Crash Proof 2.0: How to Profit From the Economic Collapse [Hardcover]

Peter D. Schiff (Author), John Downes (Contributor)

Book Description

Publication Date: September 22, 2009

A fully updated follow-up to Peter Schiff's bestselling financial survival guide-Crash Proof, which described the economy as a house of cards on the verge of collapse, with over 80 pages of new material

The economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today. And nobody understands what to do in this situation better than the man who saw it coming. For more than a decade, Schiff has not only observed the economy, but also helped his clients restructure their portfolios to reflect his outlook. What he sees today is a nation facing an economic storm brought on by growing federal, personal, and corporate debt; too little savings; and a declining dollar. Crash Proof 2.0 picks up right where the first edition-a bestselling book that predicted the current market mayhem-left off. This timely guide takes into account the dramatic economic shifts that are reshaping the world and provides you with the insights and information to navigate the dangerous terrain. Throughout the book, Schiff explains the factors that will affect your future financial stability and offers a specific three step plan to battle the current economic downturn.

• Discusses the measures you can take to protect yourself-as well as profit-during these difficult times
• Offers an insightful examination of the structural weaknesses underlying the economic meltdown
• Outlines a plan that will allow you to preserve wealth and protect the purchasing power of your savings
• Filled with in-depth insights and expert advice, Crash Proof 2.0 will help you survive and thrive during the coming years of economic uncertainty.

Editorial Reviews

From the Inside Flap

The economic and monetary disaster, which seasoned Wall Street prognosticator Peter Schiff warned of in the bestselling first edition of Crash Proof, is no longer hypothetical—it is here today. And while most people believe that the economic collapse is over, the reality is that it has only just begun. That's why he's returned with Crash Proof 2.0.

For more than a decade, Schiff has not only observed the U.S. economy, but also helped his clients restructure their portfolios to reflect his outlook. What he sees today is a nation facing a growing economic storm—brought on by bursting bubbles and growing federal, personal, and corporate debt—that will only continue to intensify as the U.S. government refuses to allow market forces to repair the damage.

Crash Proof 2.0 picks up right where the first edition—which clearly foresaw the bursting of the real estate bubble, credit crunch, and the insolvency of Fannie Mae and Freddie Mac—left off and includes more than 80 new pages of up-to-the-minute analysis and advice. This timely guide takes into account the dramatic economic shifts that are reshaping America and provides you with valuable insights which will allow you to protect yourself, as well as prosper, during the difficult times that lie ahead. Throughout the book, Schiff explains the factors that will affect your future financial stability—from the bubble in bond prices and collapse of the dollar to surging long-term interest rates and run-away inflation—and offers a specific three-step plan to battle today's economic downturn, and tomorrow's market mayhem.

STEP #1: Rethinking Your Stock Portfolio shows you exactly how to solidify your portfolio with foreign securities that are better positioned to weather the storm and deliver meaningful long-term returns

STEP #2: Gold Rush examines the various ways to capitalize on the bull markets in gold and silver and explains how these precious metals can add both safety and growth potential to a conservative foreign stock portfolio

STEP #3: Stay Liquid discusses the different aspects of liquidity and the importance of having it during times of financial turmoil

Even with all that's happened in the last few years, the real collapse still lies ahead. With Crash Proof 2.0 as your guide, you'll discover a long-term plan that will put you in a better position to survive and thrive during the coming years of economic uncertainty.

From the Back Cover

Praise for Crash Proof and Crash Proof 2.0

"Schiff was warning us about our fragile economic foundation long before the first cracks started to appear. There are plenty of market cheerleaders out there, but if you want advice from a market realist who has been proven right again and again, read this book."
—Glenn Beck, host, The Glenn Beck Program

"The dot-com implosion proves that we all need Peter Schiff's vision of investing. His view is so global and so unique in its approach, and at a time when we all should be looking to crash-proof our portfolios, Schiff offers us this much-needed life-raft."
—Liz Claman, anchor, Fox Business Network

"For those accustomed to America's economic dominance, Crash Proof is a frighteningly forthright wake-up call. But Peter Schiff is one Cassandra whose voice deserves your rapt attention. Devoid of the usual Wall Street spin, this frank and prophetic read will make you reconsider the very foundations on which your financial house is built."
—Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund LLC and Fox News Channel analyst

"Schiff does an outstanding job of outlining the dangers to individual investors of the current economic environment and presents a plausible plan about how to deal with the risks."
—David W. Tice, Chief Portfolio Manager, Prudent Bear Funds

"A sober assessment of the financial problems facing our country. Reading this book will prepare you for potential outcomes that Wall Street and the mainstream financial media are completely unaware of."
—Bill Fleckenstein, founder and President of Fleckenstein Capital and MSN.com Money columnist

See all Editorial Reviews

Product Details

• Hardcover: 364 pages
• Publisher: Wiley; 2 edition (September 22, 2009)
• Language: English
• ISBN-10: 047047453X
• ISBN-13: 978-0470474532
• Product Dimensions: 6.5 x 1.2 x 9.4 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars  See all reviews (137 customer reviews)
• Amazon Best Sellers Rank: #23,450 in Books (See Top 100 in Books)
  • #94 in Books > Business & Investing > Investing > Introduction

More About the Author

Peter D. Schiff is a seasoned Wall Street prognosticator best known for his accurate predictions of the performance of the stock market, commodities, gold, and the dollar. He is one of the few unbiased investment advisors to have predicted the current bear market and positioned his clients accordingly. Schiff began his career at Shearson Lehman and joined Euro Pacific Capital in 1996, becoming President of the firm in 2000. He appears frequently on Fox Business News, CNN, CNBC, and Bloomberg TV, and has been quoted in such publications as the Wall Street Journal, Barron's, the Financial Times, and the New York Times. Schiff is also the author of the original edition of Crash Proof as well as The Little Book of Bull Moves in Bear Markets, both published by Wiley.

