Synopses & Reviews
From both an economic and monetary perspective, the United States is a house of cardsimpressive 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 opportunitiesif 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 yourselfas well as profitduring 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 uncertaintyfrom 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.
Synopsis
The economic tipping point for the United States is no longer an illusion--it is here today. This point will soon bring a potentially disastrous economic situation to millions of Americans, from the very affluent to the middle class. Much has happened recently in Argentina, there could be sizeable tax hikes, loss of retirement benefits and double digit inflation--all of which can lead to the collapse of the middle class. For more than a decade, Peter Schiff has been observing the US economy and believes that the nation faces an economic storm because of increasing federal, personal and corporate debt. There is not enough savings, a declining dollar, lack of domestic manufacturing--all of which means that the overall standard of living in the United States could decline dramatically over the next few years. Among Schiff's dire predictions--The US dollar will lose more than 500f its value; the real estate bubble will burst and there will be a record number of foreclosures; pension plans will be ruined, jeopardizing the retirement choices for millions. However, Schiff does have a survival plan that includes investing in commodities, overseas stocks and more liquid investments.
Synopsis
Arguing that the U.S. is confronting a difficult economic future--marked by loss of retirement benefits, double-digit inflation, tax hikes, and more--a thought-provoking handbook explains how individual investors can protect themselves and their wealth.
Synopsis
Offering a warning of a looming period marked by sizable tax hikes, loss of retirement benefits, double digit inflation, and the possible collapse of the middle class, Schiff presents a survival plan that can provide the protection readers will need in the coming years.
Synopsis
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
Synopsis
-Bill Fleckenstein, founder and President of Fleckenstein Capital and MSN.com Money columnist
Synopsis
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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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.
Table of Contents
Preface.
Introduction: America.com: The Delusion of Real Wealth.
1 The Slippery Slope: Consumers, Not Producers.
2 What Uncle Sam, the Mass Media, and Wall Street Don’t Want You to Know.
3 For a Few Dollars More: Our Declining Currency.
4 Inflation Nation: The Federal Reserve Fallacy.
5 My Kingdom for a Buyer: Stock Market Chaos.
6 They Burst Bubbles, Don’t They?: The Coming Real Estate Debacle.
7 Come On In, the Water’s Fine: Our Consumer Debt Problem.
8 How to Survive and Thrive, Step 1: Rethinking Your Stock Portfolio.
9 How to Survive and Thrive, Step 2: Gold Rush—Be the First Person on Your Block to Stake a Claim.
10 How to Survive and Thrive, Step 3: Stay Liquid.
Epilogue.
Books for Further Reading.
Glossary.
Index.