This is what crisis feels like

Here's a pretext, in case some of you doubters don't believe a currency collapse can happen here in the US.  Argentina was the most economically developed (if unstable) country in South America.  Rhodesia (now Zimbabwe) was the second most developed economy in Africa (behind South Africa).

And if you really want to take it further, the US itself has experienced two currency collapses in its history:  after the Revolutionary War and after the Civil War, both due to high indebtedness and the resultant destruction of its currency.

Sovereign defaults have occurred throughout history.  What's so special about the next one?  Because the country possessing the global reserve currency has never defaulted before.  The problem lays in the fact that every country in the world possesses USDollars (black market or otherwise), and when the dollar does collapse, the interconnected global financial system would descend into meltdown in cascading manner.  There will be few safe havens to hide out in. 

http://www.sovereignman.com/trends/this-is-what-crisis-feels-like-a-personal-story-12018/

On December 1, 2001, Argentina’s economy was in trouble. Unemployment was high, debt was high, and recession had taken hold. But life was somewhat ‘normal’.

Basic services still functioned. And no one had to really worry about… food. Or water. Then it all changed. Literally within a day. 

On December 2nd, our bankrupt government imposed measures that essentially froze everyone’s bank accounts. You can just imagine– one day having access to your funds, and the next day being completely cut off.

Within a matter of days, people were out in the streets doing battle with the police. The government soon defaulted on its debt, and the currency went into freefall.

Life becomes hell because you do not know whether you are going to be able to put food on the table the next day. 

And in such a state of despair, you’re not in a position to make good decisions. It’s all about survival.

Of course, we kept thinking, “why didn’t we see this coming? Why didn’t we do something sooner?”

If only we had moved some money out of the country before, or taken steps to safeguard his pension, life would have turned out much differently.

It’s like that old saying– better to be a year (or decade) too early than a day too late. Because one should never underestimate the speed with which things can unravel.