45 of 48 people found the following review helpful
on September 24, 2008
If you understand the fiscal situation this country is in, the place the elected & non-elected officials wanna take it, and what will happen after that has taken place, this book is dead on.
Monetary policy in this country(USA) has been flawed since the inception of the federal reserve system in 1913. The Monetarist economists(Widely known as Anna J Schwartz & Milton Friedman) blame the fed's lack of action as the cause of the great depression. They believe if the fed had intervened and created a little more inflation at the time the deflation was occuring(aka Deflationary Depression), the Great depression would have lasted only 1-5 years. Ben Bernanke (current FED Chairperson) believes this theory, that's why he's currently inflating that debt away through bail-outs.
On the other hand, Hard money Economists (aka Ludwig von Mises' Austrian school of economics) blames the fed completely for the Great Depression. Since their inception in 1913 the fed has fueled massive credit bubbles and the roaring 20's were no different. From 1913-1919 the fed increased the money supply by around 50% leading to the credit induced boom known as the roaring 1920's. When they finally called in all the inflationary credit they had put out, it killed the economy. Instead of letting the money stay out, they kept deflating the bubble which fueled the longest economic downturn in US history.
Today our economists and financial leaders will make sure not to repeat that mistake again. The system will not be allowed to go broke, almost everyone will get a huge bailout, and when they do, the countries who hold our short term US debt will begin dumping it, due to its losing value thanks to the bailouts.
If you believe the dollar is gonna take a hit over the next 5-10 years, then dedicating some of your portfolio (10-25%) to precious metals and watching what happens is going to be very exciting. If you paid attention to the 60s & 70s, you would notice some odd but scary similarities, huge needless wars followed by inflationary downturns in the economy. The 1970's bad economy was the price for the 1960's vietnam war. Remember, Nixon took us off the Gold Standard in 1971 when gold was only $35 an Ounce(today its ~$900). During the 70s the DOW Jones only gained 10 points but gold jumped almost 24 times, silver more. This time its gonna be a lot worse. I think physical silver is the best deal, as long as you can find some quality physical without a high retail purchase fee.
James turk is a pro and this book ranks high on the list of profit from the coming gloom & doom books. If you want to implement a section of your portfolio into precious metals this book is a great way to learn some very helpful tactics. He writes about what types of Precious Metals investments you can buy: Physcical(keep@home&vault), Paper(futures/options), Mining stocks, Numismatic, but doesn't really mention his world-renowned service called GOLDMONEY.com located in British Jersey,UK. I personally have an account with GoldMoney.com and I feel its a one of a kind service. It keeps part of your wealth outside the US, which is very important. My say is Pick up the book and Partake in the Precious Metals bull market that will last for the next 5-10 years minimum, and create some wealth during the bad times we're gonna go through :)
I also recommend the book CRASHPROOF by Peter Schiff (he recommends GoldMoney.com)
31 of 32 people found the following review helpful
on April 27, 2010
This book, like many others written in recent years, documents the problems currently facing the U.S. economy and the U.S. dollar; the reasons behind them; and the rationale for the almost inevitable collapse of both that economy and the dollar. And, like the others, this book offers a number of recommendations as to what its readers might be able to do to protect themselves from these eventualities. But this book is different in one happy respect.
It tells this economic story as a historian might tell it, in simple easy to understand language. Presented in this way: The major domestic and international economic decisions which led to today's crises can be seen to have been quite logical at the time and to have quite naturally followed one another. When placed in their proper context in this way, the decisions made down through the years and the rationale for those decisions are much easier to grasp. This makes it possible for the average reader to easily see how the United States in particular, and the world at large, got into this dreadful mess and why. The book is so well written, in fact, that, before checking to see what the authors' qualifications might be, I had almost concluded that they must surely be professional writers, and most likely historians, rather than experts in the fields of economics and investing. I was wrong.
