Crash Proof: How to Profit From the Coming Economic Collapse
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Crash Proof: How to Profit From the Coming Economic Collapse

3.81 of 5 stars 3.81  ·  rating details  ·  643 ratings  ·  87 reviews
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 wh...more
Hardcover, 288 pages
Published February 26th 2007 by Wiley (first published January 1st 2007)
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Mike
Oct 27, 2008 Mike rated it 5 of 5 stars Recommends it for: All who have a financial portfolio.
Rare five star rating. Peter's book gives you a blue print to protect and grow your wealth by moving your assets out of the dollar and into other foreign currencies.
If you read just one book this year, make it this one, and then act!

Peter Schiff predicted the failure of Fannie Mae and Freddie Mac, the housing bubble bust, and the decrease in the value of the dollar. No, he's not a magician, he takes what a reasonably educated person can see: the 'fake' economic growth the US has experienced the...more
Richard
This review has been hidden because it contains spoilers. To view it, click here.
David
The first two thirds of Crash Proof is a persuasive argument that there are (in 2006) impending dark times for the United States. The last third is a set of explicit steps you can take to protect yourself (or even profit) if the first two thirds are right.

Reading this book in 2011, it's even easier to be convinced that Schiff may be right because some of what he predicted has already happened. He was right about the housing market and he was right about gold prices.

So far, his biggest prediction...more
Christopher
This is book gives a quick lesson on what's happening to the economy, what's going to happen, and what to do to prepare for it. He's a good writer and he explains exactly and succinctly what's going on unlike those talking monkeys on CNBC and other money channels.

If you ever wonder why things are never getting better, why exactly does the "business cycle" happen, why the banks are losing money and the government is bailing them out... you need to read this book.

The United States is heading towar...more
Aaron
This quick and easy read discusses the current state of financial affairs in the Western world today. It mostly details what's problematic with our financial situation in the United States, and doesn't offer as many solutions to this as the title implies. It seems to be an advertisement for the author's foreign brokerage firm, since that's the main solution presented to surviving the coming economic collapse. However, it's worth reading to get an understanding of the current challenges facing ou...more
Patrick Peterson
Started out OK. The Audio CD reader is not bad, but not great.
I was a little confused by the trade deficit accounting discussion. Will need to listen to that section again.

Great presentation on all too common, but still pernicious, myth that "consumer spending drives the economy." He really slams that idea and for good reason.

He wrote this book in 2006 and it was first published in 2007, so he was pretty prescient to see the gathering economic storm of the 2008 crisis. He thought the dollar woul...more
Todd
Sep 30, 2008 Todd rated it 5 of 5 stars Recommends it for: People who want to protect their family's wealth
Recommended to Todd by: Found it on the web
As the markets crash a lot of finger-pointing has been going on. Many people are wondering how in the world we got to a place with this big of a mess in the first place...

Unfortunately, this guys seems to have some answers as to why and they are not fun to hear. The book was written sometime in 2005 and his predictions (financially speaking) have been coming true....

Not fun to hear but good to know.... avaiable on Audiobooks also....
Brian
Ugh. Like so many of these types of books, there are important ideas in here. Even if none of the dire predictions come to pass, I think it is a valuable thought exercise. Unfortunately, you have to read through so much rubbish, to get to the important parts, that it becomes redundant and the impact is lost.
Rick Bohm
This guy messes up simple economics many times throughout the book, and even though he comes to the same conclusion as everyone else has by now (and much less eloquently) I can't say it was worth reading at all.
Lydia
The most interesting economics book I've read. It actually made economics more enjoyable. Interesting for what we are going through right now in our economy too.
John Boettcher
This book was written and published by Schiff BEFORE the crash of 2008-2009, and he completely and utterly predicts how and why the recession we had would transpire. How? Through the Austrian School of Economics. When you start printing money like the Fed and artificially manipulating interest rates, you are not promoting stability, you are causing mis-information to be given to businesses and consumers, instigating them to make decisions they normally wouldn't make.

Schiff makes the case that d...more
David
Excellent advice from the guy who predicted the 2008 housing crash before it happened. Schiff advises a healthy portfolio of high dividend foreign stocks, commodities, and cash to protect yourself against the crash of the dollar and the Wall Street system. While I understand his avoidance of the dollar, the one point which I felt Schiff failed to adequately support was the idea that all of your equities and securities should be held in foreign currencies such as the euro and yuan. With hindsight...more
Mike
Sep 30, 2009 Mike rated it 3 of 5 stars Recommends it for: Anyone
The title says it all: this book forecasts a drastic fall in the economic worth and viability of America and what to do to protect your assets.

