Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) | 
|  | | | Title: | Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) | | Author: | Peter D. Schiff
John Downes | | Publisher: | Wiley [Website] | | Type: | Book / Hardcover | | Publication Date: | 26 February, 2007 | | ISBN / ISBN-13: | 0470043601 / 9780470043608 | | List Price: | $27.95 | | You Save: | $9.50 | | Amazon Price: | $18.45 | |
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Product Description
The economic tipping point for the United States is no longer theoretical. It is a reality today. The country has gone from the world's largest creditor to its greatest debtor; the value of the dollar is sinking; domestic manufacturing is winding down - and these trends don't seem to be slowing. Peter Schiff casts a sharp, clear-sighted eye on these factors and explains what the possible effects may be and how investors can protect themselves. For more than a decade, Schiff has not only observed the U.S. economy, but also helped his clients reposition their portfolios to reflect his outlook. What he sees is a nation facing an economic storm brought on by growing federal, personal, and corporate debt, too-little savings, a declining dollar, and lack of domestic manufacturing.
Crash-Proof is an informed and informative warning of a looming period marked by sizeable tax hikes, loss of retirement benefits, double digit inflation, even - as happened recently in Argentina - the possible collapse of the middle class. However, Schiff does have a survival plan that can provide the protection that readers will need in the coming years.
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Customer Reviews:
• If You Think Money Is That Green Paper You Carry, This Book Is A Must-read. 27 June, 2008
Bottom line, if everyone in America read this book (better yet, everyone the world over), there would be a (much needed) revolt by the fleeced taxpayers who are robbed blind by the Federal Reserve's (and other central banks) paper money (that they can counterfeit as much as they want legally). If that revolt happened, and the people (who the government *works for*, not the other way around) were able to take money back from the government and put it in the rightful hands of the people, there would be such a wonderful world created by the free market, in such a short time, that everyone would be enjoying a much higher standard of living that would make today's paycheck-to-paycheck life seem like a bad dream.
We are living in an age where we have a banking system that is immoral, unethical, and out and out robbery of the productive workers of this world.
For an example of what is basically America's biggest problem (the Federal Reserve), take anything scarce... Let's take a rare baseball card... A Mickey Mantle baseball card or something. If you suddenly increased the supply of those baseball cards, let's say 5 times, it reduces the value of all existing cards by a similar factor of 5. They are 5 times less scarce. That's what the Fed does to our US dollar. They create "more money", making all things inflate in price (the quantity of dollars goes up to buy the same quantity of real goods, eggs, milk, gas, steel, copper, etc).
The Fed constantly counterfeits new money and creates new credit and deposits and devalues every American's existing savings and purchasing power. Prices eventually rise as new money/credit trickles through people's hands and it dilutes the value of everyone's money.
Why is gas $5/gallon? The Fed. Why is a house that sold for 10,000 50 years ago selling for $300,000 (or more) today? The Fed. With it's easy money policy and the monopoly over one of the most important things in the world (money), we've got to change our direction.
Peter Schiff educates the reader on what we need to do to first understand the situation, he then goes on about how we can protect ourselves against the situation, and there's plenty of meat in between.
A top notch book. This isn't an investment book that goes out of style (unless you wait too long to convert your US dollars into something of real value), because Peter gives an excellent understanding of real economics to the reader (Peter is from the Austrian school of Economics, the 'only' school of economics that tells it like it is).
Peter is doing his part to turn America around, a major part in fact, and I applaud his excellent efforts.
Thank you Peter Schiff!
- Reviewed by customer ID: A395NVBJVHM9VZ
• Simple Language For A Simple Problem 30 June, 2008
Peter Schiff has a gift for making obvious that which eludes most of us, and putting it into simple language. For example, he points out our nation's debt to others, called a capital account surplus, is really a debt surplus, and this is financed by borrowing money from abroad. The government pretends to measure productivity with GDP, but GDP just measures debt-based consumption and inflation. Despite the Fed rhetoric, deflation is not bad at all: rising prices are normal in a healthy economy, as productivity rises.
This book points out what should be obvious, but what we as a nation forgot: true wealth is created by underconsumption and savings and capital formation that goes into making more productivity, not by our current way of borrowing from overseas to consume. Consumption does not create wealth, and our day of reckoning will come with a weak dollar and lower standard of living. How to prepare?
In the final 3 chapters, he outlines what can be done to survive the inevitable economic crash caused by overborrowing and overconsumption: invest in dividend-paying foreign stocks (you get the cash dividend plus appreciation of the foreign currency), and precious metals.
If you have never considered such an investment strategy, this book will wake you up.
I really like his simple language, his ability to foresee what eludes others (tech bubble, housing bubble), and his commitment to make money in ways that help other people. I read his website every day, so when the book came out, I ordered it before it was published. I've lent it to several friends already.
If you like this topic, also consider Bill Fleckenstein's The Age of Turbulence and Richard Duncan's more technical, The Dollar Crisis.
- Reviewed by customer ID: APGENAROH4UEP
• It Speaks For Itself 28 June, 2008
I first learned about Peter Schiff watching TV back in early 2007. I immediately went to my local bookstore and paid full retail (a first for me!) for his book. I since have purchased 8 copies and gave them out to friends.
I do not work with full service brokers so I haven't opend an account with Euro Pacific. Last year, I did liquidate most of my US stocks, got heavy into gold, foreign currency funds and commodities, and bought a bunch of short funds (the last part not necessarily recommended by Peter). I remember March 2000, and made my philosophy to avoid a repeat for my accounts and the portfolios I manage for others.
Love him or hate him. Peter's forecasts have turned into history. I understand Rubin was telling investors to get out of stocks in early 2000 - something I didn't know about. Schiff is on TV and in bookstores with a very reasoned (and since proven accurate) rationale for getting out of US dollar denominated investments. Ignore it if you like, but don't say anyone didn't warn you....
- Reviewed by customer ID: AOT3UUL2D2YTV
• Eye Opener 29 June, 2008
My wife and I have seen the economic train wreck coming for a long time, but haven't known what to do about it. Now we see some kind of hope for our future. This is the first book I have read that ties all of the pieces together, explains what the consequences will be for the average person and gives practical recommendations. That's not to say there aren't other books out there that are just as good or better, and there are plenty of suggestions in the reviews, but for me this one really clicked. One main complaint I've read in the reviews is the book is just a plug for the author's own brokerage. To be fair, though, he also gives specific things to look for no matter what brokerage you use. That is the kind of thing you do if you genuinely want to help people, not just drum up business for yourself.
- Reviewed by customer ID: ATZCVAO8F390S
• Give To Ceasar.. 29 June, 2008
What belongs to Ceasar..I believe the saying goes.. Thank you Mr. Schiff for writing a very easy to understand, informative book. Mr. B is still trying to make the "Democracy Work" He probably skipped over that part in the book. In any case, I read your book after reading Financial Armaggedon, (evidently I'm slow to panic) Your works added the xtra touch & numbers needed to bring this crisis to life. I've watched you on Fox & was more than a little dissapointed at the way your "handled" on the Show.
reminds me of the way they "handled" Sen. Ron Paul during the debates. This is news that "They" definitely don't want you to know. I was a little dissapointed in the plugs you made for your Company, but there again, You were offering solutions for the problems at hand, a one stop shop so to speak. After listening to several of your radio messages (your not interruped as much)It's all starting to fall together. (No pun intended)I think this book should be recommended reading in every high school across the nation. Let those with ears listen..I Personaly don't think your far off the mark.
- Reviewed by customer ID: A1WWIV8NR2WNWG
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