Robert Gore will be discussing how to survive an economic collapse at the Patriot Conference. He is a writer, investor, attorney, and former bond trader. He is also a regular columnist for thesavvystreet.com.
How do you survive an economic collapse? The first step is to know it’s coming. You don’t have to be a PhD in economics or a Wall Street expert to identify bubbles and booms, or to understand why busts and depressions inevitably follow. What you need is common sense.
Governments’ fiat (or out-of-thin-air) debt and currencies, and relentless optimism have blown up the largest global debt bubble in history. When debt grows consistently faster than underlying production and economic activity, the bubble must bust. Economic survival should be geared to two possibilities, either an inflationary, and probably hyper-inflationary, or a deflationary collapse. Either way, production and economic activity will shrink dramatically. Fortunately, the key to both is developing personal resources beforehand, and preparing for a variety of contingencies.
Standard resources must be stockpiled. Also, expand your base of nonstandard resources—your know-how base and your network of trusted friends and their know-how. Whatever you know is dwarfed by your ignorance. Keep learning useful skills and develop a team of people with other useful skills.
Stockpile your emotional and intellectual resources as well. Don’t tune out the world, be aware. There are financial people who know what is going on and have good (but not perfect) predictive track records. Teach yourself to think and talk with friends and relatives about the “unthinkable,” to emotionally prepare for it and to develop real-life survival strategies beforehand.
Governments can be counted on for stupid and criminal responses to economic collapse. Don’t put your assets at their mercy. Martial law will be unenforceable, but that doesn’t mean they won’t try. Chaos is the most likely outcome. They will try to outlaw the private ownership of firearms and precious metals and they probably know who owns what.
Human history is three steps forward, two steps back. Collapse will be a giant step backwards, but it too shall pass. It will even present some great opportunities.
Mr. Gore is also the author of the following books:
Mr. Gore’s website is Straight Line Logic.