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Product Reviews:
Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) |
Rating: 5 (out of 5)
Summary: Prophetic insights
Comments: Schiff predicts in 2006 the financial chaos in we've seen since 2008. His makes-sense explanations hit home!!!! |
Rating: 5 (out of 5)
Summary: It's 2009 and this book has been right so far...
Comments: Reading this book now (January 2009) is like watching a horror movie and seeing yourself in it about to be attacked.
Schiff does a great job explaining the causes for our current situation, and laying out why there WILL be a crash and a complete devaluation of the dollar within the next few years. The government may be able to slow the process down, however his big prediction is that a recession will eventually combine with hyperinflation to cause the economy to collapse. The inflation may come from foreign governments dumping $ USD in favor of other reserve currencies, or from the US government simply printing out more paper. The big variable here is, how much will foreign governments be compelled to pull out of the US and invest their money elsewhere, and when do they lose their confidence in the value of the USD? His advice on saving SHOULD be common sense, however the sad truth is that it isn't anymore.
While parts of the book seem doom & gloomy, and the later parts have a bit of shameless self-promotion in them (he runs a brokerage firm that advises clients according to his perspective,) the advice and knowledge he Comes with in the book are worth their weight in gold.
Take any economists' predictions with a grain of salt, however this guy has been pretty darn accurate so far. Read it NOW; it may change your habits for the better. |
Rating: 4 (out of 5)
Summary: Proceed with caution!!
Comments: As I write this in the 1st few days of 2009, it has become obvious that we are in for a long, nasty recession. In fact, more and more people are predicting Great Depression 2.0.
In his book "Crash Proof," Peter Schiff presents many interesing ideas about what is to come and the book itself is certainly an interesting read.
However, there are many ways that this situation could play out and the book presents only1of them.
In fact, at this point in time (nearly2years after the book was released) the author's preferred investment vehicles are doing poorly. Also, the economic situation has become more global than Mr. Schiff originally predicted, and China (on which the author is bullish) has been hit hard.
Will Mr. Schiff's predictions prove correct in the long run? Only time will tell, however there are currently many other differing predictions that are equally viable.
My advice would be to read the book, however do your homework on the bigger picture before making an investment decision you may later regret. |
Rating: 5 (out of 5)
Summary: We're Busted!!
Comments: Peter Schiff is to "Crash Proof" as Joel Rosenberg is to Epicenter: Why the Current Rumblings in the Middle East Will Change Your Future. Both are clear, concise and high accurate.
Others have eloquently set forth the crux of the author's book. Crash Proof was1of the stellar books of the many books I read in 2008--and the heavy highlighting of the book and my frequent use of it, proves its worth. Like many others, I am not an economic whiz, I quickly back-pedaled out of college economics once we got past supply and demand. That I understood, however I was sinking quick. Reading the book affirmed that things in my country were not right. Peter's book not only makes sense and is right on, however having been published in 2007 before things really broke loose in 2008 makes it even more valuable.
however did we just accept the author's thoughts on face value? Nope. We contacted the financial adviser of a fortune 500 company and the manager of a large financial institution. We had2questions: (1) Had they seen an M3 report that tracks the increase and decrease in our government's money supply? and (2) Did they agree with a negative assessment of our economic crisis? The answers were exactly those of Peter Schiff--No, they hadn't seen an M3 report since 2006 (p. 81) and Yes, they agreed wholeheartedly that our debt problem had been coming for years and that government and personal debt would bury us. It was just a matter of time.
While investment entities clamored over whether to purchase, sell or hold, Schiff said to avoid the US market. When they haggled over whether to tell their clients to "review their portfolios for the long term," (and, thus, save their commissions), Schiff quietly screamed to flock to the safety of stable foreign markets. Just as Europe was the world leader before America took the world stage, the next economic power is in Asia and the quickly emerging countries.
Peter Schiff not only clearly establishes economics and the reason for his worldview, however supplies many practical endorseations. Will I, or can I, do e thing he suggests? No, however he supplies a variety of selections that fit my needs. Does Schiff promote his company and his book? In the words of Sarah Palin, "You betcha!!" However, he's pretty evenhanded: On page 195 he suggests a list of5questions to ask a potential foreign investment broker. There aren't a lot of foreign brokers, however I do see their ads on TV from time to time. And he's right about the service that Euro Pacific supplies, They're handling our meager investment portfolios and treat us with the same respect and courtesy afforded the "big guys." I am pleased with the performance of my foreign investments, and I do not fret about them. I do not always agree with my rep regarding the performance of a particular company, however he sets forth his reasoning. Ultimately, it's my call.
The1thing I have decided I do not like about the book is its title. "Crash Proof" sounds like a come-on and misses Peter Schiff's passion, compassion and purpose: "My goal here is not simply to supply an investment survival guide, however to expose and illuminate the grave economic weaknesses that make survival the issue. A proper understanding of the true state of the American economy is vital to investors and noninvestors alike." (p. xv)
PS - Peter Schiff is a master of analogies. Not only do they keep his book light and readable, however they clarify complicated economic principles. (Too bad he wasn't my economics professor!!)1of my favorites: "Despite all this negativity surrounding the U.S. dollar, the folks managing our economy stand like miners around a comatose canary, wondering what's bothering it and concluding maybe it's taking a nap." (p. 64) Love it!! So if you see me wearing a sweatshirt that says, "The canary's NOT napping," and the economy is still in a mess, you will understand. :)
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Rating: 5 (out of 5)
Summary: Scary
Comments: We heard about "Doctor Doom" on BNN and finally became convinced we needed to know more about what this man was saying. The scary part is that Peter saw this global economic collapse coming when he wrote "Crash Proof" in 2006. He is no "seer". His logic and rationale for what he says makes absolute sense and is proving to be spot-on. We have closely followed his advice in attempting to crash proof our own portfolio and will continue to do so. Thanks, Peter. Best book we've read in a long time. |
