53 of 55 people found the following review helpful
Good information, questionable advice.,
This review is from: The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil, and Other Unconventional Investments (Hardcover)
I agree for the most part with Mr. Goyette on the impending dollar crisis. The debt problem is much more serious than it appears on the surface, which is already bad. His investment strategies, however, I don't necessarily agree with. I do agree that owning gold and other commodities is the right thing to do but most of his recommendations involve dollar denominated assets. If the dollar does collapse and we have hyperinflation, the dollar will be useless and owning foreign stocks and and assets is probably a better route. If you do not have the financial means to really invest in foreign markets and Goyette's advice is all you can afford then its better than nothing. If we see 10-20% inflation, which IMO is very likely, these suggestions will do you a lot of good, but if inflation hits 100+% and the dollar does meltdown what good would it do you to have billions of dollars if they are completely worthless. I suggest reading Peter Schiff's Crash Proof 2.0 for investing strategy in respect to this topic.
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Showing 1-6 of 6 posts in this discussion
Initial post: Mar 30, 2010 5:49:50 PM PDT
M.K. Reiner says:
Huh? Where does Goyette recommend foreign stocks???
In reply to an earlier post on Apr 6, 2010 12:11:50 PM PDT
Daniel A. Webb says:
He doesn't, thats why I have a problem with the book's advice. If we have hyperinflation, owning all the ETFs and stocks Goyette recommands will do you no good because they are dollar denominated and the dollar won't be worth the paper its printed on.
I think you misread my review.
In reply to an earlier post on Apr 14, 2010 4:01:08 AM PDT
M.K. Reiner says:
Indeed I did. Sorry about that.
I still think Goyette's advice is okay, especially the gold and silver part. But I also think emerging markets have a lot of potential, and I recently bought some Canadian stocks in Canadian dollars.
In reply to an earlier post on May 2, 2010 12:28:29 AM PDT
Last edited by the author on May 2, 2010 12:29:57 AM PDT
That is only the case if we have a total market collapse that would also totally shut down trading for the foreseeable future. Not a likely scenario but probably would be done, of course, by US government intervention....at least temporarily. Foreign stocks would follow the U.S. market and the dollar and would collapse the same for those countries that hold their own currency reserves in US dollars. That includes most of them and, sorry to say, Canada is one and so are the majority of the emerging market nations. Choose wisely, my friend. If someone doesn't want to, or can't afford to buy physical assets, the ETF's in the hedged areas can prevent you from being wiped out. Their is a big difference having a zero balance and a billion dollar balance; and I would rather have the latter. If the dollar would become totally worthless then it will be every man and woman for themselves and total chaos. That would be the extreme and, heaven forbid, the least likely possibility.
In reply to an earlier post on Sep 17, 2010 2:29:29 PM PDT
The most emphatic discussions can occur when the fewest facts are known. The goldbugs have been warning of imminent collapse since we went off the gold standard. The steps needed to protect from the coming disaster will become clearer as the situation unfolds and, with preplanning, there will be enough time to respond. Initially inflation protected investing, hedging options and investing in foreign denominated bonds might be enough. Unfortunately, the problem will quickly become global. If (when) the US dollar crashes, gold is the last resort. An exhaustive list of gold investing options is given in Rich Dad's Advisors: Guide to Investing In Gold and Silver: Protect Your Financial Future. The best alternatives depend on what stage of crash is about to occur. One decent discussion of crash stages is described in Aftershock: Protect Yourself and Profit in the Next Global Financial Meltdown. If the Wiedemers are correct in the 2011-2013 timeframe, now is the right time to start. The biggest issues remain unknown: how quickly the situation will evolve and how serious it will become.
Posted on Apr 7, 2015 3:51:03 PM PDT
Excellent review which corrects the book's weakness. To me it misses the whole point. In order to protect yourself from a hyperinflation you have to get out of $ denominated assets as this reviewer states. EXCELLENT!!!
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