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VINE VOICEon September 14, 2009
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.
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on November 15, 2012
This book has some good investment ideas not found in other economy "crash" books also written by authors who predicted the stock, housing, and personal credit market downturns.

But when it comes to actual investment implementation, Peter Schiff tries to sell you on his "easy to get started and into" own "Euro Pacific Capital (EPC)" foreign investment firm (for easy foreign high-dividend stocks supposedly yielding better than US high-dividend stocks, and easy foreign currency holdings yielding supposedly better than US cash holdings, etc.), but EPC takes a 4.5% upfront account opening fee which is totally outrageous, and then another yearly fee. Peter Schiff's book "Crash 2.0" reports expected 8% returns on foreign investments, but if you factor that his EPC fees take 4.5% off of the first years opening investment, your profits, if his EPC mutual funds make a profit, suddenly are not much different than US high-dividend fund yields.

This means to profit you need to make 4.5% in fees the first year, plus 3.0% inflation, or at least 7.5% on your investments the first year just to break even. So given Peter Schiff's reported expected 8% return on foreign investments, you're not doing well for growth the first year (which is his books mantra), and you're only doing well for capital preservation (stopping the capital you have from losing its value).

It makes you wonder if they're charging 4.5% for opening the account for the first year how many customers actually stick around with EPC for the second year, in so much that they have to pull 4.5% out of your investment in the first year. If they make you money year in and year out, why the upfront 4.5% fee for opening the account the first year?
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on September 21, 2017
This was yet another slightly alarmist book that appeared right around of times of all the funny money going through the Wall Street and the home markets. The concepts discussed have to be somewhat simple in order for most of us to understand them, but time and time again I've seen books like this repeat concepts over and over throughout the book. Looking back, I shouldn't have purchased, it but it's probably not a bad option turn on learn a little bit about the system.
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VINE VOICEon January 25, 2013
We -- both Americans and the peoples of most developed nations -- are in a lot of trouble. The world is in for a great deal of hurt in the next few years, probably decades, and possibly centuries, due to a century of irresponsible decision making in which the world's leaders have blown the mother of all bubbles: a bubble in currencies themselves.

Most of what we hear about inflation, government budgets (or lack thereof), economic indicators, financial markets, and even the nature of money itself is wrong. In fact, much of it is not merely wrong, but dangerously, wildly wrong. Schiff is one of the few people, along with John Williams and a tiny handful of others, who "gets it" and has taken the time to examine the assumptions behind numbers like the "headline" Gross Domestic Product, unemployment, and budget deficit figures. The reality is nothing short of terrifying.

Everyone should read this book. Either you will come away terrified and prepared to change your life in preparation for the inevitable, or you will remain convinced that, if we just elect the right leaders, everything will basically be okay. Either way, at least you will know what the news you hear actually means, and will be a better-informed citizen.
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on October 24, 2009
Crash Proof 2.0 offers an opinion was to why the economy is in the precarious position that it is already in, offers forecasting about what is yet to come, and offers suggestions on how to financially prepare oneself for the future amid the financial crisis.

One of the most common themes, if not the most common theme, is to get out of the dollar by getting out of dollar denominated assets. The book explains why and how the dollar is being diluted of its purchasing power and describes how to move assets out of the dollar.

The book's explaination to the lead up of the economic crisis was very compelling. This book is a second edition containing much, if not all, of the information from the first edition. In this edition, updates were added to chapters in the book. The reader can tell what was said in the first edition and the updates that were added in this edition. What is interesting is that much of what the author said in the first edition holds true today.

This book is more comprehesive than The Little Book of Bull Moves and Bear markets, which was like a quick guide to preserving one's assets. This book offers more explaination and forecasting and I think offers the same if not more financial suggestions than The Little Book.

This is one of the better books describing the why's and how's of the economic crisis. I would recommend this book to anybody including those who owns a home, out of college, and retiring. If you want to wrap your head around the current financial crisis, I would recommend this book.
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on September 23, 2009
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.
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on June 12, 2011
Peter Schiff was Right! I know I know even a broken clock is right twice a day, but still he explains everything in a common sense kinda way. Doesn't mean you'll understand everything he writes but your chances are a lot better with his book(s) than with anyone else's. Also, I feel there is no conflict of interest with his book. I know I know a lot think he's trying to sell you on his investment services! Still I see no gun pointed to your head and you could do a helluva lot worse than investing with mr schiff because your invested in crappy mutual funds right now anyway!!!!!! Plus he's probably loaded so he don't need your 20 grand account. I really feel he wrote this book, sounds exactly like the way he speaks unlike the many other books written by ghost writers. This book explains Everything!!! Very well rounded. This is one jewish guy who goes against his establisment of rich lying um jewish bankers etc and stands on his own two feet. Gotta give him credit for that as they usually all stick together as they count their illegally gotten bucks. Good, no Great job Mr. Schiff. Your a great man for sharing your knowledge with the rest of this dinky world, mostly dinky americans. The only problem with the book and it is a small one is there is tons of advertising for his services and firm at the last 3 chapters, which is to be expected. He needs to eat to you know.
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on November 15, 2009
The "Crash Proof 2.0" (Sep 22, 2009) includes the complete and unchanged text of Crash Proof (Feb 26, 2007), but in the end of this chapter, you will see several pages of comments labeled "2009 update"; they explain the original investment thesis over of prism of 2008-2009 turmoil.

