I’m very well aware of that. Which is why I’m not participating in my employers pension fund until this is over and taking care of my investments personally. Luckily I’m young enough (barely) and my expenses low enough to get away with this.
I’ll also comment that I don’t understand how people are getting the idea that the paper has no value. Some of us (like myself) pay our debts. Most people do. I suspect whats going to happen is they will take a big haircut (maybe 50%) before the vultures pick them up at a discount.
One solution might be for the Fed to start lending money directly to consumers with good credit (above 700 FICO) at the current interest rates. The problem we are going through now isn’t so much a problem of cheap money, but of bad borrowers. If we restrict credit to people that manage their money it will get the country back on track much faster.
