I just recently read this on world derivatives and it both scares me and also gives me hope that if it does crash that we can create a better and more equal society out of the ashes. http://www.dailyfinance.com/...
1.2 Quadrillion is a large number that is hard to get your head around. It's the same as 1,200 Trillion and 20 times greater than the total worldwide GDP.
Let's see if I can put this in context:
It's about 40% of the number of gallons of water in lake Superior(3 Quadrillion
gallons).
It's about 92% of the volume of water (in gallons) in Lake Michigan(1.3 Quadrillion
gallons).
Slightly more than 58,613,784,008 olympic sized swimming pools (@20,473 gallons
each).
It's more than 172 times US GDP of 17,438,000,000,000.
If you started to count to that number it would take you 60 million years to count
that high.
Suffice it to say, it's a really big number.
If such a market does collapse, I feel the best thing to do would be to start over from scratch. Erase everyone's debt and wealth and start everyone back at square one, as there is no way to pay off such a large debt. That would mean no one would own anything anymore. To do otherwise would be unfair to most of the populace. Just because you are a billionaire now, doesn't mean you would get to keep what you had accumulated. You would have to start back at square one just like everyone else.
I don't know what else we would have to do to keep some from running rough shod over anyone else. Governments all over the world would collapse at the same time their monetary systems collapsed. Anarchy would be the rule of the game unless there were some way to bring about coalition governments quickly. I doubt very many people have thought about the implications of such an event taking place.
What are your thoughts on how we could start over?
I've already put my thoughts out their on what I'd like to see happen. You can read more on it on these diaries.
http://www.dailykos.com/...
http://www.dailykos.com/...
World wide, new constitutions, governments, monetary systems, and laws would need to be written to deal with the new reality.
Some countries may decide to keep their current government structures and constitutions in place, while others will choose to start over.
Some will choose to form alliances while others will be protectionists.
If we got rid of money and just used labor minutes and accomplishments instead of money or gold, it would go a long way towards keeping people on a more equal footing. (see my comments on this on the "losing hope" diary comments section)
I would love to hear from others on what you think may happen in such a senario and how to fix it if possible. Or do you think we would head back into the dark ages or move forward into a more enlightened society?
