I've read how paper currency may become valueless;thus prudent for one to own gold bullion when it's going to be real bad out there economically speaking(ie. worst case scenario). Does this mean that in countries like USA, Canada, Great Britain, etc. and other developed countries that people will not be able to purchase needed goods, such as groceries, with paper currency ? Will the only way to buy such survival-oriented goods will only by purchasing with gold bullion ?

I haven't heard anything as you mention it. I don't think the Bank of Canada is going to discontinue paper money any time soon. In Canada we have replaced some paper money such as the loonie for the one dollar bill and the toonie for the two dollar bill. Now there is talk about the five dolar bill being replaced with coin and most of us are having hilarious thoughts of what that coin will be called. Some think it will be called the foonie.

It is quite silly for rme to imagine that anyone would be buying groceries with gold. I think gold is now up to what, $1000 an oz. And how do you propose the change would be handled ?

Do you actually think that the economy wlll improve if they do this ? Think again.