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

by Peter D. Schiff, John Downes
4.3 out of 5 stars  See all reviews (349 customer reviews)

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Crash Proof 2.0: How to Profit From the Economic Collapse Crash Proof 2.0: How to Profit From the Economic Collapse 4.2 out of 5 stars (151)
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Book Description

February 26, 2007 0470043601 978-0470043608
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.

Editorial Reviews

From the Inside Flap

From both an economic and monetary perspective, the United States is a house of cards—impressive on the outside, but a disaster waiting to happen beneath the surface. In a relatively short period of time, the country has gone from the world's largest creditor to its greatest debtor; the value of the dollar has declined; and domestic manufacturing has given way to non-exportable services. While these and other issues could potentially spell disaster for your financial well-being, the situation could also present unique opportunities—if you're prepared.

For more than a decade, seasoned Wall Street prognosticator Peter 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 an economic storm brought on by growing federal, personal, and corporate debt; too little savings; a declining dollar; and lack of domestic manufacturing.

Now, in Crash Proof, Schiff provides you with an insightful examination of the structural weaknesses underlying this impending economic meltdown, and discusses the measures you can take to protect yourself—as well as profit—during the difficult times that lie ahead. Using common-sense analysis, creative analogies, and easy-to-understand language, Schiff entertains as well as educates. While Schiff carefully details the grave economic forces pushing the United States closer to the edge, he also outlines a specific three-step plan that will allow you to preserve wealth and protect the purchasing power of the savings you have worked a lifetime to accumulate.

Step #1: Rethinking Your Stock Portfolio: shows you exactly how to replace your endangered U.S. dollar holdings with a portfolio of foreign securities that are safer, significantly higher yielding, and appropriate for any investment objectives

Step #2: Gold Rush: examines the various ways you can capitalize on the bull market in gold, as well as silver, and explains how these precious metals can add both safety and exciting growth potential to a conservative foreign stock portfolio

Step #3: Stay Liquid: discusses the importance of liquidity in times of financial uncertainty—from having enough money for living expenses to keeping a reserve of uncommitted cash that can be used to acquire assets at bargain prices

Investing using conventional wisdom will not work during times of financial distress. That's why Crash Proof has taken the reality of today's economic situation into account as it offers you guidance. Filled with in-depth insights and expert advice, Crash Proof will help you survive and thrive during the coming years of economic uncertainty.

From the Back Cover

Praise for Crash Proof

"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, Cohost, CNBC Morning Call

"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, 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 Money columnist

Product Details

  • Hardcover: 288 pages
  • Publisher: Wiley (February 26, 2007)
  • Language: English
  • ISBN-10: 0470043601
  • ISBN-13: 978-0470043608
  • Product Dimensions: 9.3 x 6.2 x 1 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (349 customer reviews)
  • Amazon Best Sellers Rank: #94,514 in Books (See Top 100 in Books)

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.

Customer Reviews

Most Helpful Customer Reviews
431 of 457 people found the following review helpful
5.0 out of 5 stars Act Now or Suffer Later September 24, 2007
By Tom G
Format:Hardcover|Verified Purchase
I enjoyed this book even though I was previously aware of its economic arguments and suggestions for portfolio allocations. Mr. Schiff is passionate and sincere and that tone comes across in the book. For that, thank the excellent John Downes who has co-written several other good business books. Many other reveiwers here discuss the contents of the book so I won't go there.

I worked as a bullion dealer in the 1970's so this is my second "crash" cycle. Many people thought the US would collapse in the 70's due to inflation and a national debt of $1 Trillion dollars. Many thought gold would zoom to the moon. Instead, gold crashed and languished for over 20 years. That's because the US was able to shift gears.

Reagan pulled the US economy up from its tailspin by switching from printing money to issuing debt. He took advantage of the low US debt/GDP ratio to inflate debt by selling bonds to Americans and foreigners. It accomplished the same thing - letting the economy expand with a near infinite supply of cash liquidity. George W Bush then doubled the US national debt to $10 Trillion in only eight years. Low interest rates sucked in the public who took on enormous personal debt.

The US now can't rapidly inflate because the dollar would collapse and can't take on more debt because investors doubt it can be repaid in sound money. People don't accept the possibility of an economic crash because they think the US/Bernake/Fed will always be able to pull another rabbit from the hat. This complacency will lead to disaster for most investors.

The US is tapped out on debt both public and personal. The US has so debased the dollar that it has fallen tremendously since Bush II took office and continued the pattern of reckless spending.
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145 of 151 people found the following review helpful
By Bruno
Format:Hardcover|Verified Purchase
I read this book around early summer after hearing about it on a financial webcast I stumbled accross. Thank heavens I did. I read the author's explanations of what has happened and what will and I have to say that it makes sense to me. I had macroeconomics 25 years ago and barely paid attention but after reading this it all came back to me. Schiff doesn't just preach gloom and doom. He lays out a good case for his predictions. I didn't just trust this book. I read two others that basically say the same things. What I liked was that it validated thoughts and questions I'd had for years.

