Preparing for the Worst.

Discussion in 'Politics, Religion, Social Issues' started by fivepoint, Oct 6, 2010.

  1. fivepoint macrumors 65816

    fivepoint

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    #1
    Hindenburg Omen Reached Again
    The Trade and Tax Doomsday Clocks
    Trade War to go Defcon 4

    [​IMG]


    There are many different opinions as to whether the dollar and U.S./Europe economies might be on the brink of collapse as many Austrian Economists would suggest. What I'd like to know is what would you do to prepare if it was? Play devils advocate for a second and assume the worst. What steps would you take to prepare, what would you tell your friends and family to do to prepare?

    Let's create a list of to-do's, best practices assuming you knew something that the rest of the world didn't - that there's an imminent economic collapse heading our way much deeper and more meaningful than the one we we've been going through for the past 2 years or so.



    UPDATE: List of Relevant Suggestions from Thread Comments Below
    • Keep my skillset as up to date and wide as possible so that I remain attractive to clients and/or (if necessary) employers
    • ensure I have a sizeable liquid cash float both personally and in my business
    • minimize both risk and debt exposure
    • attempt to reduce our reliance on credit cards
    • trying to increase our savings account but of the bottom does drop out
    • try to learn some practical skills, such as basic mechanics, plumbing, carpentry, farming, etc. Most professional career skills will be worthless in the years immediately after such an event. You'll need food, shelter and be able to repair machinery. Having a way to defend yourself wouldn't hurt either.
    • I'd like to imagine I'd be in better shape than many people. I could keep my car running myself; I'm a good cook, both on a fire and on a stove; I know my way around basic farming/planting techniques; I can saw and chop wood; I can do repairs on my house and small scale construction; I can shoot a rifle well, set traps and clean fish; fix plumbing and electrical etc
    • minimize debt, broaden marketability
     
  2. Queso macrumors G4

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    #2
    Do what I've already been doing since about 2005. Keep my skillset as up to date and wide as possible so that I remain attractive to clients and/or (if necessary) employers, ensure I have a sizeable liquid cash float both personally and in my business, and minimise both risk and debt exposure.
     
  3. barkomatic macrumors 68040

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    #3
    If I knew a very serious economic collapse was coming I would try to learn some practical skills, such as basic mechanics, plumbing, carpentry, farming, etc. Most professional career skills will be worthless in the years immediately after such an event. You'll need food, shelter and be able to repair machinery. Having a way to defend yourself wouldn't hurt either. A degree in sociology isn't going to help much.

    However, I do not believe a true economic collapse is imminent.
     
  4. citizenzen macrumors 65816

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  5. OutThere macrumors 603

    OutThere

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    #5
    I don't believe we're at all headed for global economic collapse, but I'd like to imagine I'd be in better shape than many people. I could keep my car running myself; I'm a good cook, both on a fire and on a stove; I know my way around basic farming/planting techniques; I can saw and chop wood; I can do repairs on my house and small scale construction; I can shoot a rifle well, set traps and clean fish; fix plumbing and electrical etc. After graduating college in June I haven't found a job so I've been using my downtime to expand my maintenance and repair skills. :)

    By no means am I a 'survivalist', but I do feel that our service economy has sapped our ability to do many basic things, and that there is a benefit to knowing at least the basics. Home ec and shop class are fading quickly from the high school catalog, and I don't think that's a good thing.
     
  6. skunk macrumors G4

    skunk

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  7. Queso macrumors G4

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    #7
    I could build wind and watermills and know how to both generate and store electricity (in the form of batteries) from the movement produced. I know which elements and acids to use for the wires and batteries and how to make or extract them from raw materials. I've made glass and know how to do it again, and still remember enough of my civil engineering knowledge to be able to put up bridges, dams, aqueducts etc. even if I have to use wood and mud.

    I'm sure those would be skills with some bartering potential. I may not be a farmer, hunter or weaver, but I'd be a reasonably useful guy to have around :)
     
  8. flopticalcube macrumors G4

    flopticalcube

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    #8
    I'd go around the neighborhood and meet ALL of my neighbors to find out who they are and what they can do. Since I already know that, I'm prepared.
     
  9. TheOnlyJon macrumors 6502a

    TheOnlyJon

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    #9
    I'd continue my normal spending habits, as if there never was, never is, and never will be an 'economic doomsday'. Perhaps it's my ignorance speaking, but if the news never made a big deal about how sh-tty the economy was or was likely going to become, then people wouldn't throw their money under the mattress and stop spending.
     