After checking them out, I recalled something I'd learned years ago: When someone attempts to write about something about which he (or she) knows too little or is in doubt, he will invariably go into inordinate detail in an attempt to explain it; but when that same person writes about something he fully comprehends, he can capture the essence of the subject without resorting to great detail. Knowing their subject well, these authors have clearly captured the essence of America's economic and the U.S. dollar's troubles with few large and no wasted words. Their resulting recommendations, particularly those concerning the intricacies involved in investing in gold and precious metals miners, are likewise just as well reasoned, in-depth, and easily understandable.
A few things, in particular, caught my eye while reading this book. Perhaps they'll catch yours too. Here are some of them: (pg. 42) One gram of gold today buys roughly the same amount of wheat as it did in the Middle Ages. (pg. 57) In 1883, Germany became the first welfare state (instituting national health insurance, followed by social, accident, and unemployment insurance). It was soon followed by much of Europe, but the United States held out. [until FDR, LBJ, and then BHO came along] (pg. 62) From the time the gold standard ended in 1971 to the time this book was published, 2005, the U.S. dollar lost 90% of its value. [I.e., a 1971 dollar is now worth less than ten cents] (pg. 87) One of this book's authors derived an indicator, termed the "Fear Index," which, using "M3," the government reported money supply, as an element, was able to predict turning points in the gold exchange rate (up or down). [Note: According to the book "Crash Proof 2.0," for unexplained reasons, the federal government ceased reporting M3 in 2006.] (pg.89) To conceal the fact that the dollar's value has been declining, the U.S. Treasury and the world's central banks have systematically dumped gold on the market over the years to suppress the gold exchange rate, but their remaining reserves are thought to be no longer up to the task. (pg. 147) Exchange Traded Funds (ETFs) may not be all they're cracked up to be. [Caution is advised] (pg. 191) As the chart on this page clearly shows: Although the price of oil has skyrocketed in dollar terms, except for minor fluctuations it has remained relatively constant in terms of gold since 1945. (pg. 214) The author's hold out hope for a rational return to a gold standard, perhaps by means of "digital gold," but fear that the United States may become a dictatorship with the possible confiscation of gold as was done by President Roosevelt in 1934.
The authors of this book are obviously bearish on the U.S. dollar and on the American economy and, based on the material they present, well they should be. They may be wrong, and let's hope they are, but as you will discover in reading this book, they're much smarter than the average bears.
20 of 22 people found the following review helpful
on February 24, 2008
I bought the book when it first came out. More importantly, I ACTED on the book's advice. I bought gold, silver, Goldcorp(GG) and a lot more. Goldcorp was selling for about $12 per share at the time. Gold hadn't gone beyond about $430 per ounce. The dollar was trading much higher than it is now. Goldcorp is now at about $40 per share. Gold is near $950 per ounce. Silver is at $18 per ounce. Suffice it to say that if I ever have the chance to meet Mssrs Turk and Rubino in person, I will pick up the tab for dinner!
I had to smile when I read some of the reviews which have been posted on this site. I guess that some people still do not "get it" when it comes to the role of gold in protecting assets and purchasing power. Although the book's title speaks of making a fortune by investing in gold and hard assets, this book is not really a get rich quick book. It is a survival book. With everything that has been happening in the financial sector, the most important thing for all of us is to protect what we have!
18 of 21 people found the following review helpful
on June 30, 2012
I have followed Turk and Rubino's writings and interviews on-line for several years and found them to be well analysed and educational. This book was however was disappointing in its lack of depth and content and didn't really say much of substance. Better opinion and analysis can by found on-line by and about the authors for FREE! At the end of the book they reference several excellent websites which I frequently refer to - unfortunately this was probably the most useful part of the book!
9 of 10 people found the following review helpful
on October 20, 2009
I am making a career move into the investing arena and John Rubinos book, "The Dollar Collapse . . . " is right on the mark in terms of opening ones eyes to things we may NEVER see on CNBC or Fox nightly news. His info is cutting edge and ahead of it's time. Interestingly, although the updates were made over a year ago, upon getting what truth one can out of the media today, John hits the nail right on the head so uncanny it is almost like he has E.S.P. with regard to the markets and direction of certain political controls. This guy has done his homework. If you want to be schooled with accurate info - buy this book, READ IT and begin to apply the concepts!
