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Crash Proof: How To Profit From the Coming Economic Collapse Audio CD – Audiobook, Unabridged


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Product Details

  • Audio CD
  • Publisher: Your Coach In A Box; Unabridged edition (May 1 2009)
  • Language: English
  • ISBN-10: 159659277X
  • ISBN-13: 978-1596592773
  • Product Dimensions: 13.3 x 3.5 x 15.2 cm
  • Shipping Weight: 181 g
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (11 customer reviews)
  • Amazon Bestsellers Rank: #787,313 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

From the Inside Flap

From both an economic and monetary perspective, the United States is a house of cards—impressive on the outside, but a disaster waiting to happen beneath the surface. In a relatively short period of time, the country has gone from the world's largest creditor to its greatest debtor; the value of the dollar has declined; and domestic manufacturing has given way to non-exportable services. While these and other issues could potentially spell disaster for your financial well-being, the situation could also present unique opportunities—if you're prepared.

For more than a decade, seasoned Wall Street prognosticator Peter Schiff has not only observed the U.S. economy, but also helped his clients restructure their portfolios to reflect his outlook. What he sees today is a nation facing an economic storm brought on by growing federal, personal, and corporate debt; too little savings; a declining dollar; and lack of domestic manufacturing.

Now, in Crash Proof, Schiff provides you with an insightful examination of the structural weaknesses underlying this impending economic meltdown, and discusses the measures you can take to protect yourself—as well as profit—during the difficult times that lie ahead. Using common-sense analysis, creative analogies, and easy-to-understand language, Schiff entertains as well as educates. While Schiff carefully details the grave economic forces pushing the United States closer to the edge, he also outlines a specific three-step plan that will allow you to preserve wealth and protect the purchasing power of the savings you have worked a lifetime to accumulate.

Step #1: Rethinking Your Stock Portfolio: shows you exactly how to replace your endangered U.S. dollar holdings with a portfolio of foreign securities that are safer, significantly higher yielding, and appropriate for any investment objectives

Step #2: Gold Rush: examines the various ways you can capitalize on the bull market in gold, as well as silver, and explains how these precious metals can add both safety and exciting growth potential to a conservative foreign stock portfolio

Step #3: Stay Liquid: discusses the importance of liquidity in times of financial uncertainty—from having enough money for living expenses to keeping a reserve of uncommitted cash that can be used to acquire assets at bargain prices

Investing using conventional wisdom will not work during times of financial distress. That's why Crash Proof has taken the reality of today's economic situation into account as it offers you guidance. Filled with in-depth insights and expert advice, Crash Proof will help you survive and thrive during the coming years of economic uncertainty. --This text refers to an out of print or unavailable edition of this title.

From the Back Cover

Praise for Crash Proof

"The dot-com implosion proves that we all need Peter Schiff's vision of investing.?His view is so global and so unique in its approach, and at a time when we all should be looking to crash-proof our portfolios, Schiff offers us this much-needed life-raft."
—Liz Claman, Cohost, CNBC Morning Call

"For those accustomed to America's economic dominance, Crash Proof is a frighteningly forthright wake-up call. But Peter Schiff is one Cassandra whose voice deserves your rapt attention. Devoid of the usual Wall Street spin, this frank and prophetic read will make you reconsider the very foundations on which your financial house is built."
—Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund LLC and FOX News Channel analyst

"Schiff does an outstanding job of outlining the dangers to individual investors of the current economic environment and presents a plausible plan about how to deal with the risks."
—David W. Tice, Portfolio Manager, Prudent Bear Funds

"A sober assessment of the financial problems facing our country. Reading this book will prepare you for potential outcomes that Wall Street and the mainstream financial media are completely unaware of."
—Bill Fleckenstein, founder and President of Fleckenstein Capital and MSN.com Money columnist --This text refers to an out of print or unavailable edition of this title.


