"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. To the naive mind that can conceive of order only as the product of deliberate arrangement, it may seem absurd that in complex conditions order, and adaptation to the unknown, can be achieved more effectively by decentralizing decisions and that a division of authority will actually extend the possibility of overall order. Yet that decentralization actually leads to more information being taken into account."
~ F. A. Hayek

What are the most critical steps to take now?

1) Buy precious metals and store in a secure jurisdiction.

Holding gold and silver overseas is a great way to (a) ensure your savings is protected against inflation, and (b) ensure that your precious metals cannot be confiscated in the event that gold ownership is criminalized in your home country.

I strongly recommend Singapore, Hong Kong, and Abu Dhabi as three potential safe jurisdictions for your gold and silver.

2) Open a foreign bank account.

For funds that need to be maintained within the financial system (as opposed to precious metals), make sure you have a safe home for your money abroad in a safe, well-capitalized bank.

3) Have a place to go overseas

Economic turmoil brought on by governments stealing people's savings generally goes not bode well for social stability. If things get hairy, you'll want to have a place to wait it out. And you don't want to be deciding on the location while you're packing your bags.

Simon Black
Senior Editor, SovereignMan.com

China's Mixed May

My view is we are already seeing some effect of the piecemeal stimulus underway and I am growing skeptical that the Chinese government has given up on slowing the property market.

http://www.macrobusiness.com.au/2012/06/chinas-mixed-may/

mercer cost of living 2012 survey expats expatriate allowance

Top 5 cities in the Cost of Living worldwide rankings

Top 5 worldwide

Tokyo, Japan
Luanda, Angola
Osaka, Japan
Moscow, Russia
Geneva, Switzerland

Top 5 cities in the Cost of Living worldwide rankings, by region

Americas	Asia Pacific	Europe, Middle East & Africa
São Paulo, Brazil (12th) Rio de Janeiro, Brazil (13th) Caracas, Venezuela (29th) New York, United States (33rd) Brasilia, Brazil (33rd)	Tokyo, Japan (1st) Osaka, Japan (3rd) Singapore, Singapore (6th) Hong Kong, Hong Kong (9th) Nagoya, Japan (10th)	Luanda, Angola (2nd) Moscow, Russia (4th) Geneva, Switzerland (5th) Zurich, Switzerland (6th) N'Djamena, Chad (8th)