What Happens When the Fiat Currency Dies?

Even after controlling for income, youths in father-absent households still had significantly higher odds of incarceration than those in mother-father families. Youths who never had a father in the household experienced the highest odds. Source: Harper, Cynthia C. and Sara S. McLanahan. “Father Absence and Youth Incarceration.” Journal of Research on Adolescence 14 (September 2004): 369-397.
“My crystal ball is only a novelty item. However, history is in the books.
How many people died within a week of each of the previous times the currency failed in America?”
1819, 1837, 1857, 1873, 1884, 1890, 1893, 1907, 1929, 1933, 1971, 1987, 2008, 2012-13
Answer;
The past does not necessarily compare to our society today.
We no longer share a single culture. Multiculturalism saw to that.
Racial, religious, and ethnic tensions are high.
Every major city has a terrible gang problem. Gangs are armed, and could easily be formed into a militia, and with proper leadership and equipment, armies. Wars of independence could spring in various cities throughout the United States virtually overnight.
Did that exist in the past?
Were there over 2.3 million in jail in the past?
The United States has the highest incarceration rate in the world. Our generous welfare, child support payments, and socially tolerant liberal policies have breed millions of young males who have no biological father in their lives. Children and young adults that fill prisons, and would be easily influenced, and initiated into nationalistic political movements.
There are millions living in very small geographic areas with the potential of mass riots.
We are no longer an agricultural society. Our food is made and processed hundreds of miles away.
We don’t even get paid in cash. Everything is digital and succeptible to disruption. There’s no more tellers to assist you with a problem.

Children and the elderly suffer the most with inflation

Nobody has any appreciable amount of cash on hand. It’s all credit cards that may or may not work.
Even if our cards do work, will our money have value? If our money does not have value the economy will revert to a barter system of exchange. Only those people with assets will survive. Savers, predominately the elderly, will be wiped out and vulnerable to starvation. Children, the poorest and most vulnerable, will suffer malnutrition.
In the Great Depression, people knew the grocers personally. My grandfather lost his store extending credit to his neighbors. Today, the manager at Wallmart won’t give you anything, even if he had the authority to do so.
Zero inventory and Just In Time delivery practices mean there will be nothing on the shelves in 3 days, just like with the Japanese earthquake.
When the currency collapses, who will show up for work when they know they are not going to be paid. The manager at Wallmart doesn’t own the company and can’t give you a credible promise you will be paid.
When the USSR collapsed it was not a military defeat by the USA, it was a collapse of their money. Simply put government workers got tired of showing up for work, pretending to work, and getting paid in worthless rubles that did not buy anything of value. Hungry, frustrated, the government workers stopped showing up for work and pursued real work that put food on the table.

Federal Reserve Chairman Ben Bernanke, will he surpass Alan Greenspan (1987-2006) and Benjamin Strong (1914-28) as the worse Federal Chairman in the history of the Federal Reserve?

Historical models don’t match exactly what happens when a global economy, one that spent the last 40 years squeezing all the robustness out of the machine in a search for the last drop of efficiency, goes belly up.
The baby boomers will not be there to bail out the next generation. There are demographic time bombs all over the planet. China, Japan, Europe, and the USA, will in a few short years, be unable to sustain any social engineering programs. Simply put there are not enough productive, educated, hard working young people to sustain them. The free medical, retirement, housing, days will be over. Retirement benefits paid for by transfer payments (Social Security) was always a Ponzi scheme doomed to failure. It will fail.
The collapse of the USD will entail the collapse of virtually all fiat currencies . It won’t be millions that die, it will be tens of millions, hundreds of millions, maybe more, because the collapse brings about other interesting developments like global war.
Politicians resort to war to further rape the population of any remaining wealth that is transferred to the bankers, elites, and federal government, usually through inflation, but sometimes outright confiscation and/or taxation.
For the winner, victory, and the ability to pay for the war by taking advantage of the vanquished lost market positions and wealth. For the loser, misery and more despair. There is a reason the military drills into its soldiers the phrase “Second place is the first loser” and “It pays to win.”
This is a whole new territory we are discussing because for the complexity of our society and its global scale. The collapse of the Roman Empire is about the only other global financial collapse that is similar to the collapse or our efficient and very fragile modern global economy.