. And anything we borrow will be in foreign currency, which then puts us at risk of real hyperinflation (as the debt will grow as the dollar dives further).
“We all had better have some of everything. Gold and/or silver, food stores, and other basic needs.”
This is spot-on. Any FReeper, with money, or even access to money (i.e., credit) that hasn’t already done this is PLAYING WITH FIRE...for that inflation will not be matched at all with wages...wages will be stagnant...or will trail prices by that 10% per month. But having to live on one half (not really one third, because some things, like mortgages will not be affected...and some other things, like domestic labor, will not go up as fast) of what you live on now is only part of the problem. The next part of the problem is when the government tries to ‘fix things’ through price controls. When that happens, expect SHORTAGES, EVERYWHERE...that is why every self-respecting FReeper (with the means) needs to hoarding-up at this moment.