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Crash Proof 2.0: How to Profit from the Economic Collapse

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A fully updated follow-up to Peter Schiff's bestselling financial survival guide-Crash Proof, which described the economy as a house of cards on the verge of collapse, with over 80 pages of new material The economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today. And nobody understands what to do in thi A fully updated follow-up to Peter Schiff's bestselling financial survival guide-Crash Proof, which described the economy as a house of cards on the verge of collapse, with over 80 pages of new material The economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today. And nobody understands what to do in this situation better than the man who saw it coming. For more than a decade, Schiff has not only observed the 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; and a declining dollar. Crash Proof 2.0 picks up right where the first edition-a bestselling book that predicted the current market mayhem-left off. This timely guide takes into account the dramatic economic shifts that are reshaping the world and provides you with the insights and information to navigate the dangerous terrain. Throughout the book, Schiff explains the factors that will affect your future financial stability and offers a specific three step plan to battle the current economic downturn. Discusses the measures you can take to protect yourself-as well as profit-during these difficult times Offers an insightful examination of the structural weaknesses underlying the economic meltdown Outlines a plan that will allow you to preserve wealth and protect the purchasing power of your savings Filled with in-depth insights and expert advice, Crash Proof 2.0 will help you survive and thrive during the coming years of economic uncertainty.


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A fully updated follow-up to Peter Schiff's bestselling financial survival guide-Crash Proof, which described the economy as a house of cards on the verge of collapse, with over 80 pages of new material The economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today. And nobody understands what to do in thi A fully updated follow-up to Peter Schiff's bestselling financial survival guide-Crash Proof, which described the economy as a house of cards on the verge of collapse, with over 80 pages of new material The economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today. And nobody understands what to do in this situation better than the man who saw it coming. For more than a decade, Schiff has not only observed the 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; and a declining dollar. Crash Proof 2.0 picks up right where the first edition-a bestselling book that predicted the current market mayhem-left off. This timely guide takes into account the dramatic economic shifts that are reshaping the world and provides you with the insights and information to navigate the dangerous terrain. Throughout the book, Schiff explains the factors that will affect your future financial stability and offers a specific three step plan to battle the current economic downturn. Discusses the measures you can take to protect yourself-as well as profit-during these difficult times Offers an insightful examination of the structural weaknesses underlying the economic meltdown Outlines a plan that will allow you to preserve wealth and protect the purchasing power of your savings Filled with in-depth insights and expert advice, Crash Proof 2.0 will help you survive and thrive during the coming years of economic uncertainty.

30 review for Crash Proof 2.0: How to Profit from the Economic Collapse

  1. 5 out of 5

    Michael

    This book offers a mixture of sound analysis and terrible misinformation, so much that it's hard to know how to begin a review. Schiff is head of a brokerage called Euro Pacific Capital and an advisor to Ron Paul. The first edition of this book was written in 2006, and the original text remains in the "2.0" version, with an update tacked on to each chapter in 2009. When painting with broad strokes about economic forecasting, he has an impressive track record. On the details he can be abysmal. Sc This book offers a mixture of sound analysis and terrible misinformation, so much that it's hard to know how to begin a review. Schiff is head of a brokerage called Euro Pacific Capital and an advisor to Ron Paul. The first edition of this book was written in 2006, and the original text remains in the "2.0" version, with an update tacked on to each chapter in 2009. When painting with broad strokes about economic forecasting, he has an impressive track record. On the details he can be abysmal. Schiff views government as a dark force intent on destroying business and confiscating wealth. In his mind there seems to be no valid role for the public sector. There is little distinction between Nazi Germany and the present United States in this book. He mistakenly views manufacturing as the only valuable enterprise, railing against the US for becoming a service economy. He seems to be unaware that this is a natural consequence of technology, and has apparently never considered that perpetual economic growth depends on perpetual demand for goods (see this, for example http://tinyurl.com/3sjb3ml). Schiff also errs in his understanding of the bubble. He has nothing but vitriol for the United States, and nothing but praise for foreign markets, including the Euro (and they seem to be doing great right now...). The fact is that housing speculation increased globally (http://tinyurl.com/75fwexn), and although it's hard to know about China for lack of data, many signs point to it being no exception. This was a credit bubble, not a housing bubble. And why was it a credit bubble? Because Uncle Sam forced the ENTIRE WORLD to issue more and riskier credit? Not quite. It was self-interest run wild, simply put, because why isn't it in your interest to enslave a fool with bad debt if you can get away with fraud and pass off the losses? Schiff doesn't understand that the same market dogma he cherishes is exactly what led to the corruption of law that allowed this mess to happen (see this http://tinyurl.com/4bmqa83). And don't equate greed with enterprise, because they are entirely different (http://tinyurl.com/85x29qw). Schiff again makes the mistake of seeing only one side of the market coin, misunderstanding that in exchange for a culture that bombards consumers with marketing to stimulate demand, you also get a culture that removes judgment (http://tinyurl.com/7f45uf6). And nothing says bad judgment like the housing debacle caused by speculation. Yet for all the disdain he has for those speculators, he turns around and tells you it's a great idea to borrow against your house and stash the cash in foreign stocks that pay dividends, because then the interest will pay your rent, and when the dollar collapses you'll be rich because that debt will be devalued. Buyer beware. I could go on, but if you're still reading you get the point. I agree that there is a serious mess to reckon with. One expert aptly described it as follows: "When I am in front of a crowd speaking about this, I frequently liken the problem to a bottle of wine. I like to take a bottle of wine out and put it in front of them, saying, 'We’re going to have this much pain and there is not anything we can do about it. But we can choose to take it all at once – that’s probably a depression – or we can turn the bottle on its side and take only a little bit at the beginning, and then as we grow over time, we can take more.'" Get your house in order, because this ride ain't over. Schiff makes a strong case for the decline of the dollar, but I have no doubt you can find something better than his book, maybe even among the other books he recommends at the end of Crash Proof.

