How does jettisoning a bunch of stuff you don't use translate into giving up one's lifestyle? I prefer to think of the steps I'm taking as reclaiming what's important in my life. Modern culture (at least in the US) encourages us to accumulate a lot of crap. I'm getting rid of the excess crap that I don't use, or really don't need, while it still has some value. Stuff owns us just as much as we own it, so I see nothing wrong with determining what stuff is truly worth owning and taking the appropriate steps.
What these folks are talking about is taking steps to retain access to things that they may not be able to buy for one reason or another. Seems like a prudent path to me.
You're right that we may be getting ready to dodge a bus that won't come. It makes sense to be prepared, and then be happily surprised when things aren't as bad as you feared. I'd much rather be in that situation than showing up at the foodmart one day, waiting in the queue, and then demanding to know where my sugar-coated squishies are, since my ration card states I get 4 of them a week, but the shelves are empty.
Economic turmoil of one sort or another is coming, though. Whether it's caused by peak oil, or poor fiscal policy, or just a K-wave cycle completing, it will happen, and in our lifetime.