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Customer Reviews

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Most helpful customer reviews

6 of 6 people found the following review helpful By Patrick Sullivan TOP 500 REVIEWER on Jan. 30 2008
Format: Hardcover
Peter Schiff is the exact opposite of the majority of Wall Street anylists.
He is not afraid to talk about some of the problems with the financial markets. The US dollar, The Federal Reserve, gold prices, official government inflation numbers, trade problems, you name it, he gives you the real take. This book was written in 2007, but is much more timely in 2008. The current US dollar slide and Sub-prime market problems, make this book a must read.
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10 of 11 people found the following review helpful By Wilson! I'm sorry Wilson! on Oct. 8 2008
Format: Hardcover Verified Purchase
My only regret is not having read this book sooner - I ordered it some time ago and it sat on my "to do" pile... until this global economic crisis hit.

Reading this book is liking reading a play-by-play of how the global credit crisis, real estate bubble, stock market plunge and ensuing recession (depression?) are all precipitated by the out-of-touch economic policies of the United States and Federal Reserve. Schiff also explains how national and consumer debt have hamstrung our economy, and debunks the fallacy that borrowing to consume drives the economy.

The frightening part is the worst is yet to come - Schiff explains that this global financial crisis could become much more severe. Thankfully, he offers chapters of tips for not only surviving, but profiting from the this horrendous situation.

So if you're worried about your mutual fund retirement savings evaporating, or how you are going to manage your own personal financial crisis, you really should buy this book.
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8 of 9 people found the following review helpful By M. Bryson on Jan. 31 2008
Format: Hardcover
Peter Schiff tells it like it is, was (some predicted developments have recently happened), and as it will be. Through logical, persuasive arguments clearly presented Mr.Schiff conveys the understanding required to position oneself for what he calls "the endgame". Written for the American reader, much is applicable to Canadians who want to cover their assets, even those who are not directly invested in U.S. markets or real estate. I'd strongly recommend buying the book and reading it first. Then walk through some of the extensive up-to-date text and video archives available for free on his web site. You can't help being impressed by Mr. Schiff's ability to see through the fog and haze, as well as the smokescreens set up by the U.S. government and Wall Street. As he himself says, he isn't clairvoyant, he just "understands economics".
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7 of 8 people found the following review helpful By PermaFrost on July 30 2008
Format: Hardcover
Warning, a quote from the book. (Page 87)

Business Cycles

According to the classical economists, like Ludwig von Mises and Friedrich A. von Hayek of the Austrian school, recessions should not be resisted but embraced. Not that recessions are any fun, but they are necessary to correct conditions caused by the real problem, which is the artificial boom that precede them. Such booms, created by greed, others by inflation, send false signals to the capital markets that there are additional savings in the economy to support higher levels of investment. Ultimately, when the mistakes are revealed, the malinvestments, as Mises called them, are liquidated, creating the bust. Legitimate economic expansions, financed by actual savings, do not need busts. It is only the greed and inflation-induced varieties that sow the seeds of their own destruction.

This flies into the face of modern economic thinking that regards the business cycle as the inevitable result of some flaw in the capitalist system and sees the government's role as mitigating or preventing recessions. Nothing could be further from the truth. Boom/Bust cycles are not inevitable and would not occur were it not for the inflationary monetary policies that always precede recessions.

The Modern Federal Reserve: An Engine Of Inflation And A Creator Of Booms And Busts

The Federal Reserve turned the concept of the elastic money supply on its head by expanding the money supply indefinately. When the economy expands, the Fed expands the money supply, and then when the economy contracts, it expands the money supply even faster, in an effort to stimulate spending to offset those contractions. It's like a heroin addict trying to kick the habit who shoots up each time any withdrawal symptoms set in.
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Format: Hardcover
Peter Schiff gives a fast review of Economics 101. I majored in economics in university and it all sounded familiar.
He predicted the recession with accuracy and gives the reader good insights into why it was about to happen. Things unfolded in 2008 just as he suggests in his 2006 book.
The book is relevant today for investors who were hit hard and are left wondering what to do next. I think he also offers some good insights there as well.
In a nutshell he is suggesting investment (70-90% of our portfolios) in good solid dividend producing companies which are not denominated in US$ because even if the Dow bounces back to former levels value will still be eroded by inflation which he says is a growth in the money supply which exceeds productivity growth. Government stimulus, which everyone is hoping will save us, will ultimately result in a devaluation of the currency and increasing prices.
He also suggests investing in gold to the tune of 10-30% of investors portfolios and makes recommendations as to how we should do so.
I give the book two thumbs up and my only regret is that I did not read it over a year ago.
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