"how can we all be so wealthy yet save nothing?" "How can we have had such a run up in home prices even though we haven't added that many people to the nation?" "How can inflation be officially low even though so many things have gone way up in price (food, fuel, insurance, education, health care, and even home prices till recently)". "How can we manufacture relatively little and sell each other services and still become more wealthy?" If that was possible I'd stay home and cook my wife meals while she mowed the lawn for me and we'd just get rich that way.

Maybe I just like how Schiff shares my natural pessimism and distrust of politicians being put in charge of our national statistics. But I used a simplified form of his advice, bought gold via ETFs, an international bond fund, with the balance in a treasury money market fund, and in just a few short months I've made quite a bit more than I did in any single year since I've been investing. And unlike in past years, I feel very confident that the trend in my investments is going to be up. The underlying economic picture simply demands that these products will do well.
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739 of 806 people found the following review helpful
5.0 out of 5 stars From a listener... March 13, 2007
Format:Hardcover|Verified Purchase
Peter Schiff, son of American patriot Irwin Schiff, has written a very useful book that can not only assist you to take the concrete steps necessary for financial survival, but also change your individual psychology toward the storm on the horizon that is rapidly gathering strength. Today, we have the illusion of prosperity, and the sooner we break through that delusional state, the sooner we can prepare for darker days.

At this point, there are so many possible triggers for the Second Great Depression, it's striking that it has not already begun. The sub-prime meltdown may just be such a trigger that brings down the house of cards, once it becomes more clear which entities actually hold all the risk created as part of the Housing Bubble. Wall Street, sub-prime lenders, and the large banks have been ingenious in their ability to push risk onto other parties, but it's not clear if the counter-parties will have the ability to weather the defaults. Thus, the risk may yet reside with the banks, which normally would have been more restricted in the number of loans they could create by more traditional standards. So much debt has been created, and so much risk obfuscated, that it is hard to imagine our present illusion of prosperity can be maintained much longer.

Mr. Schiff breaks through our modern mythology by shattering these illusions, and here is where he shines best. A bear's bear, Mr. Schiff steps down from the towers of the economic elite to provide analogies that can be readily digested by more casual readers. The analogy of the Asians and the American trapped on an island together is apropos, as it reveals much about the true state of international trade.
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Most Recent Customer Reviews
5.0 out of 5 stars Enjoyed listening
Lots of info, still listening to it. Since I am not to the end of the disks I am still awaiting to see if there is practical personal advice on how to protect what wealth I have.
Published 24 days ago by Mark Houston
5.0 out of 5 stars Good Reading
This book is very informative and gives history of money and finance so the reader understands how things came about. Read more
Published 29 days ago by lurdes navarro
5.0 out of 5 stars Never read it
'Twas a gift. Gift recipient said it was good. I generally like what ps has to say except about bit coin and fascist oligarchs, which he is.
Published 2 months ago by Marcoinwa
1.0 out of 5 stars Stay Crash Proof by not following this school of thought
I had been following the advice of this author for some time. in doing so I have missed a subsantial bull market. He makes a good case and has simply been wrong.
Published 4 months ago by Bob
5.0 out of 5 stars Prepare yourself and your family.
This book describes the economic nightmare our country is in and how it got there in plain English. Great book if you want to prepare for what's ahead.
Published 4 months ago by Tom Woods
5.0 out of 5 stars crash proof---excellent
very well written for someone who can think--If you love Obamacare you are too stupid to read this because you are a robot Democratic socialist--John
Published 4 months ago by John F. Krempen
4.0 out of 5 stars Good book
For those who don't really understand economy that well, this is a great book to read. My father use to be a banker, so this book doesn't really give much other than things that I... Read more
Published 7 months ago by KrittMasta
3.0 out of 5 stars This is the old version
There is a newer version of this book. Don't buy the old edition when you can have a more up to date version.
Published 7 months ago by A. Robbins
1.0 out of 5 stars worthless
Too technical and badly focused, Author's own stock was nineteen off while predicting the doom of the economy. My loss was to buy this trash
Published 7 months ago by James T. Leonard
5.0 out of 5 stars enjoyable book with lots of great tips
Crash Proof gave a great explanation of the problems facing the US economy, and predicted the housing market crash. Read more
Published 9 months ago by Rob King
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Topic From this Discussion
Peter Schiff is now an official advisor...
The US Dollar has temporarily improved. This trend will not and cannot continue.

Peter's investments are for long-term only. You need to wait 10 years to really see the worth of his advice. There is no way that you can tell if he is giving good advice by only doing this for 6 months. Peter... Read more
Sep 8, 2008 by Brian Lee |  See all 9 posts
Dont Give up on the USA ! Yes we can change ! Yes we can !
This post is idiotic.

-A medical doctor
Jun 28, 2008 by Frustrated former windows user |  See all 2 posts
Peter Schiff on The Daily Show Be the first to reply
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