  2. 4 out of 5

    Shea Mastison

    Peter Schiff is a fascinating guy; I've seen pictures of his father, who according to some of my friends on Facebox, was put in prison for refusing to pay taxes--Irwin Schiff, was/is his name, apparently. Personally, I've never understood how or if the anti-tax crowd actually expects a refusal of payment to stop the IRS from putting them in a cage.... Anyway, Schiff wrote Crash Proof just before the stock market crash and recession of 2008. In it, he essentially gives a step-by-step breakdown of Peter Schiff is a fascinating guy; I've seen pictures of his father, who according to some of my friends on Facebox, was put in prison for refusing to pay taxes--Irwin Schiff, was/is his name, apparently. Personally, I've never understood how or if the anti-tax crowd actually expects a refusal of payment to stop the IRS from putting them in a cage.... Anyway, Schiff wrote Crash Proof just before the stock market crash and recession of 2008. In it, he essentially gives a step-by-step breakdown of how the dollar is likely to collapse. Schiff doesn't put on a turban, examine his star charts, or channel any spirits--it genuinely seems like he just knows his shit. Six months after the publication of Crash Proof, his predictions began happening. Crash Proof 2.0 is Schiff's attempt to update the book for the post-housing market crowd. In it, you'll find advice about the investments you should be making to protect yourself from a U.S. economy left in shambles by the failures of centralized economic planning. If markets interest you at all, you should probably read this book.

  3. 5 out of 5

    Marcus

    If you have any money, at all, you should read this book. The sooner the better. If you don't have any money you should also read this book. There are a few reasons reading Crash Proof might not appeal to you: -Peter Schiff is a somewhat controversial name in the investing world. -Peter Schiff is a libertarian -You never read non-fiction -You never read investing books -You never read business or economics books -You don't have any money right now -You're an optimist -Etc. All of those reasons are valid a If you have any money, at all, you should read this book. The sooner the better. If you don't have any money you should also read this book. There are a few reasons reading Crash Proof might not appeal to you: -Peter Schiff is a somewhat controversial name in the investing world. -Peter Schiff is a libertarian -You never read non-fiction -You never read investing books -You never read business or economics books -You don't have any money right now -You're an optimist -Etc. All of those reasons are valid and understandable, but still, it will be well worth your time to read this book.

  4. 4 out of 5

    Brian

    Peter Schiff is a fascinating individual. I first heard Schiff when he appeared on Joe Rogan and what he said I had been saying for years. He's not afraid to stir the pot against the mainstream media and the mores of other advisors. However, this book looks like he threw it together and hoped it would be a best seller. Too much fluff. Repeats concepts over and over. Takes too much time to to get to the financial advice. His thirst for citation and research is lazy, borderline irresponsible. Appe Peter Schiff is a fascinating individual. I first heard Schiff when he appeared on Joe Rogan and what he said I had been saying for years. He's not afraid to stir the pot against the mainstream media and the mores of other advisors. However, this book looks like he threw it together and hoped it would be a best seller. Too much fluff. Repeats concepts over and over. Takes too much time to to get to the financial advice. His thirst for citation and research is lazy, borderline irresponsible. Appears to struggle finding his target audience, white collar or blue collar? Laymen or academic? With that said, let's all hope for a recession and depression so the economy can heal and the dollar can regain its value. The ever increasing bubbles were blowing are eventually going to pop and they're going to harm families in America anyway... look out for the automobile industry...

