1. Have no debt. 2. Have physical bullion. 3. Have stocks in gold or silver. 4. Start making a stock pile of food good for several months - year would be nice. 5. Live where you can grow some food and hopefully close to fresh source of water or know of clean water wells where water can be pulled from when needed.
If you get a loan and buy bullion, it's a good idea but what could happen is there could be a market crash and everything will get dumped including PMs as we've seen many times before during major downturns. If this is prolonged and banks call in their loans - I don't know if they can or in what time frame - then you might have to sell your bullion at depressed prices to pay back your loan if you don't have cash to cover.
Also I prefer having majority in gold as it's easier to transport if one needs to move. It's fine to have silver but if you have emergency and need to move it's easier to move 30oz of gold than 1500oz of silver -1:50 ratio.
Also just because FED interest rates are heading lower doesn't mean they will continue to be lower for the public as the public isn't borrowing money from the FED but from the banks which are in financial crises and are tightening the money supply by making it harder to qualify for loans and they don't necessarily need to lower lending rates in sync with the FED, in fact they can leave rates as they are or even raise them.
It's also a good idea to have some cash savings on hand because if there is a market crash there will be great buying opportunities and it wouldn't be advisable to sell bullion to buy stocks as no one knows the true bottom and bullion held as safety hedge shouldn't be used on stock market which is slightly better than gambling.
At this point it's better to prepare for the worst and hope for the best but it looks like hyper-inflation is the only way USA can payoff their debt and this doesn't speak well for the rest of the global economies. Europe is run by the same bankers as here so they will work their magic on the public there too - isn't Ireland struggling with recession but can't do nothing about rates as they're under the might EURO bank?
Euroland masters are destroying middle class just as they've done with USA. But instead of sending manufacturing to China they let people from poorer country take jobs away from people in western countries - England and Germany are prime examples of that. Poland lacking skilled labor due to exodus to the west will hire Ukrainians or Romanians who will work for less and thus we have middle class degradation.
Jim Sinclair doesn't think North American currency will occur but lets look at reality of things. Canadians will need passports to travel to USA??? Well maybe know as new drivers licenses are being introduced with biometrics so that one will be able to drive to US with drivers license just like in the past. For globalist cartel it would be a benefit to join Mexico, Canada and USA and make one currency. Cheap Mexican labor and natural resources from Canada is a win win situation for the ultra rich. And looking at laws past under Bush - all that is needed is another 9/11 and freedoms will be gone and protesters will be labeled terrorists and off to the camps they go. We're living in different time not seen by any other generation.
I guess I went way off topic here and maybe too negative - all the best ;)
No I think you are spot on. As for food storage, I like a 2yr supply and more amo and drive illigally. Do not go on their system no never! If they throw you in jail they will get tired of feeding you as jail costs continue to rise with commodities and inflation. Time to take a stand! It's now or never. May sound radical, but to me its the only way. Wish Ron Paul the best. Last best hope for America.
Bullion coins are great, but as Scott Burns, the financial columnist once observed, the exchange rate between gold coins and a 357 Magnum usually favors the 357 Magnum. Suggest you add that to your list of essentials as well.
Gun may or may not help you if the bullet is coming out of an automatic assault rifle or what have you. If things really get at bad as I think they will get - and I hope they don't - you will first find governments banning weapons or carrying weapons without special permits. Police and military would be called to impose "peace" by any means necessary. People today are more violent than they were in the 30s and the human mentality would be to protest and rebel except today governments have weapons that will subdue large mobs by lethal or non lethal means. So your magnum might be useful if you have a robber who knows you have gold but I would imagine most won't know you have that. Just like you don't know who I am and where I live, likewise you don't know what your neighbor has or has not. Many will grow food and that might be your bigger concern to fight off those trying to steal your veggies ;) than them stealing your gold -unless of course you carry gold coins on top of your coat for the world to see. And I would guess that many people who do rebel or try to stand up against the government will end up in the detention centers that are already build and empty around US (may be other lands have such too).
One other thing about the Magnum theory, if I was going to have a gun I would definately have a gun with a silencer not one that would make enough noise for the world to hear and get your ass arrested for trying to save you gold coins ;)