by Peter D. Schiff, John Downes
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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.
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Average Customer Review:
0 of 2 people found the following review helpful:
 don't buy it, you'll regret it...., 2010-07-11
it's a bunch of fluff & nonsense with maybe a LITTLE truth
you'll be throwing money away buying this
0 of 0 people found the following review helpful:
 Only okay., 2010-06-25
CRASHPROOF is an interesting book on the pending disaster looming for america's economy and capital markets. Unfortunately, it was probably more interesting in 2007 than in 2010 when so much more has taken shape. While the author tries to update his work by adding addendums to each chapter, it smacks of being "old news".
For the pessimist, there is more current analysis in AFTERSHOCK or HOW TO SURVIVE THE END OF THE WORLD, both worthy of reading. For the optimist, I guess there are still comic books, MSNBC and CNN.
2 of 5 people found the following review helpful:
How to keep your money a little safer?, 2010-02-02
The title of this book ought to be "How to keep your money a little safer". As for
"profiting", where's that?
This book teaches very basic and conservative techniques that can be summed up as:
(1) Buy gold: how to own it through physical holdings, ETFs, etc.
(2) Invest in foreign stocks, but not through ADRs or Pink Sheets.
(3) Get liquid, save more.
Thanks for the tips!
This first edition was published in 2007. It's the Year 2010 now. Many of the author's predictions have come true, so lucky for him that this book is still selling!
This is one section I disagree on Chapter 8, page 177:
"China's advantage is that is it NOT a democracy"?!
I never like it when people are treated like numbers and statistics!
Do you know what it is like to be a SLAVE?!!!
Do you know how Chinese workers are suffering so that their bosses can become rich at their expense and lives? Working under most Asian bosses don't pay!
How does the author like to live on less than US$1 a day or no pay at all?!!!
You can be assured that starvation will change his way of thinking.
IF China is so "great and prosperous" as the mainstream news media would like to peddle it as, why is the average working Chinese I speak do prefer to live in the West instead? NO serious freedom-loving Asian wants to live in stinking undemocratic Asia! But wait, why this author is peddling Asian stocks and investments? At whose interests? If the author likes living in a dictatorship, he can come work and live in Asia as a commoner. This is where everyone gets enslaved for foreign (read: American, European, G-20) MNCs and the likes of the ugly American, tax-evading Europeans and other neo-colonialists!
Americans! Count your lucky stars that you still have the Bill of Rights - at least on paper! Look abroad only if you have heaps of money to burn or are one of those rich men who want to evade or reduce domestic taxes (they call it: international diversification)! In spite of a recession or depression, there are ample domestic investments for you to look at. Certainly, read and study more than just this book!
Don't jump into any investment simply because you read it from a book. Salesmen always have an interest to sell you something because they make more money that way.
The author may be bearish on American investments, but not those outside America.
Foreign investors are have a bullish outlook on America and propping up the USD, despite the fact that Asian central banks may be having second thoughts on USD.
American financial institutions and corporations just need to be more open, accountatble and responsible to tax-paying public. If America fails, it is because of the excessive GREED and irresponsible behaviors of these American corporations and banks that need to be reigned in. Looking at how those greedy CEOs pay themselves with tax-payers' bailout money, it looks like some things will never change! The author's revelation of the failings of American institutions in the first half of the book attest that insatiable GREED is now an established and cultural sin.
What if I were American residing in America, how will I invest?
If you feel patriotic, support the government's Patriot Bonds!
Support your export industries!
Look at what foreign investors are investing within America and follow suit!
If you're a millionaire, part of your portfolio ought to be denominated in foreign currencies. That's common sense, never have everything denominated in one currency.
No one can teach you when to sell anything, but there's help at the end of the book! The author offers his investment firm "Euro Pacific Capital" as a solution.
Good advertising for one of his income sources! But, wait! I take a look at those who give this book a 1 star rating and am shocked to see his investors have lost money! What is happening here? I guess no one likes losing money with anyone or in anything. Caveat emptor with everything that you do with your own money!
Best to manage your own money!
Recommended reading:
Profit Over People: Neoliberalism & Global Order
The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income, and Grow Wealthy Even in the Worst of Times
2 of 3 people found the following review helpful:
 Peter Schiff is good but not a master, 2010-01-25
Yes. Peter Schiff predicted the sub-prime crisis in 2006. But he is NOT the only one. Soros predicted in 2003.
When Schiff talked about gold, he didn't mentioned IMF as the largest holder. Peter Schiff is good, but not a master like Soros.
Peter Schiff is a broker and Ron Paul's economic adviser. But I wonder if he can be a good fund manager. At least I doubt it based on the info in his two books, Crash Proof and The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market is Down (Little Books. Big Profits).
0 of 0 people found the following review helpful:
 Wealth destruction, 2009-12-28
This book was written prior to the financial meltdown. Many of the recommendations are still valid today. Gold is still a recommendation.
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