  5. 5 out of 5

    Nathan

    This book is essentially the same as the original Crash Proof, but has 2009 updates at the end of every chapter. It's really a "see, I told you so" kind of book. Schiff predicted the housing nightmare back in 2006. He was right! When the so-called experts say that nobody saw the crash coming, they are lying. Schiff explains the hows and whys in this book. Everyone who appreciates their money should read it. If you thought the housing bust was bad, you ain't see nothing yet! Now is the time to pre This book is essentially the same as the original Crash Proof, but has 2009 updates at the end of every chapter. It's really a "see, I told you so" kind of book. Schiff predicted the housing nightmare back in 2006. He was right! When the so-called experts say that nobody saw the crash coming, they are lying. Schiff explains the hows and whys in this book. Everyone who appreciates their money should read it. If you thought the housing bust was bad, you ain't see nothing yet! Now is the time to prepare.

  6. 4 out of 5

    Adam Gravano

    While the author spends a good deal of time talking his own book, there are still valuable lessons to be learned from his view of economics. It's a different way of approaching markets and wealth, but in some regards is worth considering -- even if one doesn't fully buy into the rhetoric of an impending or not so near future collapse of the dollar.

  7. 4 out of 5

    Mark Geise

    “Crash Proof 2.0: How to Profit from the Economic Collapse” is a great elaboration of what Peter Schiff said leading up to and following the financial crisis of 2008-09. “Crash Proof 2.0” contains the entire original “Crash Proof” book with 2009 updates at the end of each chapter. This allows the reader to see what Schiff originally wrote and wrote he refers to in his 2009 updates. Though this book is now dated, the advice Schiff gives is still generally relevant. He has a long-range outlook and “Crash Proof 2.0: How to Profit from the Economic Collapse” is a great elaboration of what Peter Schiff said leading up to and following the financial crisis of 2008-09. “Crash Proof 2.0” contains the entire original “Crash Proof” book with 2009 updates at the end of each chapter. This allows the reader to see what Schiff originally wrote and wrote he refers to in his 2009 updates. Though this book is now dated, the advice Schiff gives is still generally relevant. He has a long-range outlook and advises readers to focus on liquidity in foreign currencies, gold exposure, and conservative, high-yielding foreign equities. Schiff’s brand of value investing makes a ton of sense in today’s financial environment. “Crash Proof 2.0” begins with Schiff’s analysis of the current (as of 2009) financial situation in the United States. He has separate chapters devoted to the housing bubble, the Fed, the dollar, the stock market, the lack of savings in the U.S., and consumer and government debt. The excessive government and consumer debt, aided by extremely accommodative Fed policy, has created a situation in which inflation is likely the only way to avoid default. This puts the dollar at serious risk of massive devaluation, a devaluation it has avoided to this point due to the dollar’s reserve currency status. Fed policy has also discouraged saving, leading to a lack of capital to finance investments in productive capacity. This perfect storm of factors may set the table for a financial calamity the likes of which not seen since the Great Depression. Hyperinflation is not out of the realm of possibility as foreigners shift their focus from saving and lending to consuming and many of the dollars abroad finally come home. Also, with the Fed likely facing no alternative other than to monetize government obligations, the long-term prospects for the U.S. dollar are bleak. The U.S. will need to severely cut back on consumption, causing significant short-term pain as the economy slowly returns to health. Despite the “small” (in comparison to the downturn that is to come) 2008-09 recession, the housing and stock markets are still bubbles. What Schiff writes, specifically about housing, began to come true in 2008, but government intervention delayed much of the pain and simply kicked the can down the road. Peter Schiff is always entertaining. Though I do not necessarily agree with every single thing he writes and says, I believe he is generally right. The U.S. government cannot keep printing money without eventually destroying the currency. The U.S. government and U.S. consumers cannot keep borrowing money without our creditworthiness coming into question. It simply is not sustainable. It is impossible to know when the reckoning will happen, but it has to happen eventually. I am completely in favor of Schiff’s investment advice. Liquidity in foreign currencies (rather than having 100% exposure to the dollar), significant gold holdings, and conservative and high-yielding foreign equity holdings can comprise a steady portfolio whether the U.S. thrives or collapses. It is not as if this type of portfolio would hurt in the long-run if the U.S. defies all odds and never needs to suffer through an extreme depression to rebalance its economy. However, in the event of a U.S. collapse, a portfolio like this would surge in comparison to U.S. alternatives. “Crash Proof 2.0” is still very much worth the read six years later.

