Originally Posted by EricLindros
No. Greece doesn't issue it's own currency. The US does. That makes a huge difference. A sovereign issuer of their own currency can never unintentionally default.
Better analogy is Europe as a whole, which is now going through a recession exacerbated by the austerity measures they're implementing throughout the periphery.
the point wasn't about issue of sovereign currency, but implosion. The better historical example would be the Deutsche Mark interwar. Do some research on how long it took for the US$ to replace Sterling as the preferred exchange currency. Then use any metric you want to see how that speed could be enabled in todays highly connected world economy.
If that were to occur in days/weeks, what value the US$ has within its borders means bupkiss. Contrary to patriotic flourishes, no one outside really cares.