The Collapse XXIX: An Unexpected Holiday

02 September 20XX

My Dear Lucilius:

I am sure by now you have read the same news as I have, the same news that is burning up the InterWeb – literally world wide. A multinational, multi-day bank holiday. Announced – at least here in the US – in the middle of a three day holiday weekend, to which most cannot respond.

I had expected much – negative interest rates, price controls, even perhaps a trading holiday. But I scarcely expected such a thing as this to occur. This is a sign of true desperation, of the backup rip cord being pulled, of the emergency brake being hauled back on.

The outcome, of course, is foretold to anyone who knows the history of the Great Depression: long lines, followed by a complete loss of confidence in the currency. The currency will last for a week, maybe two – until people begin to figure out that it truly has become no more than a paper promise, something that will never again be useful for anything except for such great and noble tasks as starting fires.

All of the government’s official statements aside – full faith and credit, temporary event to help stabilize the economy, and so on – I suspect the game is up. By the time they re-open the banks, nothing will have changed to change the underlying issues.

Think of it – for millions of workers now, there is essentially no hope that they will be paid, or if they are paid that they will be able to get to their money, or if they are able to get to their money that they will be able to use it to purchase anything. Inflation is likely to become the word of the day for the short term, as business owners attempt to mitigate their risk by charging more in hopes that they will be able to get something (yes yes,I know – it is all terrible illegal and all. But who is going to enforce the laws now? Law enforcement cares to be paid like anyone else).

And then, I suspect, nothing.

I suppose I can at least watch the inevitable market crash that will occur (I can already seeing happening around the world, a slow moving tsunami that is coming towards our time zone) – not that this makes me feel any better, of course. My carefully laid financial plans are about to collapse into so much worthless electronic bytes. My bank account, now rather exhausted, will probably fare slightly better – but my only option is electronic transfer at this point, and who will be selling or accepting currency which is truly imaginary?

I will hold on to whatever cash I currently possess. Who knows – perhaps in the future, it will have some value, if only as a memento of an economy that disappeared overnight, much like German Marks from the Weimar Republic.

Your Obedient Servant, Seneca