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: #48 in Books
• Published on: 2007-02-26
• 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

Crash Proof
This is an excellent book. It is very easy to understand and explains what is happening with the economy and how to protect your money. I believe it is a necessity in these troubled times.

Shera RAel

nothing insightful, radical point of view, shills for his own company
I bought this book when I was somewhat zealous of gold and the potential of an economic collapse. You can get a feel for the nature of this book from its title "how to profit" from the coming economic collapse. This is not a book about political or economic theory. It is an emotionally stirring book that directs you toward investing a) in gold and b) in foreign stocks. Schiff even advises borrowing at a fixed rate to invest in gold and foreign stocks to beat the rate difference, setting up a mini hedge fund with your personal equity.

I already had bought some gold and was looking for a clearer picture. I only found the same radical rhetoric typical of "gold bugs" - that Gold has value as money and nobody knows about it and when the dollar busts Gold is going through the roof.

The problem with this rhetoric is obvious in retrospect. Gold is not used as money anywhere in the world, nor is there any serious "back to gold" movement. Gold moves up when there is uncertainty and "flight to quality," but that is a reflection of "perception is reality" (ie. gold is also a form of illusory wealthy that can be stripped in an instant) and mass psychology. It is not because of any intrinsic value gold has as money.

That is gold will go up, but won't skyrocket. It is a gamble and it is uncertain. It trades like a commodity and can act as a hedge against inflation. It is not, however, a bedrock inflation free currency as Schiff and other gold bugs would like to present it. Gold has no academic followers and fiat currency works fine when it is managed right. A return to gold money is as likely as a return of the U.S. to libertarianism and the constitution.

Schiff's second play, is foreign stocks. According the Schiff the best and cheapest way to buy these is through his brokerage firm. I don't know much about buying foreign stocks and Schiff didn't give much advice. Just give his brokerage firm a call. Schiff barely acknowledges that we live in a global economy so much so that a failure in the U.S. will lead to a failure overseas regardless of what sort of business you choose.


The U.S. dollar holds up the entire world economy, if it fails then everything fails.

The world is ending so you should buy gold and foreign stocks.

The substance of this book is nothing more than a shill for Schiff's company (the intro was nicely written though).


I have to add that I met Schiff personally (when I was more zealous of libertarianism) and did not like him. He did not come near my expectations, just like Ron Paul. Libertarianism has no soul. That is my opinion.

If the world is really ending give up all your money and follow Jesus Christ.

The pessimism you find in Schiff's books is really found in your own soul and no amount of money will save you.

For what does it profit a man to gain the whole world and forfeit his soul?

Acts 17:30-31, "The times of ignorance God overlooked, but now He commands all people everywhere to repent, because He has fixed a day on which He will judge the world in righteousness by a man whom He has appointed; and of this He has given assurance to all by raising Him from the dead."

What does Peter Schiff, Ron Paul and Al Gore have in common?
What does Peter Schiff, Ron Paul and Al Gore have in common? All three of them got ridiculed for speaking inconvenient truths.

Al Gore was ridiculed when he spoke of Global Warming, but it didn't take long for the public to wise up and award him the Nobel Prize - while President Bush lead us towards environmental and economic melt down.

During the 2008 political debates, Ron Paul spoke of reducing the size of government, restoring the dollar and retreating from needless wars abroad - and got laughed at by the other Republican candidates. Who got the nomination? John McCain - the person who admitted to be most clueless about the economy and most bullish in prosecuting the war in Iraq.

This leaves us with Peter Schiff and this book. I've seen Peter Schiff on television talking about the real estate bubble, our out-of-control government spending, the debasement of the dollar etc. which he predicted would lead us to our financial Armageddon. A what did the talking heads on television do? They ridiculed him - and later turned around and backed Paulson's risky, futile bailout scheme ("it will be good for Main Street").

So, if you want to know what is really going on with the economy, and what you can do to protect your investments from all the nonsense going on around you - buy this book.

The only question I have is - is it too late?? Gold is already at record highs. Do we believe that gold prices will reach $3,000, $4,000 or $6,000 per ounce? If Peter is right - there will be more nastiness, finger pointing and further economic melt down. This could turn out like the wreck of the Titanic - your safe in your own financial lifeboat as you watch others moan and drown in the fog around you.

I digress - read the book!