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Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) | 
 enlarge | Authors: Peter D. Schiff, John Downes
Publisher: Wiley
Category: Book
List Price: $27.95
Buy New: $16.75
You Save: $11.20 (40%)
New (23) Used (8) from $16.74
Rating:  247 reviews
Sales Rank: 33
Media: Hardcover
Pages: 288
Number Of Items: 1
Shipping Weight (lbs): 1.1
Dimensions (in): 9.1 x 6.2 x 1.1
ISBN: 0470043601
Dewey Decimal Number: 332.60973
EAN: 9780470043608
ASIN: 0470043601
Publication Date: February 26, 2007
Availability: Usually ships in 1-2 business days
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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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| Customer Reviews: Read 10 more reviews...
 Crash Proof October 6, 2008
Shera Rael
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 October 6, 2008
T. Johnson (U.S.)
1 out of 3 found this review helpful
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? October 5, 2008
Tezza (USA)
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!
Peter Schiff--a prophet not regarded in his own country October 5, 2008
Thomas M. Braun (Milwaukee, WI)
Today I watched Peter's cogent and ever-consistent message concerning the economic crisis we're in (CNN 10-4). Contrast that with Stephen Leeb's naive view on how the bailout is a must need for us: "the house is already on fire." Well, I'd agree with Dr. Leeb but the last thing I'd be doing now is giving more power to the arsonist (the FED and the government). I've found that one of the best ways of determining the efficacy of any theory is to see how it's predictions align with reality. From that perspective, Schiff has been spot-on throughout (as exemplified in CRASH PROOF), all the while facing CONSTANT derision from a never-ending stream of idiots paraded in front of our tv screens as expert minds. Dr. Leeb's website reveals his own misunderstanding of our situation as recently as his 2008 market outlook: "Looking ahead, we can't help but be somewhat optimistic. The stock market itself is perhaps the best indicator of what's happening in the economy, and the message it's throwing off is fairly bullish.".
Leeb typifies the same people who never saw the severity, much less the cause, of the issue..when it became too big to Pollyanna away, they blindly promote solutions that will invariably lead to even greater and more certain disaster.
In the spirit of analogies, I liken our economic situation to a pot of chili simmering away on a stove. The privileged among us (the FED cowards and affiliated Wall Street beneficiaries) indulge until there's half the pot missing. They then add water--taken from OUR own well --(liquidity) to try and put back what they stole away with initially. These idiots would have us believe that adding a gallon of water to the remaining chili would somehow leave it spicier!
HERE IS WISDOM--IF YOU WANT TO BEST PREPARE YOURSELF FOR THE CERTAIN & COMING PURGE OF OUR ECONOMY, CRASH PROOF IS A MUST READ!!
In all, I'm SO THANKFUL that we have a voice in the wilderness like Peter Schiff! Peter, you and your father are TRUE AMERICAN PATRIOTS and this nation owes you a sincere debt of gratitude! Thanks so much & God Bless you/r family!
 In the midst of a problem turn towards the solution October 2, 2008
Steve Beisheim (Ann Arbor MI)
1 out of 5 found this review helpful
I read this book when I saw the writing on the wall back in 2006. Obviously Schiff was correct about the problems facing America but staring at problems does not create a workable solution.
The fear began to hit in 2006 and that's when commodity stocks exponentially increased. Sorry people, but that boat has already sailed. Hoarding physical gold will not help your finances.
2006/2007 was the worst financial years of my life because I worried and was afraid of the future and doing so led me to make some stupid decisions. Now, when I think about my financial goals and put them on paper I tend to pick good quality stocks/investments.
In the midst of the crisis that Schiff and others predicted I just focus now on my own financial goals for this year and have seen a substantial increase in wealth in a new business. This is due to the fact I, on an individual basis, do what corporations have done all along. The result is nothing short of amazing.
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