12 things you must do to prepare for the economic depression in America

Here are a few famous lines from some motion pictures that could very well be uttered prior to and during the economic collapse:

“Be afraid. Be very afraid.” “I’m mad as hell, and I’m not going to take this anymore!” “What a dump.” Well, you get the picture.  If one were to ask those who predicted the economic collapse in 2007/2008 if the worst is over, it would be pretty much a given that they would respond with a quote from the hit 1950 motion picture “All About Eve,” “Fasten your seatbelts, it’s going to be a bumpy night!”

From enormous debt loads to rampant inflation to government incompetence, the United States is on the brink of severe economic depression. With a real national debt of $222 trillion including all unfunded liabilities and expenditures, it’s surprising that no one talks about how the U.S. will eventually become a bankrupt nation – if it isn’t already.

“We’ve got a much bigger collapse coming, and not just of the markets but of the economy. It’s like what you’re seeing in Europe right now, only worse,” stated Peter Schiff, president of Euro Pacific Capital, in an interview with Yahoo’s Breakout.

“That’s when it really is going to get interesting, because that’s when we hit our real fiscal cliff, when we’re going to have to slash — and I mean slash — government spending. “Alternatively, we can bail everybody out, pretend we can print our way out of a crisis, and, instead, we have runaway inflation, or hyper-inflation, which is going to be far worse than the collapse we would have if we did the right thing and just let everything implode.”

With that being said, there are various things a person must accomplish in order to prepare a household for the coming economic collapse. Whether it be owning precious metals, storing enough food and water, having some form of protection from perpetrators or having a basket of currencies, there are lot of ways people can make preparations while we are on the brink of disaster.

Here are 12 things you must do to prepare for the economic collapse in America:

1. Hoard cash and precious metals, such as gold and silver, outside of the financial institutions. For the past week, financial news organizations have reported about the crisis going on in Cyprus. What’s transpiring in the island nation could come to the U.S. and rob you of your accumulated wealth.

2. Aside from holding U.S. dollars and precious metals, it would also be beneficial to hold foreign currencies that are a lot more stable than the dollar. A recommended list of currencies to take a look at would be the Swiss Francs, Singapore dollars, Chinese Yuan Renminbi, Australian dollars, New Zealand dollars and perhaps even Canadian dollars.

3. Study how the U.S. economy will collapse. Whether you’ve been interested in the political sphere and economic theories for years or you’re just getting started, studying the likes of Peter Schiff, Jim Rogers, Ron Paul, Gerald Celente and the large number of Austrian economists will help you understand how we got into this mess.

4. Getting out of debt is crucial to surviving the economic depression. By not having any credit card debt, student loans, auto loans, a lease on products like a computer or a television and anything else will prove beneficial when interest rates skyrocket, creditors seek their money and government intervenes even more into the economy.

5. Compile a list of what you need and what you don’t need. This doesn’t have to be just for preparing for a collapse, but your life in general. Do you need a top of the line VIP cable package or a supreme data package for your smartphone? Separating needs and wants will be just as useful as getting out of debt.

6. Start storing a lot of water: filtered and non-filtered water. The filtered water can be for consuming and staying quenched, while the non-filtered water can be filled in jugs in order to bathe.

7. Constructing a long-term food supply will help until the economy returns to normal and markets begin to function again. The list of food could include rice, grains and anything else that can last for an extended period of time.

8. Obtaining survival kits is a cost-effective way of preparing for any disaster, economic or natural. These usually include first-aid kits, compasses, thermometers, storage and more. Kits can be purchased on eBay for as little as $5.

9. Knives, firearms,  ammunition and any other tool that can both protect your home and be useful in gathering items from the outside. An assortment of knives, including a Swiss Army knife, should always be in the home at all times.

10. Waiting for the crisis to come to an end can be rather dull. To pass the time, having an array of fun and games and literature around will help some from getting anxious or bored. A book of crosswords, board games, fiction and non-fiction books and puzzles should be prepared for weeks or even months.

11. A backpack. The backpack should be filled with personal hygiene essentials, water, food, medical supplies and self-defense equipment. It doesn’t have to be used, but just ready at the door in case something needs to be completed outside.

12. A positive frame of mind is one of the most important elements of preparing for the economic depression. As long as you are prepared, there is certainly no reason to go into hysterics. Financial downturns, recessions, depressions and collapses have happened throughout world history and usually those who are ready are the survivors.

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