This was rhetorical question :) I lived through 90s in Russia, you won't scare me with global crisis. Bring it on!

Psst, ok, that was read comprehension failure on my part then, I was talking about ATF program.

As for the military spendings... well, people comparing it to GDP might as well compare their penises against nearest telegraph pole -- different sizes for different purposes. GDP has little to do with it, strategic goals and military doctrine do -- and the latter are not necessarily proportional to GDP (especially if we're talking about the US GDP and its real size, given the topic of the thread if dollar will crahs after all -- here goes trillions worth chunk of GDP). If you're Simak's Puddly (an animal that seeks to destroy other living creatures only because they could pose a potential threat to it, that ironacally makes it an enemy to everyone) -- this is one level spendings, if your understanding of national defence is less broad and more... well, closer to national borders -- that's totally another story.

Since the biggest part of military spendings aren't R&Ds (even if they are overbudget) but maintance cost for multiple 'unconvential' (in less politically correct language -- colonial, not to be confused with original meaning of 'unconvential' -- nuclear) wars and operations including personell payment, it is obvious the current understanding of national defence is closer to imperialistic Puudly. Doubt it stays that way for too long though, it is about a time to think about some really national defence priorities like strategic nuclear deterrent -- things aren't too rosy there.

People cannot pay their debts because of inflation, fractional reserve banking, outside borrowing, and excessive printing. There is no boogeyman and faith is not the best thing to focus on when you have a currency. This country's currency was built on the notional of reserve notes backed by gold, silver and whatever we truly had. If we didn't have money, well too bad. The second we gave up everything to the bankers they put us all in debt up to our ears for years to come.

Interesting... will other banks follow same rule?

UPD: "Actually they're just raising fees, not preventing those things.  Go to chase's web site and look at the business checking options. They aren't stopping businesses from sending international wires, or restricting cash activity to $50k. They're just forcing businesses who do those things to upgrade to the more expensive kind of business checking account." Submitted by doggydogworld on Wed, 10/16/2013 - 15:01.

 Oh well, that's not what I thought it was then if that's true. People are overreacting.

The only thing gold backing does is make it that much harder to have a flexible currency. Fiat is simply more stable.

Who even operates on the gold standard anymore? India might, i think, though that's showing their weakness.

Backed currency doesn't need to be flexible because its real. If you have it then you have it. Its amazing how much inflation increases prices to outrageous levels to the point that the bubble had to burst in this country.

How is it real, though? How are shiny rocks any more real than bits of paper with pictures? (The practical uses for gold and silver notwithstanding)

What is flesh without a skeleton? Answer that question and you'll understand my point. If theres no backing you should've just saved a tree. Gold needed no backing because it was considered a desirable and rare object. The dollar is only a vessel for true value, no different than a check or a credit card. In Asia rice was used as currency. You're basically saying air is just as valuable as a commodity that could pass for currency itself. Fiat currency makes it easier to create debt especially when people don't know where the money is coming from. You wouldn't be the wise as to whether the lender had mal intent or not. Everything today is based on faith....which is something we need less of if we want to stay out of trouble.

I agree with your statement.

Ultimately people will believe whatever they want and usually that is whatever makes them comfortable. If they think the US dollar will be around in their lifetime or otherwise.

I like your point on faith although I take it from a different angle. I believe anything is possible because I have little faith in humans, espeicially those that seek to lead and thus become leaders. Decisions made within are the cause of the fall of empires and great nations.  All it takes is a decision and a bad one can be taken tommorow or in twenty years.

U can print bits of paper with pictures as much as u want, it is harder to print gold, silver etc. :D and gold is the same in the whole world, this is a win - win situation.