Most Helpful Customer Reviews

413 of 425 people found the following review helpful

5.0 out of 5 stars Why You Need 2 Buy this Book...Even if you own v1 September 14, 2009

By javajunki TOP 500 REVIEWER

Format:Hardcover|Amazon Verified Purchase

First a little disclaimer; as a college instructor and writer, I read a lot of business books. Frankly, I wasn't much a Peter Schiff fan and it would be fair to say he still tends to annoy me especially when he gets "hyper" like on an interview I just heard this morn via Financial Sense Newshour. Having said that, over the years I've done a major turn-around on my opinion about Schiff. Like many others, I initially would run across an interview here or there which seemed like he was excessively negative yet despite a bit of timing difference, the guy always made a lot of sense even while the likes of some so called financial guru's found on major media outlets were spouting stuff anyone with half a brain could see was downright detrimental to the average small time investor.

The likes of Schiff, Ron Paul, Nouriel Roubini, the Agora Group and others not only continue to make a great deal of sense but time is showing a growing crisis. This book has been updated to reflect many of the changes which have taken place since the writing of the first book plus added fairly substantial amounts of new research/content of interest.

The content is reader friendly, easy to understand and conversational in style. A brief history and overview is provided for those new to the discussion while those with more familiarity will still appreciate the updated statistics etc... Data is provided to support assertions including a few charts etc but are helpful not complex. Schiff provides a very solid explanation on where he stands with inflation and why including his definition of inflation. For those more versed in the ongoing debate - inflation vs deflation remains a sticking point among many investors. For the average American this is not a minor consideration when it comes to deciding what to do with your investment dollar, debt or money in general. Schiff tackles what he considered the "bogus deflation threat" head-on...an essential consdieration for every investor. Whether you agree or disagree - it is certainly worthy to review the rationale with a "what if" attitude before making a final decision as to your financial future.

Peter Schiff goes on to discuss various investments and risk(s) as well as provide an update of where we are in the predicted cycle. Closely coupled with this is a frank and fairly harsh overview of the current economic policy being put into place by D.C. combined with the status of consumer debt, corporate status etc...it does not paint a pretty picture or leaves much room for optimism but goes on to tackle specific investments including....
- TIPS (the problems)
- Currency Exchange
- Mutual Funds
-ADR's
- Cash Accounts
-Precious Metals
-Much more

Bottom Line - a worthy read for new investors, good updates for those that have read the first version. Whether you agree or not, Schiff presents important considerations every investor will want to keep in mind and does so in an easy to read method.

146 of 149 people found the following review helpful

5.0 out of 5 stars Crash Proof 2.0 Updated and well worth your time & money September 23, 2009

By Lee Lilly

Format:Hardcover|Amazon Verified Purchase

Last year when the stock market crashed and a lot of my retirement funds evaporated, I was totally caught off guard. In my research to discover what was really going on, who to trust, and who could explain it, I discovered Peter Schiff and read Cash Proof. Now, I'm not one easily convinced and don't make changes easily. But this book opened my eyes. I've spent the last year contemplating this, researching history, and listening to Peter Schiff (and those that disagree with him). But, I always come back to this book, because it seems to just make common sense. Important point--the original version was written BEFORE the stock market crash of 2008. It was warning of what was to come. Many books out now trying to explain, were written after the fact. That's why I was more interested in this update, than anything else out there now. He has been steadfast in his beliefs. He is confident, but is honest enough to admit when he is not sure or short term events surprised him. This book compelled me to change my investment strategies and I continue to do so while there is still time.

Just remember that this book was written in 2006/2007 and the 2009 updates are at the end of each chapter.

This country may have gone past the point of no return. I don't know and pray not. But, if there is any hope, I think it will be because people like Peter Schiff understand and speak the truth and get through to our leaders. But that will be a tough job. Most of them don't want to deal with the truth.

117 of 124 people found the following review helpful

5.0 out of 5 stars A must read...and more relevant today September 12, 2009

By Sandy Winnich

Format:Hardcover

I absolutely love Peter Schiff. He's astute, sound financial mind, and always right on. "Crash Proof" was written before the crash and Peter had explained exactly how the bubble was blowing up and how it was inevitably was going to burst, which it did. The updated version brings us into the modern age of disgusting deficits, unacceptable government spending, and horrendous regulation into the free market. Schiff predicts that government isn't making things better with all this additional spending and intrusion into the market and that we're not out of the woods--as some people are claiming--and that it's actually making things worse. He concludes with his solid foreign currency assets and commodities-centered investment strategies that will help you avoid the next crash (and the coming collapse of the dollar). If you had taken his advice in 2006, you'd be much better off today. Just imagine how things will be in another three years! Also recommended in this time of financial tumult are Surviving the Second Great Depression: How to Take Advantage of the Government That Is Trying to Take Advantage of You for some unconventional investment techniques and The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income, and Grow Wealthy Even in the Worst of Times.