14 of 17 people found the following review helpful
on May 26, 2008
TO: Mr. John Rubino/Mr. James Turk BRAVO on your tour de force book that lays out the Truth, unencumbered, and with sobering and simple recommendations on how to save ones self from financial ruin in the next couple of years, and now for that matter.
The comparisons of other empires that have economically collapsed (due to fiat currencies, fractional reserve banking, etc), most mighty nations in history, is an invaluable inclusion to the beginning of the book to give unaware readers perspective at how close to the edge the United States is.
Since 2000, this is what I have been telling people and you both are the first ones I have really seen to make the case in clear terms and dire warnings, with simple steps to protect ones self.. You guys are the best and your book has been a GOLD mine, literally... You guys strike at the heart of the Truth and expose it good, bad, ugly..
This book is small enough, inexpensive enough, and valuable enough to buy a dozen copies and hand them out to relatives, good friends, and those you care about... Simple enough for the economic laymen (most of Americans) to wake up to! People with HUNDREDS of thousand's of USD$$$ in stocks, bonds, over leveraged homes/real estate, etc etc.. This book and information is vital to their future. They could save themselves but unfortunately many will choose not to and will bury their heads and follow the herd of "mainstream" money managers...
I will keep on tyring to wake people up and inform them of the peril ahead, though sadly few have listened to me since I was recommending gold at $320 in 2001 or so... Silver at $5 back then too... Sometimes I am ashamed to be American because of my fellow Americans who have lost their critical thinking skills, independent thought, discernment, and a healthy ongoing distrust of government and Elites... to be and STAY free and economically sound, as an individual, family, or nation, we MUST be informed, vigilant, and critical of all orthodox information and mainstream opinion and most of all, government promises...
You guys are the bright spots of Truth in American economics! BRAVO!
5 of 5 people found the following review helpful
on June 10, 2012
I read this book in 2012, and was amazed at how well they saw what to them was the future, but which we now have lived through since 2008, when this book was published. As I was reading the book, I wished I had read their book when it was first published, but I know I probably would not have believed them, and would have thought they were just hyping gold and precious metals. But the recent history has shown their analysis was and is correct. The book is well written. Their explanations of economics is clear and understandable. I am so impressed, I will buy their next book, read it and believe it, and take their recommendations seriously. I give this book an A+. It is worth your time to read.
7 of 8 people found the following review helpful
on December 25, 2009
This book does a great job explaining why you should invest in gold and why the U.S. dollar is backed by nothing except for the U.S. government. It explains how the U.S. dollar could be the same as Germany where people pushed around carts of German dollars because they were worthless in the 1920's.
I first got turned on to investing in gold and staying away from the U.S. dollar by the economist Peter Schiff. He's the man who predicted the financial crisis and who is running for Senator and Connecticut to get us out of this financial mess. I would recommend reading his books too if you're interested in gold and worried about the financial picture in the U.S. and around the world.
4 of 4 people found the following review helpful
on September 2, 2011
This is a classic on the fundamentals behind the rise of gold, with an informative breakdown on how to buy gold and gold stocks. Especially interesting to me was the classification of certain gold stocks hedged, unhedged, holders (my personal favorite during epic rising gold prices), and understanding the relationship between gold's price and leveraging gold stocks. The book historically predicted the unraveling of the U.S. economy and the rise of gold almost to the price per ounce (somewhere in the book it said gold would soon be at $2,000 an ounce during an edit in 2007 when gold was in the $800's).
I always enjoy reading books from those who called the financial crisis. This book is a classic analysis on the gold market and how to profit from what will most surely be a bumpy ride, but one which need not be unprofitable.
3 of 3 people found the following review helpful
on October 13, 2011
To be totally honest, I didn't think much of what I would have read in this book. Once I received the book and I started reading it, I suddenly realized just how wrong I was. "The Collapse of the Dollar" is an extremely informative book that will definitely help you get a great understanding of what is going on in the markets currently and it also shows you what possible steps an investor can take to help protect themselves from the coming collapse. More and more experienced investors and traders, including economists, are now stating the same, the dollar will collapse.