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Report Date: February 2019
Craig Hemke & Eric Sprott …
Collapse Versus Crisis
Be very clear that an economic crisis is not the same as an economic collapse. As painful as it was, the 2008 financial crisis was not a collapse. Millions of people lost jobs and homes, but basic services were still provided.
How to Prepare for an Economic Collapse
Protecting yourself from a collapse is difficult. A catastrophic failure can happen without warning. In most crises, people survive through their knowledge, wits, and by helping each other.
Here are six steps you can take now to prepare for a potential collapse.
1-Make sure you understand basic economic concepts so you can see warning signs of instability. One of the first signs is a stock market crash. If it’s bad enough, a market crash can cause a recession.
2-Keep as many assets as liquid as possible so that you can withdraw them within a week.
3-As for cash, it may not be useful in a total economic collapse because its value might be decimated. Stockpiles of gold bullion may not help because they would be difficult to transport if you needed to move quickly. In a severe collapse, they may not be accepted as currency. But it would be good to have a stash of $20 bills and gold coins, just in case. During many crisis situations, these are commonly accepted as bribes.
4-In addition to your regular job, make sure you have skills that you’d need in a traditional economy, such as farming, cooking, or repair.
5-Make sure your passport is current in case you’d need to leave the country on short notice. Research target countries now and travel there on vacation, so you are familiar with your destination.
Keep yourself in top physical shape. Know basic survival skills, such as self-defense, foraging, hunting, and starting a fire. Practice now with camping trips. If you can, move near a wildlife preserve in a temperate climate. That way, if a collapse occurs, you can live off the land in a relatively unpopulated area.
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