  10. Raid macrumors 68020

    Raid

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    #10
    Fivepoint, I get where your coming from, the economy is bad, the "end" of the recession was declared on a technicality and the fundamentals are as steady as a bowl of jell-o cubes in an earthquake.

    However before you prepare for the worst you should consider the source of the down-turn; is it based on the governments overspending and masking the devaluation of the dollar with offsetting inflation, is it the lack of available credit in the market that will stagnate growth, or is it changes in commodity valuation? Is it more than just one source?

    The list you propose in times of financial insecurity goes right from the the practical (minimize debt, broaden marketability) to situationally dangerous (holding on to more cash when the purchasing power is in decline), to the down right apocalyptic (food gathering, and self-defense from the unwashed hordes who didn't know better than you).

    Really in times of uncertainty, keep your debts low, savings reasonable, your butt in the present and an eye on the future.
     
  11. fivepoint thread starter macrumors 65816

    fivepoint

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    #11
    Thanks for the reasonable response. AT least there are a few people here who realize what this thread is actually about, who actually read the OP and respond with intelligent substantive comments. ;) Excellent points - preparedness would certainly vary depending on the cause of the problem and the specific issues that problem would lead to. You're right, I'm looking for a wide variety of answers from simple minimzing of debt to maybe more far-fetched scenarios in which people are talking about hoarding food or learning to farm, etc. All of which have been posted already.
     
  12. NT1440 macrumors G4

    NT1440

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    #12
    Anyway, if a depression were to occur, I'd focus on community building. The only way we're all better off is if we all are better off together.
     
  13. OutThere macrumors 603

    OutThere

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    #13
    Communist! :mad:
     
  14. Desertrat macrumors newbie

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    #14
    Since the problem is pretty much world financial turmoil, one's own financial stability is paramount. To me, that means a secure means of income, regardless of inflation. Manageable debt, but minimized as to percentage of net income. Broad range of skillsets so that in the event of job loss there are options for completely different types of work.

    Other "stuff": We know that precious metals represent storehouses of wealth. Get some. We know that transportation fuel costs will rise by a notable amount, so trade into some sort of very fuel-efficient primary vehicle.

    We know that food prices are rising, so stocking up now with items suitable for long-term storage will free up money for other purchases later on.
     
  15. r.j.s Moderator emeritus

    r.j.s

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    #15
    Let's try to keep it on topic - the discussion about whether or not the economy is failing is another thread.
     
  16. NT1440 macrumors G4

    NT1440

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    #16
    What qualifies as secure sources of income other than things like funeral homes? :confused:
     
  17. CaoCao macrumors 6502a

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    #17
    I can grow 18,000 pounds of food per year on my property (0.6 acres)


    Friends' talent sets marksmanship, farming, livestock, structural/electrical engineering, architect, medicine (nurses+doctors), blacksmith, cobbler, forest service, construction workers...

    I'm covered
     
  18. erickkoch macrumors 6502a

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    #18
    EMT (emergency medical technician) training would be nice, maybe even nursing. Medical care will always be needed no matter what happens to the economy.
     
  19. geese macrumors 6502a

    geese

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    #19
    I've been stockpiling mustard, gerkins and bread....


    I'm preparing for the Wurst.
     
  20. Queso macrumors G4

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    #20
    It appears we are now six minutes past the lowest possible nadir. Happy days :)
     
  21. CHAOS STEP macrumors 6502

    CHAOS STEP

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    #21
    This is a good and important thread!

    I read something about the ice caps melting and had a great idea ... What if I constructed a craft of some sort that was very, very big?

    You see when the ice melts, there would be a flood, but get this ... I would be able to FLOAT ON WATER!

    I would probably need to make it very big and store lots of things on it - like an encyclopaedia, my train collection, maybe even an animal or two (livestock might perish in the flooded fields).

    What do you think, I am convinced I am on to something, I got the idea once when I was half asleep and I think I heard a voice telling me this!
     
  22. leekohler macrumors G5

    leekohler

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    #22
    Is your name Noah, by chance? ;)
     
  23. Gelfin macrumors 68020

    Gelfin

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    #23
    You mean like the sweet sound that calls the young sailors? The voice might be one and the same. If you hear it too many times to ignore it, then it's probably something you're supposed to be.
     
  24. CaoCao macrumors 6502a

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    #24
    You fail physics FOREVER
    The ice is going to melt over the next 500 years giving us a grand total of 60ft rise

    No flooding necessary
     
  25. .Andy macrumors 68030

    .Andy

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    #25
    Did you hear a whooshing noise when you clicked reply by any chance :p?
     

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