Crash Proof 2.0: How to Profit From the Economic Collapse
Crash Proof 2.0 by Peter Schiff and John Downs is an extremely interesting book. Very helpful to those who unlike Drone and I, actually have solid and liquid assets to protect. In the original book Crash Proof and now this updated version written mostly in March of 2008 and only recently released, Schiff predicted pretty much exactly what would and did happen to our economy. Including the collapse of the housing bubble, the credit crunch, the collapse of some major banks and lending institutions, and the other factors leading to the current economic crisis. Which everyone, except the Federal Government refers to as a Depression, but the Federal Government including that the Federal Reserve won’t even publicly use the word inflation.
Anyone who watches CNBC will be family with Mr Schiff. He’s been a conservative economic theorist, who has frequntly been called “The Prophet of Doom” on CNBC. But no one listen to or liked Cassandra either. And like Cassandra, Mr Schiff was right on target with his prediction and strategies.
He also lists some of the factors which led up to this economic crisis. Including the signs that the Federal Reserve and big business as well as the Bush Administration failed to heed, which would have avoided this crunch, or at least minimized it. There are too many to list and I’m not sure i could do justice to Mr Schiff’s explanations of them. He also gives a rundown on the history of our economic system, and explains why the US dollar being the currency of world trade and economic transactions has both helped and hurt the American economy. And how switching from a producing economy to a “service” economy has hurt the US. Service jobs generally pay less and are lower level jobs with low to no benefits. And are easily outsourced to other countries. Which are two of the reasons we’ve gone from the largest lender nation to the largest debtor nation.
I have to admit that the only economic course I ever took was over thirty years ago, and never having a whole lot of “spare” money to do any investing I never paid much attention. Truthfully, what I know about Wall Street investing has come from watching CNBC and mostly from watching Jim Cramer’s Mad Money program.
Mr Schiff’s strategies for getting by and even profiting a bit from the economic slowdown, are basic and simple ones, very well explained. Mostly things like reducing ones debt load, and if you still have an adjustable rate morgage switch it to a fixed rate one as soon as you can, in order to not risk losing your house. Also he recommends changing your assests to liquid ones, ie. ones freely available as cash. To eschew stocks for solid investments such as Gold and Silver. Again, he has more but I can’t do them justice by trying to explain them.But they are also concisely documented in the book.
Crash Proof 2.0 by Peter Schiff is Highly Recommended , especially for anyone who has major investments, minor investments, a retirement account, a house or to just anyone who wants to know the real story behind the economic collapse.