Crash Proof 2.0: How to Profit From the Economic Collapse Hardcover – Sep 22 2009
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From the Inside Flap
The economic and monetary disaster, which seasoned Wall Street prognosticator Peter Schiff warned of in the bestselling first edition of Crash Proof, is no longer hypothetical—it is here today. And while most people believe that the economic collapse is over, the reality is that it has only just begun. That's why he's returned with Crash Proof 2.0.
For more than a decade, 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 a growing economic storm—brought on by bursting bubbles and growing federal, personal, and corporate debt—that will only continue to intensify as the U.S. government refuses to allow market forces to repair the damage.
Crash Proof 2.0 picks up right where the first edition—which clearly foresaw the bursting of the real estate bubble, credit crunch, and the insolvency of Fannie Mae and Freddie Mac—left off and includes more than 80 new pages of up-to-the-minute analysis and advice. This timely guide takes into account the dramatic economic shifts that are reshaping America and provides you with valuable insights which will allow you to protect yourself, as well as prosper, during the difficult times that lie ahead. Throughout the book, Schiff explains the factors that will affect your future financial stability—from the bubble in bond prices and collapse of the dollar to surging long-term interest rates and run-away inflation—and offers a specific three-step plan to battle today's economic downturn, and tomorrow's market mayhem.
STEP #1: Rethinking Your Stock Portfolio shows you exactly how to solidify your portfolio with foreign securities that are better positioned to weather the storm and deliver meaningful long-term returns
STEP #2: Gold Rush examines the various ways to capitalize on the bull markets in gold and silver and explains how these precious metals can add both safety and growth potential to a conservative foreign stock portfolio
STEP #3: Stay Liquid discusses the different aspects of liquidity and the importance of having it during times of financial turmoil
Even with all that's happened in the last few years, the real collapse still lies ahead. With Crash Proof 2.0 as your guide, you'll discover a long-term plan that will put you in a better position to survive and thrive during the coming years of economic uncertainty.
From the Back Cover
Praise for Crash Proof and Crash Proof 2.0
"Schiff was warning us about our fragile economic foundation long before the first cracks started to appear. There are plenty of market cheerleaders out there, but if you want advice from a market realist who has been proven right again and again, read this book."
—Glenn Beck, host, The Glenn Beck Program
"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, anchor, Fox Business Network
"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, Chief 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
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Top Customer Reviews
Is Peter Schiff just another lucky contrarian? No way. He uses sound Austrian economic theory to assess the global climate. Just look at his recommended reading list on his brokerage firm's website [...]. This guy is the real stuff. I can't wait for Euro Pacific Canada to open up.
It is so refreshing read, listen and hear somebody so charismatic blast the so-called economic experts and nobel laureates who help cause the current crisis. The mainstream keeps listening to the same experts and nobel laureates who caused this economic mess. This book will help you understand how those experts caused the crisis and why their solution to it cannot improve things and can only worsen the bleeding.
I also highly recommend Tom Woods book Meltdown. Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailout Will Make Things Worse
Most Helpful Customer Reviews on Amazon.com (beta)
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
- Cash Accounts
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.
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.
However, there were several things in the book that could use improvement. I would have liked more detailed documentation of many of the facts Schiff presented. For example, Schiff states repeatedly that we have replaced "high-paying manufacturing" jobs with "low-paying service sector" jobs. I don't know how much of that is generalization and how much can be supported with hard data. Schiff uses too many generalizations and his analogies are not always on target. Also, Schiff's fixation with manufacturing as the basis of a healthy economy seems oddly protectionistic. No other classical or Austrian economist I have read has expressed such a concern.
As I read, for the most part I could give Schiff the benefit of the doubt. He didn't explain things as well as I would have liked, but I usually understood what he meant. Most other economists of this school will tell you that trade deficits are self-correcting. As other trading nations accumulate dollars and ship us goods, the value of the dollar with respect to other currencies will fall, causing their goods to become more expensive, and our goods to become cheaper to them. One of Schiff's theses is that this hasn't been happening because our trading partners have been using the dollars to buy up our debt instead of the relatively few trade goods we have to sell to them. Eventually, this must stop, then we will see a huge devaluation of the dollar. Will it happen? We will see.
I for one am convinced that there is a huge bubble in the US dollar. Whether it is due to huge trade deficits, unbridled consumer debt, or the trillion dollar debt happy US congress, we are inflating our currency. It's like a crack addict trying to break the habit by increasing the amount and frequency of his fixes.
While most economists quickly begin introducing theories that just don't seem intuitive, I found the Austrian school, which Peter Schiff follows, resonated with my gut senses. It is not the most popular viewpoint, but I think this is because it runs counter to political desires to be able to control the economy - and to justify "printing money" to pay for programs popular with voters.
In addition to an understanding of macroeconomic trends, I think it's crucial to have real-world experience both with Wall Street, and in running a business to complete the story, and this is where Peter Schiff has a great combination of experience. But even beyond this, whereas there had to be thousands of insiders who could see the 2008 crisis coming, it was Peter that made it his mission to deliver the message in every way he could, to anybody who would listen. I read the first version of Crash Proof as the crisis began to unfold, and it was chilling in its insight and accuracy - he had predicted what was to come more succinctly than others writing *after* the events had occurred. Since that time I've been a regular follower of Peter via his weekly podcasts, video blogs, and television appearances. Even though his predictions are dire I sleep better in the belief that someone understands what is going on (not to mention putting my portfolio back on track with very strong growth!)
Peter has kept the excellent text of his original work intact in the 2.0 version, and added commentary on what has happened since the original publication at the end of each chapter. This is an effective format, demonstrating the accuracy of the initial predictions as well as confirming that recent monetary and fiscal policies continue to drive the economy downward.
I don't know whether everything will continue to play out per Peter's predictions, but his investment advice is sound whether or not the worst comes to pass: invest in solid companies in a variety of countries that pay good dividends and don't rely on US customers. Indeed, many of my other investment advice sources have started to promote similar ideas, though of course they've already missed out on quite spectacular growth from the first part of this year. Buy this book and begin to understand how government policies impact prosperity now and for future generations, and protect your wealth in the process.
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