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

Excellent Investment Advice
Peter Schiff's amazing prescient books explains in simple terms the inner workings of the US economy and the problems inherent there in.

Crash Proof Your Portfolio
The author decries the devaluing of the dollar,
inflation and the looming trade deficits.
The book indicates that the USA is too dependent
upon foreign lending. Foreigners hold too many
Treasuries. Americans save too little and consume
too much in comparison to the rest of the world.

Our dependence upon foreign manufacturing contributes
to the trade deficit. The book shows how less
regulation, tax relief and more economic development
can turn things around. Computer models have become
highly productive in the area of design engineering.

Gold and precious metals are at an historic buying
opportunity. Demand for goods and services is artificial
when not productivity induced. An example of good debt
is capital formation connected to a thriving business.
Bad debt is money lent for excess or frivolous
consumption. An example would be taking out a second
mortgage on a house to finance a vacation.

Right now, Europe enjoys a balance of trade surplus.
The purchasing power of the Chinese is increasing at
a time when the dollar is falling. Canadian oil and gas
investments yield 12% or more. Hong Kong and Thailand
are also good investment arenas. Coal stocks are yielding
good dividends. As the dollar falls, gold and precious
metals rise. The ETF gold shares can be good investments;
however, investors may not have the same creditor priority
in bankruptcy according to the authors. Examples of good
gold ETFs are GLD and CEF (Central Fund Canada) shares.

The author believes that the USA should pursue a sound
money policy with limited government and less regulation.
Potential gold stocks worthy of investment are Newmont Mining
Corporation and Goldcorp.

Overall, the acquisition would be helpful in crafting an
investment portfolio to weather some market corrections
on the horizon. The extent of the market corrections will
depend upon investor perceptions as to government
responsiveness on a number of fronts. These historic
challenges include energy independence, debt management,
structural government spending, meaningful regulatory
compliance, the abolition of unnecessary regulations,
FDA protocol simplification and a host of other issues
too numerous to delineate in a finite review.

simply great
I have read many books on the current crisis by very famous people like Soros, Wiggins etc., they all go into convoluted discussions which are, in my opinion, non-sensical. This book calls a spade a spade. One can quibble with the definition of inflation and deflation. Maybe it is too aggressive in accusing the government of deception, bu I don't think so. But the facts are facts. It is written very well. A must read.