- Hardcover: 288 pages
- Publisher: Wiley (February 26, 2007)
- Language: English
- ISBN-10: 0470043601
- ISBN-13: 978-0470043608
- Product Dimensions: 6.5 x 1 x 9.1 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
- Average Customer Review: 367 customer reviews
- Amazon Best Sellers Rank: #264,272 in Books (See Top 100 in Books)
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Crash Proof: How to Profit From the Coming Economic Collapse
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Others have eloquently set forth the crux of the author's book. Crash Proof was one of the stellar books of the many books I read in 2008--and the heavy highlighting of the book and my frequent use of it, proves its worth. Like many others, I am not an economic whiz, I quickly back-pedaled out of college economics once we got past supply and demand. That I understood, but I was sinking fast. Reading the book affirmed that things in my country were not right. Peter's book not only makes sense and is right on, but having been published in 2007 before things really broke loose in 2008 makes it even more valuable.
But did we just accept the author's thoughts on face value? Nope. We contacted the financial adviser of a fortune 500 company and the manager of a large financial institution. We had two questions: (1) Had they seen an M3 report that tracks the increase and decrease in our government's money supply? and (2) Did they agree with a negative assessment of our economic crisis? The answers were exactly those of Peter Schiff--No, they hadn't seen an M3 report since 2006 (p. 81) and Yes, they agreed wholeheartedly that our debt problem had been coming for years and that government and personal debt would bury us. It was just a matter of time.
While investment entities clamored over whether to buy, sell or hold, Schiff said to avoid the US market. When they haggled over whether to tell their clients to "review their portfolios for the long term," (and, thus, save their commissions), Schiff quietly screamed to flock to the safety of stable foreign markets. Just as Europe was the world leader before America took the world stage, the next economic power is in Asia and the quickly emerging countries.
Peter Schiff not only clearly establishes economics and the reason for his worldview, but provides many practical recommendations. Will I, or can I, do every thing he suggests? No, but he provides a variety of selections that fit my needs. Does Schiff promote his company and his book? In the words of Sarah Palin, "You betcha!" However, he's pretty evenhanded: On page 195 he suggests a list of five questions to ask a potential foreign investment broker. There aren't a lot of foreign brokers, but I do see their ads on TV from time to time. And he's right about the service that Euro Pacific provides, They're handling our meager investment portfolios and treat us with the same respect and courtesy afforded the "big guys." I am very satisfied with the performance of my foreign investments, and I don't fret about them. I don't always agree with my rep regarding the performance of a particular company, but he sets forth his reasoning. Ultimately, it's my call.
The one thing I've decided I don't like about the book is its title. "Crash Proof" sounds like a come-on and misses Peter Schiff's passion, compassion and purpose: "My goal here is not simply to provide an investment survival guide, but to expose and illuminate the grave economic weaknesses that make survival the issue. A proper understanding of the true state of the American economy is vital to investors and noninvestors alike." (p. xv)
PS - Peter Schiff is a master of analogies. Not only do they keep his book light and readable, but they clarify complicated economic principles. (Too bad he wasn't my economics professor!) One of my favorites: "Despite all this negativity surrounding the U.S. dollar, the folks managing our economy stand like miners around a comatose canary, wondering what's bothering it and concluding maybe it's taking a nap." (p. 64) Love it! So if you see me wearing a sweatshirt that says, "The canary's NOT napping," and the economy is still in a mess, you'll understand. :)
The book was prescient in that it was written prior to the breakdown of the American financial system in September 2008 and a lot of his predictions have come true. It's interesting to note that some of the worst possibilities he mentioned have come to pass in the ensuing months since the book was written.
The second half of the book deals with how you can best position yourself financially to weather the economic storm and maybe even come out ahead when it is finally over with. His conclusions...get out of stocks, especially US stocks, diversify into foreign markets and currencies; invest in Gold and stay liquid. I endorse all his recommendations as, in my humble opinion, I feel this is the way to invest in the near term.
If you are interested in learning what caused the economic mess we currently find ourselves in I recommend reading Crashproof as the first part of a multi-part reading series. This book is complemented well by Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse,The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income, and Grow Wealthy Even in the Worst of Times and The Road to Serfdom: Fiftieth Anniversary Edition.
We are entering perilous economic times that will be challenging to everyone. To be forewarned is to be forearmed. Crashproof will help you to position yourself financially for the next few years.
FOR THOSE THAT CHOOSE TO IGNOR OR DISAGREE ABOUT THE CONCLUSIONS AND ANSWERS PUT FORTH BY PETER, YOU DO SO AT YOUR FAMILIES AND YOUR OWN PERIL. WHAT PETER SUGGESTS IN THIS BOOK WILL KEEP ONES ASSETS AT A VALUE HIGHER THEN THE FIET CURRENCY WE NOW USE. THE USD IS A NOTE (LOOK UP DEFINITION) THAT IS USED IN LIEU OF CONSTITUTIONAL CURRENCY.
THIS IS A GOOD , HONEST AND EASY TO UNDERSTAND ECONONMICS LESSON, THAT CAN BE UNDERSTOOD BY US SHEEPLE ,THAT ONLY HAVE BITS AND PIECES OF MANURE PROVIDE BY TALKING HEADS ,
TO SIFT THRU FOR OUR INFORMED INVESTING DECISIONS.
IN CLOSING I WILL SAY THAT IF WE WANT TO HAVE A SOUND COUNTRY AGAIN AND A CURRENCY THAT HAS VALUE, THEN WE NEED TO ELECT RON PAUL. HE WILL DO AWAY WITH THE IRS AND THE FEDERAL RESERVE AND RESTORE OUR CURRENCY TO ONE THAT IS WORTH MORE THAN A "CONTINENTAL"
THANKS AGAIN PETER