The basic strategy of the author is to invest in foreign securities and gold.

The critics of mr. Schiff's strategy point that in February or March 2009 the foreign securities have fallen more than U.S. ones, and the gold have plummeted while the dollar have rallied.

In the Crash Proof 2.0 the author replies to this criticism: the strategy is for the long term. He have always warned that gold or foreign assets may dip but they will recover quicker than the U.S. assets. He have also suggested that you always need have spare cash to quickly grab these assets at fire-sale prices. This spare cash will save you from selling the assets cheap when you need money to cover you living or emergency expenses.

Not only was the author right in predicting the 2008-2009 turmoil, but his theory withstood the turmoil.

The author warns that the crisis is not yet over, worse may follow, and you will be able to protect yourself and the society from possible forthcoming difficulties.

I also suggest the book "The only three questions that count" by Ken Fisher in addition to this book.

Summary:
Pros = the author advocates your own judgments, doing your own research and not following the crowd;
Cons = the author sometimes oversimplifies the economy, by overemphasizes trades in physical goods, neglecting to take into account the merits of intellectual property.
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on October 7, 2009
Over the past two years, I must have read close to twenty financial/investments books and take special liking on those "doom-and-gloom" books. I am not fully subscribed to the theory of America going to financial armageddon and hyperinflation is an inevitability. But I do believe we are in a prolonged recession for years to come and a drastic reduce in living standard burdened by more heavy taxes will become our new norm. I have read all Peter Schiff's books, articles and even watched most of his interviews on cnbc and fox. He is not really a Dr Doom guy as many viewers believed he is. He is just bearish on America and bullish in foreign equities and precious metals. Basically, his advice boils down to the following points:

1) Get out from U.S. equities while you have a chance. The P/E ratio is downright ridiculous and a severe correction is bound to come.

2) Avoid consumer debt. Unemployment will keep on rising and real estate will not rebound for years to come. If you don't have a steady income and bogged down by debt, you will be living in your own depression era, regardless of what economists say the U.S. economy is in now.

3) Invest in foreign equities. Mr Schiff has been quite bullish in foreign investments for a while but I am not so sure about global markets holding up if U.S. markets go to the sheds

4) Invest in all forms of precious metals. Given the current government policies and money printing press working overtime, it is not hard to see serious inflation coming in the near future. To protect ourselves for the hard-earned savings, we have to invest in gold(either physical gold bullion, gold etf, miners etf etc). There are a few good sections on PM investments in his book.

5) Stay liquid but not in U.S. dollar holdings. Mr Schiff is quite bearish on dollar future(not surprising) and believe the prudent way is to keep enough cash for day-to-day living expenses but keep dollar reserves in foreign currencies. I don't know we will see zimbabwe-like hyperinflation in U.S. but I won't be surprised if I see 20-30% decline in dollar index in the next few years.

6) Get out of U.S. and live abroad. I am not sure if this is feasible for most of us but social unrest maybe commonplace and make living in US. quite unpleasant to say the least. While you are busy placing a buy order on foreign equities, you may want to pick up a foreign language while you are at it

Though it is a great book, you may not need to buy it if you have owned the previous edition. To me, it does not offer any new insights to justify buying for the new material
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on December 25, 2009
If you want to know what to do with your money and the REAL reason everything has happened with the stock market over the past decade this book explains it all.

I've tried to read other finance books but they are boring and the reader often is trying to sell you on something or on his name. This author is writing this book to help people realize what's going on and how to save their money and how they can make money as well.

He speaks so much of the truth that it actually makes the book funny. It makes for an easy read about economics. There is a lot of information, but he writes the book in a way that it's easy to understand. A 12 year old with no knowledge about economics on finance could understand more than 90% of the people in the U.S after reading this book.

I majored in finance/economics in college and learned more from this book then I did from my finance professors at college. I wish I were joking but I'm not. My college was 25K a year too, lol.

I started to google the author to see if he was legit and went to his website. He broadcasts free radio shows every Wednesday. He saves the archived radio shows on his website [...]. I went back and listened to one of his radio shows from 2006 and he actually predicted on the show live that General Motors would go bankrupt along with most all of the financial companies. He also predicted that Fannie Mae and Freedie Mac would go bankrupt. Since finding out about him I listen to his radio shows every week and learn more about the stock market and what to do with my money.

I used to lose my money in the stock market and make stupid mistakes, since reading his book and listening to him weekly i've actually been making money. It's literally the best 20 bucks i've ever spent.

Good Luck to you all out there.
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