I am not a fear mongerer but to be honest, I don't think this anticipated coming economic collapse is just another ordinary correction like they always do happen in markets. With this one, I urge you to be more cautious and start taking some actions to prepare you for what's about to happen.
While some may consider such a discussion a waste of time, more and more people are coming to the conclusion that preparations of some sort are warranted in our current troubled environment — on many fronts.
Recently as August 2015, China announced that it had bought over 600 tons of gold in "one month" alone. China also just dumped a Record $143 Billion In US Treasuries in just Three Months.
Russian President Vladimir Putin has introduced legislation that would deal a tremendous blow to the U.S. dollar. If Putin gets his way, and he almost certainly will, the U.S. dollar will be eliminated from trade between nations that belong to the Commonwealth of Independent States. In addition to Russia, that list of countries includes Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan and Uzbekistan.
Obviously this would not mean “the death of the dollar”, but it would be a very significant step toward the end of the era of the absolute dominance of the U.S. dollar. Most people don’t realize this, but more U.S. dollars are actually used outside of the United States than are used inside this country. If the rest of the planet decides to stop accumulating dollars, using them to trade with one another, and loaning them back to us at ultra-low interest rates, we are going to be in for a world of hurt. Unfortunately for us, it is only a matter of time until that happens.
Events can happen in the aftermath of an American/Global Economic Collapse
Martial law:
Considering the widespread impact of a collapsing economy on the sentiments of people, it is expected that the government will use the National Defense Authorization Act (NDAA) to its advantage. The NDAA will give the government the power to detain any individual considered as a threat for an indefinite period.
Travel restrictions:
An economic collapse in can trigger travel restrictions, including suspension of passports. An economic collapse will also cause travel restrictions to be put in place at highways/checkpoints.
Confiscation of wealth:
A catastrophic economic collapse can make the government to take extreme steps, which also includes confiscation of wealth. The laws passed by the European Union give it the authority to confiscate bank accounts through bail-ins. Although real estate and precious metals are not covered under the rule, but it doesn’t mean that they are safe. Governments around the world have been known to make some difficult decisions whenever their economies are in dire straits, and things can turn out that point of time in history.
Shortage of food:
An economic collapse can lead to shortage of food in the world. The food industry is expected to take a severe hit as it survives mostly on small profit margins.
It is everyone’s prerogative to take the right steps and save prepare for the economic catastrophe that may have already be knocking at our doors right now. Mentioned below are a few tips that can help you prepare for the upcoming economic crash.
Get out of debt:
One of the first and foremost steps you should take to secure yourself is to get out of debt as quickly as you can. I know this is easier said than done, but difficult times call for difficult measures. Paying off your mortgage in a short span of time might not be possible, but you can at least try to get rid of your credit card debt or any car loans. The lesser your debts, the better position you will be in to deal with the economic depression.
Save for the rainy day:
People who have been contributing to a rainy day fund are better prepared for dealing with the economic crash. If you don’t have enough savings to help you brave the winds of a financial collapse, start today. You might need to make substantial contributions to compensate for the lack of contribution that you should have made earlier. Although having a rainy day fund won’t mean that you will see through the crisis without having a steady source of income, it will definitely buy you time after the initial shock. Many people with rainy day funds are now securing junks of their savings in gold and silver.
Practice frugal living:
To deal with the downturn in economy, you will need to make some major lifestyle changes. If you have got used to living on credit, now is the time to change that and start living frugally. From shunning your credit card to brown bagging your lunches, you need to put in an effort to save every penny that you can. You also need to look for alternatives to the products that you use on a daily basis. As food prices are expected to reach sky-high levels in the next year, investing in a garden can be a great idea.
Learn new skills:
Surviving the coming economic collapse of 2015 will require patience and perseveration from you. You need to hone your existing skills and learn new ones to improve your chances of gaining employment. Learning new skills will also help you compliment your primary source of income.
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