  8. 4 out of 5

    Jeb

    Schiff is thorough, if a bit repetitive, in describing the problems facing the US economy. He spends the first seven chapters explaining, piece by piece, the various underlying instabilities in the US economy, why they matter, and what is being done to make them better or worse (worse, in most cases). It's written at a level that should be accessible to most readers. I'm an engineer, with no background in high finance, but I was easily able to follow along. The final three chapters lay out a plan Schiff is thorough, if a bit repetitive, in describing the problems facing the US economy. He spends the first seven chapters explaining, piece by piece, the various underlying instabilities in the US economy, why they matter, and what is being done to make them better or worse (worse, in most cases). It's written at a level that should be accessible to most readers. I'm an engineer, with no background in high finance, but I was easily able to follow along. The final three chapters lay out a plan for how to avoid personal misfortune in the widespread collapse that Schiff predicts. While he often recommends using his own financial services firm (even going so far as to include his website and phone number at several points in the text), he also arms you with the questions and strategies to use to find another broker to execute the same or similar plan. Since he published the first edition of this book in 2006 and many of his dire predictions started immediately coming true, it's interesting to read the 2009 second edition, to which Schiff has added a short follow-up at the end of each chapter explaining what has changed and what remains the same. It's funny to read Schiff predicting a collapse in residential real estate prices, then to remember that he was writing this in 2006 when 99% of Americans considered real estate to be a perfect investment. My biggest criticism is that, for too many of his descriptions of fundamental problems, we are given only a brief description of the problem, with no data or supporting evidence to base it on. Then we're led through sound logic building from these fundamental problems to a suggested course of action. The problem with this is that I have trouble following a suggestion so counter to popular opinion, whose reasoning is based on a foundation that must be taken on faith. I'm a skeptic, by nature, so while some of these things I am able to confirm with my own experience or other reading, others I'm no so sure of and would be comforted by supporting evidence. While I do think that Schiff is right for the most part; I think the book would be more valuable and find a broader appeal if it was more careful about documenting and supporting its claims. My second criticism is that Schiff says some things about business that make me think he hasn't much experience running one. His viewpoint on the economy seems to be that of, well, an economist rather than a businessman. It's like a baseball book written by an announcer as opposed to a player or a manager. Since his focus is on a plan for individual investors, this is a good thing, and his perspective here is rock-solid; but his few stray points of advice to businesses seem out of place.

  9. 5 out of 5

    Kim

    This book was more useful than I expected in terms of understanding investment options in different economic scenarios, including foreign currencies or stocks. This "2.0" version takes the book Peter Schiff wrote in 2006 (when he not only predicted the housing bubble but clearly explained why we would see an associated financial crisis and recession), then adds an updated section at the end of each chapter written in 2009. His writing style includes a very understandable explanation of Austrian This book was more useful than I expected in terms of understanding investment options in different economic scenarios, including foreign currencies or stocks. This "2.0" version takes the book Peter Schiff wrote in 2006 (when he not only predicted the housing bubble but clearly explained why we would see an associated financial crisis and recession), then adds an updated section at the end of each chapter written in 2009. His writing style includes a very understandable explanation of Austrian economics and the trends that have been occurring, but does not delve into economic formulas in any way that requires intense study. I started to read this book largely because of my interest in economics, but was most pleased with how Schiff wraps up the current situation and clarifying WHY he recommends certain investments. While he may not be correct about the future, it gives a person a very clear perception of why he is making his recommendations. In fact, I would say it's likely some of the advice will be a mistake. He is exceptionally bold and confident about his predictions (it would be fair to say arrogant). Practicality says that with all the influences on global currencies, government spending, Fed policies, oil supply, etc... he cannot be right about everything. However, if you already understand what mutual funds, bonds, 401Ks, etc are AND you don't really want to enter the world of day-trading or hedging or shorting.... but you would like to not leave your investments entirely up to your financial advisor nor a chart of recommendations for your age... then I recommend you read the book. It may give you some perception on whether you choose to invest in various instruments foreign and domestic and/or how to spread out your risk other than typical US stock/bond/cash purchases.

