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When the government takes the capital out of Capitalism, the only signal left is static.,
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This review is from: The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market is Down (Hardcover)
Mr. Schiff's new book is a follow up to Crash Proof. I bought six copies of that book, because it was my introduction to real economics and I wanted to share it. Both his books are important because they accurately describe economic function in the context of what is happening now in our markets. He understands what is transpiring and warns people in advance. Protecting yourself from the economic forces now playing out is the focus of his work, not the full blown explanation of economics in general. For that, I recommend Economics in One Lesson, so that you may be fully educated on the subject. Read it as many times as you need to.
The foreword to Bull Moves is by Marc Faber, who endorses the common sense approach for the long term. The book's introduction warns of the inevitable downturn of an economy that was only possible through speculation borne of low interest rates. There is now no doubt that we are in that recession. The first chapters talk about the loss of America's purchasing power. The 1950's were a healthy economic time, because we produced goods that went around the world. High rates of production coupled with Reserve Currency Status gave the dollar an unbeatable edge back then. He then tracks reasons for the dollars' demise over time. He clarifies what inflation truly is. Unfortunately, most people don't understand it and how deadly it is. I don't like the way he explains Bretton Woods, and this is the second time he's done it in this manner. Bretton Woods was a poor excuse for a metallic standard and doomed to fail. Therefore it is my opinion that it was a dysfunctional group effort with multiple culprit nations. "My country's name is France and I'm a central banker." "Hi France."
Mr. Schiff's theory of decoupling hasn't yet come true. It probably will, but I have to wonder after the recent worldwide interest rate reduction, if every central banker will see their citizens lose it all in their efforts to stick to the modern planned economy mantra. Additionally, the one prediction from his last book that is still unfulfilled is about the bond market. US Government bonds comprise the last bubble yet to feel the smack down from Adam Smith's invisible pimp hand.
Chapter three steers you through the confusion of government statistics. After reading about it, you'll finally realize what the government isn't telling you with their numbers. Chapter four explains historic market cycles and tells you how to restructure your investments. Chapter five is about investing in commodities. Let's take a breather shall we... Chapter six is specifically about gold and silver. He tells you about the different ways to invest and what to avoid. Seven gets you acquainted with investing in foreign countries and companies. Eight is about stable foreign economies that are his favorite to invest in. Nine is about how and where to invest in emerging markets. Currently, there are big problems in the foreign markets, but again, this book is for the long run. So keep that in mind.
Chapter ten is about employment. He talks about industries that will suffer, as well as the jobs that offer the most opportunity. Eleven is about what your declining standard of living will be like and ways to adjust. Twelve is about immigrating to a different country. To this one, I have to say "No Thanks." There are many problems in the rest of the world, not to mention, they're probably gonna hate Americans a lot at that point.
The last chapter is about bringing your money back to the USA. Peter says to wait until at least 2012 to see if the economy is functioning properly. I'm sure if you listen to his radio show, you'll be able to tell if we're there.
Throughout, Peter explains how interference into the markets has brought about so many of the problems that we now must face. He's one of the few who realize that government intervention is really the helping hand of a leper. Bull Moves is an informative and timely book.
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Showing 1-3 of 3 posts in this discussion
Initial post: Jan 16, 2009 8:05:56 PM PST
Last edited by the author on Jan 16, 2009 8:07:08 PM PST
In reply to an earlier post on Jan 28, 2009 7:25:11 AM PST
Posts are supposed to be discussion threads stemming from a specific REVIEW. Your post really isn't... And you may want to proofread your work. Thanks.
In reply to an earlier post on Mar 29, 2009 8:02:13 AM PDT
H. Williams says:
You sound like a jealous Brit spewing useless statistics about our states. If you really knew anything about the USA you would know that Vermont and Rhode Island are very small states, in square miles. And how many of those 5-6 million Americans living outside the states were immigrants who retired to their countries of origen? Your post adds nothing to the discussion of the book.
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