Here is one Catholic's response to John at AQ's big article on the "Economic Chastisement".

I think he sums up very well the sane position on being "ready" -- call it sane survivalism, or being in touch with reality.


There are many politically-incorrect reasons why the housing market is crashing, the most prevalent of which has to do with the fact that lenders were encouraged to lower their standards in order to give "underprivileged minorities" a chance to have a piece of the "American Dream" (two car garage, white pickett fence, etc.).  The problem is that those people couldnt afford the houses then, and they cant afford them now, and therefore they are being foreclosed upon.  I have observed this phenomenon in my own neighborhood and one of the worst parts about it is that property values are dropping like crazy.
 
For example, my house cost about $375,000 when we bought it new two years ago.  We'd be lucky to get $225,000 for it right now.  I envision a scenario in which the property values will continue to fall until our neighborhood becomes a ghetto, at which point we may very well have to sell at a substantial loss.  Of course, it's not inevitable that, that should happen.  The Real Estate market, like many markets, is cyclical, but its cycles tend to be much longer.  Only time will tell when the market will come back up again.
 
The thing I just dont understand is this: say what you will about the legitimacy of the war (and I am very critical of the reasons for it), the U.S. just conquered an oil-producing country (Iraq).  Somehow, however, oil is MORE expensive.  Huh?  Gas just went to $3.10/gallon here in rural northern Virginia (which is better than it is in a lot of places), and I know it hasnt stopped going up in price.  There will come a time, if it already hasnt come to some folks, where people will start having to make tough calls on which necessities to buy.
 
And maybe that isnt such a bad thing.  In an atheistic, materialistic society such as ours (speaking, generally, of the West), maybe having LESS money will cause people to think seriously about what focus on purchasing things that really matter.  I have a theory that if you take away the materialism, the atheism will start to erode.  Again, time will tell.
 
In the meantime, I believe in being prepared for the worst and hoping for the best.  Every adult in a family should own and be capable of using a reliable, military-style firearm.  If things ever get REALLY bad, those with guns will not go without.  If you dont believe things can ever get that bad, I would suggest looking at the L.A. riots from the last few years of the last century.  There was a lot of mayhem and looting going on at that time.  One of the more prevalent examples of people with guns being able to protect their property was the Korean shop owners in downtown L.A.  While everything was burning and being looted around them, they just sat on top of their buildings with M16-equivalents.  Predictably, the looters avoided their property.  So, a few assault rifles -- or even just reliable hunting rifles -- and a few hundred rounds of ammo would be a good thing to have.
 
Trying to stay debt-free is ALWAYS good advice.  Aside from one's house and automobiles (which few people can afford without taking out loans), paying off one's credit cards and not buying anything beyond one's means should definitely be a priority.  I am not in the "no credit cards" camp: I think they have a purpose and, if things ever got really out of hand, they might be able to serve as a source of emergency funds.  But, until that time, I would use them like checks: only buy what you can afford.  It makes your credit rating solid and keeps you out of trouble.
 
Having an emergency stockpile of non-perishable goods is good advice.  Soap, toilet paper, water, medicine, etc. come immediately to mind.  Other things I would recommend are a good set of camping gear (tent, backpack, sleeping bags, canteens, cold weather clothes, etc.) for one's family in case you have to evacuate.  And know how to use your gear.  That means actually going out and camping.
 
Also, I would recommend picking up a few basic skills such as knitting, cooking (from scratch), and baking (esp. bread).  These are generally considered "women's work", but how many women do you know who can actually knit a sweater?  Or bake a loaf of bread?  Can you prepare basic foods, or do you buy them pre-made in the supermarket?
 
Another way of looking at the situation is to ask yourself exactly how dependent are you on pre-made, pre-fabricated food and other products?  If the answer is "very", then I'd start re-evaluating my skill-sets and my inventory of worldly possessions.
 
I would also ask myself if I had any basic fieldcraft.  Can I navigate with a COMPASS (not a GPS)?  Can I read a terrain map?  Can I hunt?  Can I fish?  Can I prepare and cook game?  Can I make fire without a book of matches or a cigarette lighter?  If the answer to any of these questions is "No", then your survival in case of a disaster -- economic or otherwise -- is in jeopardy.  If you are a family man and your answer is "No", you are jeopardising the lives of your wife and children.
 
That's all I can think of for now.  Certainly, there are other things to consider, and this list is not all-encompassing.  The important thing is to have the proper mindset.  There is a saying that goes "If you look like food, you will be eaten."  So dont "look" like food.  If you dont "think" like food, you will not look like food.  Start adopting a survivalist mindset.  That doesnt mean you have to dig a moat around your house, put up barbed wire, and preach the end of the world is near.  It just means being prepared for the worst.  Things arent as bad as they could be, even if they are getting worse.  So, there is still time to prepare.