  10. 4 out of 5

    Boni Aditya

    More than half of the book is just based on the presumption that the foreign powers would realize the worthlessness of the US dollars and US assets and throw the money back at US. What if it were never to happen. If all the foreign powers are more than content to hoard 50 trillions of US debt each. This would go on for another 50 years. The author does not consider the extent to which humans can be stupid. He assumes that markets are clever, i.e. markets operate with logic. He fails to understan More than half of the book is just based on the presumption that the foreign powers would realize the worthlessness of the US dollars and US assets and throw the money back at US. What if it were never to happen. If all the foreign powers are more than content to hoard 50 trillions of US debt each. This would go on for another 50 years. The author does not consider the extent to which humans can be stupid. He assumes that markets are clever, i.e. markets operate with logic. He fails to understand that markets are stupid, markets are emotional, they are sentimental and foolish. There is one other bad habit of the author, which is to load huge number of jargons into one sentence and make that sentence very very long. Thus many of these sentences had to be googled i.e. I had to stop reading and search for meanings of many words that he started using. For Example Let us look at this simple excerpt of the book Short covering(What is short covering?) will cause gold to rise. Perhaps one of the biggest sources of new demand will be the covering of short positions. Borrowing and then selling non-interest-bearing gold, and then investing the proceeds into interest-bearing debt instruments, has been the world‟s ultimate carry trade (What is a carry trade?) for years. However, as gold prices continue their ascent, these carry trades will ultimately prove too heavy to support (Why are they so difficult to support? Where is the logic? How do you assume that you will say something and i would intuitively gain the context required to understand it? ) . Compounding the problem will be the fact that many of the debt instruments providing the carry may lose value or even go into default. The rush to cover money-losing short positions (what traders call being in a short squeeze) (What the heck is a short squeeze? Can't you give a simple definition here? ) will only intensify gold‟s price rise, forcing even more shorts to cover. In fact, it is very likely that many of the gold shorts will go broke and will not be able to return the gold they borrowed to the rightful owners. (Why will they go broke? What is the logic?) This will mean that many investors, including central banks that have lent out significant percentages of their reserves, will not get their gold back. As a result they will have to reenter the market to buy back the very ounces they thought they already owned. Of course, with all that buying, they will be paying much higher prices. This is not a continuous book, i.e. they are collection of huge number of topic written at random times about random events, most of these articles have the same or similar themes but with different words and sentences but the core idea is same for many of these articles that he has written. The author must understand that a bunch of articles written randomly about the same topic at various intervals of time and then bunched together like a stack of rough papers and then bound, does not make it a book. He rambles on about the stock market and then he jumps suddenly into the Housing Bubble and then Jumps into China, and then keeps hopping on from one topic to the next in a weird random circular format and then comes back to many of the topics previously discussed and then reinforces them at various points during these new articles. What could have been a beautiful book was ruined beyond recognition due to the extremely bad edition work, The editor could have removed tons of duplicates i.e. the mentions of the same effect over thirty odd times at thirty different places with thirty different metaphors, will not make that prediction come true! or it doesn't make it any interesting either. The book is extremely thin and it seems to be a deliberate attempt to make it so! because the author wanted to conserve pages, he has put in all his attempts to condense his long sentences using jargons, How in the god damn hell would a person with limited resources (focus) absorb a few lines without actually getting bamboozled (his own phrase) - Does the author have a sense that he is trying to explain finance to common audience, and thus he must take time to explain how to issues are correlated, The author has a serious curse of knowledge - because he could see the relation between the two terms, he also immediately assumes that the reader will also be enlightened enough to understand that as interests are lowered the rents go down in a place or that we are born with an inherent ability to understand the order in which stock market liquidity of assets is distributed to various entities or the meaning of the word "Hobson's Choice", I had to google for this one and read a wiki page to understand what he meant. Does the author get any brownie points to write cryptic or to write in jargon? The irritation caused due to the continuous reference to tons of these random terms sprayed in each sentence is more disturbing and distracting that this simple text of 200 odd pages made me sleep so many times due to the energy that I am losing after each article. The writing style is extremely stupid and bad, either done deliberately or due to the curse of knowledge or due to bad editing, whatever be the case it completely dismantled the joy of understanding the concepts that he tried to impart and pulled down the status of what should be a five star rated book to a mere 3 star or in some other cases less. The book adds a lot of value never the less, explaining in details about the step by step method in which the collapse will happen. It is like a picture guide book to the Economic Collapse which is imminent. The author should shift his focus to his audience and not write for his peers, or to win the accolades of his peers. He must understand that a non-jargon financially illiterate simpleton would read the book. And about half of the book is filled with criticism and analysis of Fed, Alan GreenSpan, Peabody Ben Bernanke, Obama, with a stark and scathing narration of their follies, about how the dollar was weakened about about how the Dollar is unconstitutional and how they breached the gold standard. The Government is the root cause of all financial evil and the currency that we hold on to right now is worth nothing but toilet paper or might soon become so! Though this book is written in 2009 then years have passed and there is no sign of the impending bubble though the FIAT currency runs amok!

