I believe that ultimately we can look for a new, cashless system. If the present system collapsed and we had high prices even in the midst of that collapse, people would become hysterical and even riot, stealing what they wanted. The government would be forced to establish some kind of control, which could best be done by temporarily stopping the flow of money and then totally reorganizing the monetary system. It would have to be virtually dictatorial under government control so that the new economic system could operate on a cashless or credit card system.
I believe that initially each individual will be issued a number of digits (or units) for the amount of money held in the bank and proportional to earnings. A master credit card will be used to make most or all purchases. Eventually, as the system progresses, there will be no money, only a credit card per individual. The card will be checked through the electronic cash register at the store and also against a central computer to determine allocation of credit so that no one will be able to borrow beyond his ability to repay, nor will anyone be able to accumulate excessive amounts of money. It is conceivable that each individual will have a definite accumulation limit so that no large surpluses will exist. Profits may be allowed in business, but they will be contained within the maximums that the government prescribes.
Additionally, crime could be drastically reduced through this system, since crime prevention will become one of the major goals of the government. As the economy continues to slip, the cashless system will be an important tool in the battle against criminals. Money thefts will become a thing of the past because there will be no money. It will be fruitless to rob banks because they will only store computer tapes. It will make no sense to kidnap someone, because the criminal could only have his account credited. Retail store thefts will be reduced to product losses only. Thus, two major problems could be solved at one time—crime reduced and a common medium of exchange established throughout the world. I believe that whatever system is enacted, it will have to be worldwide, thereby creating a common medium of exchange.