Product Description

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.

Product Details

• Amazon Sales Rank: #102580 in Books
• Published on: 2007-03-27
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 288 pages

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.

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

About the Author
PETER D. SCHIFF is a seasoned Wall Street prognosticator best known for his accurate predictions of the performance of the stock market, commodities, gold, and the dollar. He began his career at Shearson Lehman and joined Euro Pacific Capital (a broker–dealer with expertise in foreign markets and securities) in 1996, becoming President of the firm in 2000. Schiff is often quoted in major publications?such as?the Wall Street Journal, Barron′s, the Financial Times, the New York Times, and the Christian Science Monitor.

A frequent guest on television, he appears regularly on CNBC, Bloomberg, and FOX News, edits the Global Investor, an investment newsletter, and hosts a weekly radio program Wall Street Unspun. His economic and market commentaries are featured on many investment–oriented Web sites as well as on www.europac.net. CNBC′s Squawk Box has nicknamed Schiff "Dr. Doom" for his uniquely bearish outlook on the U.S. economy and its financial markets.

JOHN DOWNES is coauthor of the bestselling Dictionary of Finance and Investment Terms, Barron′s Finance and Investment Handbook, and Beating the Dow. He lives in Palisades New York.

Customer Reviews

Gloomy forecaster offers a bright economic alterative
Contrarian investor Peter D. Schiff isn't just a bear. He's a sky-is-falling, bury-the-Krugerrands-in-the-backyard bear. Writing with John Downes, Schiff argues that the U.S. economy is going to hell, and that clueless consumers, opportunistic Wall Streeters and pandering politicians are carrying the handbasket. Schiff's screeching tone is a bit grating - until you realize that many of his predictions have proven accurate. That doesn't mean you shouldn't take him with a grain of salt, but this book was published in 2007, and in mid-2008, Schiff's forecasts of a weakening dollar, rising gold prices, a bursting real-estate bubble and strong foreign stock markets were spot-on. His pessimistic polemic could use more practical advice and less macroeconomic analysis, but still getAbstract recommends it to those who seek an alternative viewpoint.

great book
At the very least, after reading Crash Proof, you will view economics in a refreshingly practical, non-conventional way. Mr. Schiff has a gift of breaking down complex financial information into language the common person can understand. Even more importantly, he exposes the smoke and mirror approach that's so prevalent with economists and cable news financial analysts. The view behind the curtain is very disturbing, to say the least.

keep in mind, NO book can provide a magic bullet. No human can predict the future. But this one is as close as it gets.

US Perspective on our current financial crisis
This book, many alternative finance web sites and "The Grip of Death" have provide quite an education as to how we got into this mess (stupidity, corruption and criminality), how it could have been prevented, and some suggestions how we, the few who actually have savings, can preserve our purchasing power. I do not agree with all of the author's diagnosis and am sceptical of share investments, however I think this is an excellent book even for UK readers, given the US affects world finance and we have similar problems in the UK.