  11. 4 out of 5

    Luke

    If I'm going to listen to someone talk about the economy, I'd prefer to listen to someone who's been right in the past. No one has been more right than Peter Schiff. Take a look on YouTube to get an overview of his oracle-like predictions in the past several years. To sum up his investment advice, he recommends foreign stocks, gold and silver, and stocks of mining companies, all to protect the investor against the chronic devaluation of the dollar due to money printing - currently branded as "sti If I'm going to listen to someone talk about the economy, I'd prefer to listen to someone who's been right in the past. No one has been more right than Peter Schiff. Take a look on YouTube to get an overview of his oracle-like predictions in the past several years. To sum up his investment advice, he recommends foreign stocks, gold and silver, and stocks of mining companies, all to protect the investor against the chronic devaluation of the dollar due to money printing - currently branded as "stimulus." To sum up his view of the U.S. economy, a quote: "When you are broke, the only true antidote is to be more productive and save your money. So it is with individuals; so it is with nations. But since this involves less borrowing and spending and thus some long-overdue self-sacrifice, our leaders want no part of it." Crash Proof 2.0 explains the full state of our economy. It might be too heavy of a read for some; I'd recommend it strongly to those who have resources to save and invest, and also to those who are interested in what's really happening with the economy.

  12. 5 out of 5

    Don

    To be honest, I have mixed feelings about Schiff's book. While he does have some kernels of wisdom and truth in his text (inflation, production, etc..), he often seems to be more concerned with promoting his own self and his business, particularly towards the end of the text. And while I recognize that this was written a couple of years ago, his assertion that the Euro will become the dominate currency is questionable. The writing style is fair. While easy to read, Schiff repeats himself often a To be honest, I have mixed feelings about Schiff's book. While he does have some kernels of wisdom and truth in his text (inflation, production, etc..), he often seems to be more concerned with promoting his own self and his business, particularly towards the end of the text. And while I recognize that this was written a couple of years ago, his assertion that the Euro will become the dominate currency is questionable. The writing style is fair. While easy to read, Schiff repeats himself often and his "2.0 additions" seem strangely placed. It is strange to read a book where chapters will flow, and then have an insertion at the end where the author revises his previous assertions because of what happened since he first wrote the text.

  13. 5 out of 5

    Stephen Cronin

    Peter Schiff isn't the best writer, but he's a damn good economist. Following the Austrian theory, this book outlines explanations for recent American economic crises AND demonstrates why the worst economic days are within our near future. The book suggests the purchase of various foreign stocks, shares in mining companies, & protecting one's purchasing power by converting dollars into gold and silver. This isn't the easiest book to understand if the reader isn't familiar with economics. I would Peter Schiff isn't the best writer, but he's a damn good economist. Following the Austrian theory, this book outlines explanations for recent American economic crises AND demonstrates why the worst economic days are within our near future. The book suggests the purchase of various foreign stocks, shares in mining companies, & protecting one's purchasing power by converting dollars into gold and silver. This isn't the easiest book to understand if the reader isn't familiar with economics. I would perhaps suggest reading "Economics in One Lesson" by Henry Hazlitt - or - "Economics for Real People" by Gene Callahan first.

  14. 4 out of 5

    Dave

    Schiff wrote a very insightful analysis of the state of the economy. He predicted the crash in the housing market when the prevailing thought was that the housing market was healthy and things were great. I really liked his commentary on the dangers of debt. Going into debt for the purpose of consumption will never lead to prosperity. I was a little disappointed with Schiff's recommendation for to how to get through the crash and thrive; just become a client of his own investment firm. It made t Schiff wrote a very insightful analysis of the state of the economy. He predicted the crash in the housing market when the prevailing thought was that the housing market was healthy and things were great. I really liked his commentary on the dangers of debt. Going into debt for the purpose of consumption will never lead to prosperity. I was a little disappointed with Schiff's recommendation for to how to get through the crash and thrive; just become a client of his own investment firm. It made the whole book look like and advertisement for Euro Pacific Capital.

