How to protect your wealth in a deflationary environment?

Despite the fiscal stimulus and expansion of money supply, the world economies (excluding emerging markets) seem not able to recover with sustainable growth. One reason may be that the reduction of the money multiplier caused by the financial crisis. Banks and Brokers are deleveraging under increased regulatory pressure and are not securitizing debt and distributing risk with complex financial instruments. Furthermore, the public is not willing to move out of liquidity. If we have deflation coupled with depression (like 1930), how can one protect one’s wealth?