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 enlarge | Authors: Peter D. Schiff, John Downes
Publisher: Wiley
Category: Book
List Price: $27.95
Buy New: $15.76
You Save: $12.19 (44%)
New (54) Used (13) from $15.76
Rating:  275 reviews
Sales Rank: 147
Media: Hardcover
Number Of Items: 1
Pages: 288
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
Shipping: International shipping available
Condition: Brand New, Perfect Condition, Please allow 4-14 business days for delivery. 100% Money Back Guarantee, Over 1,000,000 customers served.
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| Customer Reviews:
 Prepare - The Economic House of Cards Has Started To Collapse! December 13, 2008
5 out of 8 found this review helpful
1 Chronicles 12:32 "of the sons of Issachar who had understanding of the times, to know what Israel ought to do..."
Ecclesiastes 1:9 That which has been is that which will be,And that which has been done is that which will be done.So there is nothing new under the sun.
One thing is certain, and that is Peter Schiff understands our times and the politicians we have elected and will continue to elect to our national government. The economic collapse of the US is, in my opinion, irreversible and unstoppable. Our national debt is $10 TRILLION dollars and the government has promised to pay another $50 TRILLION dollars in Social Security and Medicare payments over the next 20 years. The Fiscal Year 2009 budget deficit is currently projected to reach $1.5 TRILLION dollars. The federal government cannot tax us to cover these promises and the US population will not accept the fact that the Social Security/Medicare Ponzi Scheme is on the verge of collapse. So, the electorate will not allow the government to reduce Social Security or Medicare benefits (the Concord Coalition's website at http://www.concordcoalition.org/ will corroborate the extent of the danger we face as a nation). So what will the government do? It will inflate the currency to oblivion, ala Zimbabwe and Weimar Germany. Just read The Great Disorder: Politics, Economics, and Society in the German Inflation, 1914-1924 by Gerald D. Feldman to get a foretaste of what I believe is in store for us in the not-too-distant future.
Now to Peter Schiff's book. He predicted the collapse of real estate and stock prices two years before the bubbles burst, and I believe he is right about the future of the US economy he describes in this book. If that is all you get out of this book, he has done you a great service. All investments have a risk of loss, whether those investments are here in the US or in foreign countries. But, unless you want to be like Gerald O'Hara in Gone With the Wind, sitting at your desk holding worthless government bonds and smiling because you are so rich, you must start preparing. Peter Schiff explains inflation, what it is, how it is caused, and why all governments lie about it. And, he provides a strategy for saving your wealth by leaving an economy on the brink of collapse.
Get this book, read it and then read it again. Then start thinking about how you can act to save your wealth while there is still time. This book will lay a great foundation for you to begin thinking about an alternative investment strategy that will be necessary in the years ahead. Can Peter Schiff infallibly predict the future? Obviously not. But, he gives you the information you need to understand what is happening in our country so YOU can make informed decisions about the future.
 some important decisions December 10, 2008
this book gives the reader the chance to see why it is important to really pay attention to how the USA has been doing business for over 10 years and what should be done to protect yourself in the event his ideas do become reality. for those who have a large ammount of cash, this book gives you some very good ideas as to what to do and why. he does attempt to solicit you to do business with his company, but why should'nt he? it is what his company does and he has been in business for awhile! I really recommend this book, even if you choose to make other moves with your money.
 don't lose money with Peter Schiff like I did December 9, 2008
33 out of 38 found this review helpful
So I read Crash Proof and listened to Schiff and invested a sizable amount of money with the guy. My account as of December 2008 is 1/3 the value that I started with. If you listen to his radio show he says that "this is temporary, you still have the dividends". What is the dividend of a bankrupt company? I have a couple of them in my "diversified, conservative account". Australian mining companies heavily in debt and crashing commodities produced this result. All the other gems that they invested me in are down by 1/2 or so. My best performers are around only 25% losses. As the world economy goes into a depression what happens to dividends? They go to zero as companies need the cash. So there goes the income stream he preached about.
Schiff was correct about the US real estate and US stock bubbles. But he completely missed the boat on world real estate & stock bubbles, deflation and a commodity bust. And that is where he invested his clients money. I would have done better in the S&P than investing in Europac.
As you read the reviews of this book, ask yourself is the person writing it a Europac client or just someone nodding with him on TV as he talks? I know 3 other people that around 50% since investing with him.
Buyer beware - the guy got it wrong in the investing world.
Worried about Inflation? December 8, 2008
0 out of 2 found this review helpful
You should. Since you should be, you should also read this book. Peter is the only pundit who called this real estate crisis, and he is the only investment advisor who adheres to the principles of Austrian Economics.
If you wish to protect your wealth from severe inflation (that has already taken place; it is just not realized in the prices yet), read this book while you still have time.
 Too soon to tell December 7, 2008
8 out of 8 found this review helpful
Peter Schiff deserves (and gets) credit for predicting an economic mess caused by the US living well beyond its means on baseless credit. Whether or not his other predictions come true in the longer term - i.e. the complete collapse of the US economy and value of the dollar relative to other currencies, huge dollar inflation, a big rise of the value of gold and ascendency of China and other manufacturing countries - remains to be seen. There is certainly every reason to be scared for America's economic future. But, as other have noted here, investors that have followed Schiff's advice have so far (mid-Dec 2008) done even worse than those who just kept their money in the dismal US stock market.
It appears that Schiff himself has been taken aback by the global nature of this mess. His book's predictions and investment advice were specifically for an American failure. While it may have been American in origin, it is currently universal in effect. It is still too early to see if the US will actually suffer worse than the rest of the world in the long-term. China's urban unemployment is very high and growing. Hundreds of thousands of its factories have already closed down and there is a real fear and risk of massive civil unrest. These are not the signs of country that is about to just switch its manufacturing efforts from export to meet its own people's more basic needs. It may be that we'll find China was still a few years short of the critical mass necessary for self-sustenance on the scale that Schiff predicted. Only time will tell, but it doesn't look good. Japan is also very dependent upon exports that have largely dried-up.
One characteristic in this book is Schiffs condescending treatment of Asians as fools while, at the same time, praising their virtues of hard work and thrift. His repeated parables (e.g. 5 active Asians feeding one indolent American who pays them in worthless paper IOUs, year after year) imply that they are just too ignorant to see what is so obvious to him. He must think them stupid indeed that they still continue to buy US bonds and are just as desperate as American politicians to increase US consumerism to its former levels. Either that or he feels that the rather basic information contained in his book is not as available to Asian central banks and economists as it is to him.
Something else that is relevant to this subject but completely ignored by Schiff is the world's declining maximum oil supply. Like many economists he seems to feel its extraction is just a matter of supply and demand. Oil price has fallen greatly in recent months but even in this worldwide recession, oil consumption has barely dropped (from its highest of 88 BPD to 86 million BPD now). If and when the world's economies turn around (and maybe before then), they will come to a screeching halt when the fundamental limitations of oil supply become apparent. That certainly won't be a US-only phenomenon and its irreversible effects may well dwarf the fiscal woes predicted in the book.
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