  15. 5 out of 5

    Sam

    Peter Schiff predicted the housing finance crisis in the original (2006) Crash Proof. This book repeats the material in the first Crash Proof and adds 2009 comments and updates, predicts that the dollar will collapse and provides advice about how to invest for the crash.

  16. 4 out of 5

    Paul

    See my review on the original version of this book. The historical aspect of this book is interesting, and the updates inline with the original text was fascinating. But there's certainly no need to read both versions. Just read this one.

  17. 4 out of 5

    MÉYO

    I loved this book; Peter Schiff was on the money!

  18. 5 out of 5

    James

    After reading this I believe I have a better understanding why our economy is in such a mess. Also, it gives you ideas on how to diversify your portfolio to reduce your risk of a Dollar melt-down.

  19. 4 out of 5

    Isambard Growett

    Gives an alternative view of the economy.

  20. 5 out of 5

    Jeff Specht

    I read this book about a decade later than it was published. The economic collapse hasn't happened yet. Peter Schiff is a bit too much of an alarmist for my tastes. I think it's good to be realistic about the faults of our society and, in particular the government, but I don't want to be completely pessimistic with an belief that the government can only do wrong as Schiff promotes in this book. The original Crash Proof stuff is really interesting in retrospect. He called the housing market crash I read this book about a decade later than it was published. The economic collapse hasn't happened yet. Peter Schiff is a bit too much of an alarmist for my tastes. I think it's good to be realistic about the faults of our society and, in particular the government, but I don't want to be completely pessimistic with an belief that the government can only do wrong as Schiff promotes in this book. The original Crash Proof stuff is really interesting in retrospect. He called the housing market crash of 2008. The 2.0 stuff is filled with a lot of updates that are self-congratulatory and prophesies about how Obama is going to tank the economy further. The 2.0 stuff hasn't aged quite as well as the original. His financial advice isn't terrible, though. He's clearly smart with his money. He rails against consumer debt, which is something for which I will praise any financial guru. That said, I am going to remain more optimistic about the American dollar and not put all my money in foreign stocks and gold, as he advocates. He can laugh at me later when he turns out to be right in his 3.0 update.

  21. 5 out of 5

    Vishal

    Libertarian economic manifesto. Strongly ideological. The principles may seem sound at first but the proposed solutions take huge leaps of faith and over-simplify complex problems in economics. The book doesn't go deep and stays on the ideologically blissful surface while the devil is always in the detail. All solutions proposed are more or less untested and author has made no effort in citing success stories, even at a micro-scale. This book wasn't for me but will be a great read for contrarian Libertarian economic manifesto. Strongly ideological. The principles may seem sound at first but the proposed solutions take huge leaps of faith and over-simplify complex problems in economics. The book doesn't go deep and stays on the ideologically blissful surface while the devil is always in the detail. All solutions proposed are more or less untested and author has made no effort in citing success stories, even at a micro-scale. This book wasn't for me but will be a great read for contrarian and ideologue libertarians.

  22. 4 out of 5

    Christopher

    I'm always a bit skeptical of Nostradamus-types prophesizing the end of the world and trying to profit from the ignorance of unsuspecting readers. But Peter Schiff makes some sound arguments, backed by evidence. And he did correctly the 2008 financial crisis two years before it in his 1st edition "Crash Proof". It's a great read to glean perspective on the future trajectory of the global market by someone well-versed in such things, and is worth reading for that reason alone.

  23. 4 out of 5

    Colin

    Sound reasoning, and clear path to protecting your assets - In 2006, the author predicted the real estate bubble in 2008 and remains convinced the US is headed to a currency failure. Given the recent explosion in M3 money supply and basic understanding of economics, it is stunning how ignorant Americans are about fiscal policy. The US govt has convinced the citizens that printing money will save them from market corrections.

  24. 5 out of 5

    DJ

    This review has been hidden because it contains spoilers. To view it, click here. Due to redundancy and my current knowledge of economics and vernacular being limited I did skip a large portion of the middle of this book so as to focus on the last portion designated to describing how to survive and thrive in the financial collapse. This is a book i'll need to reread at some point in order to really take full advantage of understanding it well.

  25. 5 out of 5

    Georgi Yanakiev

    Interesting to hear conservative opinion about how especially the US stock and house market "has gone wild". If you are on the road to be able to make financially sound decision for your investments, this is one book and non-mainstream content that you need to consider at least.

