Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books)

Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) | Peter D. Schiff, John Downes | Worried about Inflation?

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Crash Proof: How t...

	Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) Peter D. Schiff, John Downes Wiley, 2007 - 288 pages average customer review:based on 265 reviews view larger image
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highly recommended

The economic tipping point for the United States is no longer theoretical. It is a reality today. The country has gone from the world's largest creditor to its greatest debtor; the value of the dollar is sinking; domestic manufacturing is winding down - and these trends don't seem to be slowing. Peter Schiff casts a sharp, clear-sighted eye on these factors and explains what the possible effects may be and how investors can protect themselves. For more than a decade, Schiff has not only observed the U.S. economy, but also helped his clients reposition their portfolios to reflect his outlook. What he sees 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.
Crash-Proof is an informed and informative warning of a looming period marked by sizeable tax hikes, loss of retirement benefits, double digit inflation, even - as happened recently in Argentina - the possible collapse of the middle class. However, Schiff does have a survival plan that can provide the protection that readers will need in the coming years.

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Cold Hard Facts

Mr. Schiff's not the only one who understands the future of our entire Economic System is on a collision course with reality, but I would say this is a must read. It's very easy reading and would make a good gift for beginning/intermediate level investor.

Worried about Inflation?

You should. Since you should be, you should also read this book. Peter is the only pundit who called this real estate crisis, and he is the only investment advisor who adheres to the principles of Austrian Economics.

If you wish to protect your wealth from severe inflation (that has already taken place; it is just not realized in the prices yet), read this book while you still have time.

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some important decisions

this book gives the reader the chance to see why it is important to really pay attention to how the USA has been doing business for over 10 years and what should be done to protect yourself in the event his ideas do become reality. for those who have a large ammount of cash, this book gives you some very good ideas as to what to do and why. he does attempt to solicit you to do business with his company, but why should'nt he? it is what his company does and he has been in business for awhile! I really recommend this book, even if you choose to make other moves with your money.

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Too soon to tell

Peter Schiff deserves (and gets) credit for predicting an economic mess caused by the US living well beyond its means on baseless credit. Whether or not his other predictions come true in the longer term - i.e. the complete collapse of the US economy and value of the dollar relative to other currencies, huge dollar inflation, a big rise of the value of gold and ascendency of China and other manufacturing countries - remains to be seen. There is certainly every reason to be scared for America's economic future. But, as other have noted here, investors that have followed Schiff's advice have so far (mid-Dec 2008) done even worse than those who just kept their money in the dismal US stock market.

It appears that Schiff himself has been taken aback by the global nature of this mess. His book's predictions and investment advice were specifically for an American failure. While it may have been American in origin, it is currently universal in effect. It is still too early to see if the US will actually suffer worse than the rest of the world in the long-term. China's urban unemployment is very high and growing. Hundreds of thousands of its factories have already closed down and there is a real fear and risk of massive civil unrest. These are not the signs of country that is about to just switch its manufacturing efforts from export to meet its own people's more basic needs. It may be that we'll find China was still a few years short of the critical mass necessary for self-sustenance on the scale that Schiff predicted. Only time will tell, but it doesn't look good. Japan is also very dependent upon exports that have largely dried-up.

One characteristic in this book is Schiffs condescending treatment of Asians as fools while, at the same time, praising their virtues of hard work and thrift. His repeated parables (e.g. 5 active Asians feeding one indolent American who pays them in worthless paper IOUs, year after year) imply that they are just too ignorant to see what is so obvious to him. He must think them stupid indeed that they still continue to buy US bonds and are just as desperate as American politicians to increase US consumerism to its former levels. Either that or he feels that the rather basic information contained in his book is not as available to Asian central banks and economists as it is to him.

Something else that is relevant to this subject but completely ignored by Schiff is the world's declining maximum oil supply. Like many economists he seems to feel its extraction is just a matter of supply and demand. Oil price has fallen greatly in recent months but even in this worldwide recession, oil consumption has barely dropped (from its highest of 88 BPD to 86 million BPD now). If and when the world's economies turn around (and maybe before then), they will come to a screeching halt when the fundamental limitations of oil supply become apparent. That certainly won't be a US-only phenomenon and its irreversible effects may well dwarf the fiscal woes predicted in the book.

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