Howto patch Spectre Vulnerability CVE-2017-5753/CVE-2017-5715 on Linux

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A very serious security problem has been found in the Intel/AMD/ARM CPUs. Spectre CPU Vulnerability CVE-2017-5753/CVE-2017-5715 breaks the isolation between different applications. It allows an attacker to trick error-free programs, which follow best practices, into leaking their secrets. In fact, the safety checks of said best practices actually increase the attack surface and may make applications more susceptible to Spectre. How do I protect my Linux server and laptop/desktop against such attack?