  26. 4 out of 5

    Tiago

    First 7 chapters goes on a loop to explain how American economy will collapse, which is basically summarized as too much consumer debt, and lack of production capabilities to pay out the debt. The last 3 chapters define an investment strategy mostly: "safe" stocks and gold.

  27. 4 out of 5

    Muhemed Masika

    But plastic Windows It's the future

  28. 4 out of 5

    Viraj

    The author indicates that due to the ratio of debt to savings / production is rising for both the individual citizens and the US as a country, the doom is guaranteed. The dollar is a fiat currency (not backed by gold reserves anymore since 1970s (Nixon admin)) and when the dollar owned and debt sponsored by foreign countries (China and Japan) is to be repaid the US dollar will loose value once the countries stop sponsoring the US habits of consumption. The author says that US should go back to t The author indicates that due to the ratio of debt to savings / production is rising for both the individual citizens and the US as a country, the doom is guaranteed. The dollar is a fiat currency (not backed by gold reserves anymore since 1970s (Nixon admin)) and when the dollar owned and debt sponsored by foreign countries (China and Japan) is to be repaid the US dollar will loose value once the countries stop sponsoring the US habits of consumption. The author says that US should go back to the production mode. The author doesn't seem to blame democrats more than republicans though he is a republican. The author suggests that we buy foreign dividend paying stocks in foreign markets in foreign currencies (he also seem to suggest more European countries than I thought one would as Euro is limited by how much Germany etc can carry the liabilities i.e. Spain, Greece, Italy etc and since when has socialism worked?). He adds by suggesting buying gold (supports owning gold in Australia etc than GLD ETF), watching Dow to Gold ratio going down to 1 etc. Another idea he says is to borrow against the owned real-estate and invest in foreign stocks giving dividends. If one doesn't own real-estate, one should just rent(!). Ron Paul might be a good president as he says he will allow the free market forces to adjust and get rid of the fed. (I personally don't understand how can Fed suddenly control money supply out of thin air but my knowledge in this matter is not as deep as many others). I personally might consider going even more foreign stocks and buying GLD (though I've been against it, calling it a broken clock investment). Overall, the book provides an interesting perspective towards the larger scheme of things, one of many that an individual doesn't have much control over...

  29. 5 out of 5

    John Boettcher

    This book is kind of like the easy reader and precursor to The Great Deformation: The Corruption of Capitalism in America. Schiff lays out, as he always does, how we got to where we are economically with the most easy to understand analogies of any economic writer out there. Austrian School fans will be happy with this one and it is one of those books that is easy to read, and will make sense to you, as opposed to all of those talking heads you hear about on all the financial news networks or th This book is kind of like the easy reader and precursor to The Great Deformation: The Corruption of Capitalism in America. Schiff lays out, as he always does, how we got to where we are economically with the most easy to understand analogies of any economic writer out there. Austrian School fans will be happy with this one and it is one of those books that is easy to read, and will make sense to you, as opposed to all of those talking heads you hear about on all the financial news networks or the nightly news. I compare them to the weather guy who is licking his finger and looking out the window to give us current conditions. Schiff is giving the Forecast. And what would a forecast be without a game plan of what to do when the next storm comes. Not going to give away what's in the book, because everyone who was mad, upset, or hurt by the crash should read this or any other book by Schiff.

  30. 4 out of 5

    Izzy Spear

    I listened to this while driving to Oregon and back and I learned quite a bit about what constitutes good national financial health. I feel his doom and gloom is overstated (at least in the short run) but the trends he predicts are accurate. He wrote it in 2006 and though some of it has actualized, it was not to the degree he indicated. He basically says, our dollar is due for a devaluation in the world market once foreign creditors (most of our credit in this nation) realize that we cannot back I listened to this while driving to Oregon and back and I learned quite a bit about what constitutes good national financial health. I feel his doom and gloom is overstated (at least in the short run) but the trends he predicts are accurate. He wrote it in 2006 and though some of it has actualized, it was not to the degree he indicated. He basically says, our dollar is due for a devaluation in the world market once foreign creditors (most of our credit in this nation) realize that we cannot back it. Therefore we should invest in foreign dividend paying conservative stocks. We should also buy gold or silver. We can either buy bullion or mining company stocks. We should pay off our debt especially adjustable interest rates loans. We should never borrow for items we consume, only for items such as a house. (not autos if possible) We should remain liquid so that one we will survive and two that we can take advantage of deals that will occur when hyperinflation knocks companies out of business and reduces the stock price of those remaining.

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