Is it wrong? No, but this is an extreme view. Any rationale person can/could see that the "party" of American finance and debt could not go on forever. Because it was written just as the initial wave of turmoil was hitting the markets, there is a lot of conjecture and prediction about the shape of things to come. But, it's pretty close.

Sure the obvious ta...more
Kascha
This is a really good book full of insight about what's happening right now from a very smart man who wrote it years ago. Nearly everything he talks about in this book is happening, and for the very reasons he said it would.

I haven't read 2.0 yet, which is the sequel to this book, but I imagine that one is very similar with more discussion of things taking into account the current situation and what in the first book already has come true. Hopefully though, in the new book he makes a more seriou...more
Void lon iXaarii
Not only does the author make some quite strong and sensible points, but more than that I am impressed by the fact that he manages to do it while staying away from the temptations of being alarmist and sensationalist in his techniques, on the contrary taking a very rational calculating approach and proposing what one could do to protect themselves, even having the courage to add "if he was right" assigning probabilities to different outcomes. I much more trust somebody who assigns a calculated p...more
Howard Olsen
First, Schiff deserves a round of applause from anyone serious about the future of the USA and its economy. He was one of the few people (the excellent Karl Denninger is another) who accurately predicted the scope and scale of the credit crisis, and then sent a year and a half trying to get his message out to virtually no avail. Schiff is not a professional Cassandra like Paul Krugman, who has spent the last 8 years issuing vague declarations of impending doom (and who has been engaging in Enron...more
Zinger
Dec 21, 2008 Zinger rated it 4 of 5 stars
Shelves: 2008
This was the first investing book that I actually was interested in while reading. The reason is, it was the first investing book that I have read that approaches Federal Reserve with the understanding that it is a counterfeiting cartel protected by government and that Social Security is the biggest Ponzi scam ever done in all of human history. The book also is upfront in pointing out that excessive government spending, dept, and regulations of the economy is the cause of the inevitable downfall...more
Andrew
*personal review

It's now about 2 years since the publishing of this book and Schiff's predictions seem more and more likely to become true. However, with most predictive economic doomsday books, I read it with a healthy amount of scrutiny. Still, Schiff raises some very interesting and true points/predictions about the collapse of real estate, impending inflationary pressures and economic/political tensions with our nation's creditors. The book is well balanced between theory/prediction and prac...more
Jesse
Reading this book a couple year's after it was published shows that many of Schiff's preditiction were correct although not all to the extreme that he has predicted. This may mean that it will never happen or maybe it just hasn't happened yet. Either way, I think he makes a very compelling argument to place part of your portfolio in gold and foreign stocks with a high dividen yield. The gold as a speculative bet against the value of the dollar and the foreign investement as an income producing i...more
Daniel
The amazing thing about this book is that it was published in 2006, a full year at least before the mainstream media began to notice cracks in the facade of the nation's economy. The book is written in very plain language (sometimes the analogies are a bit hokey) but with the intent of making the information completely accessible to everyone. I give Peter Schiff four stars for this endeavor because he was pretty much right on the money with his predictions of the circumstances that would soon ex...more
William
This book provides very common sense answers to the financial problems that are currently plaguing our country. Schiff brilliantly analyzes the current situation and gives a very thorough explanation about how we got ourselves into the mess we are in. Schiff explains that we have gone from the worlds biggest creditor nation to the worlds biggest debtor nation and what our trade deficits mean for the future of the US dollar. His GDP and inflation explanations are particularly disturbing when you...more
Dave
A great insight into the US economy and the half-truths we've been told. Schiff does an excellent job of educating the reader in basic economics, and then confronts the current myths of our markets head-on. This book is well-organized and actually very easy to read.

About a quarter of the way through I thought, "Wow I've heard Ron Paul say a lot of this stuff." and then I looked up Schiff online and found out he was Paul's head economic advisor. The things these guys have been saying about the U...more
Aaron Jordan
Why did I not discover this book in 2006 or 2007? Schiff understands basic economics (unlike most people), and he knows his stuff well enough that in 2006 he predicted the bursting of the housing bubble and the rise in gold prices, both of which predictions have come true. He also predicted the collapse of the dollar, which has not yet fully taken place but is well underway. The U.S. economy is a house of cards, its support beams all rotted away by socialism, Keynesianism, and the excesses of de...more
Alan
Peter Schiff writes with confidence but that doesn't make him right in predicting a global economic crash. I learned a lot about monetary policy but Schiff put up a straw man just to knock it down. Yes, there is a lot of debt in America and we don't produce as many products as we used to, but Schiff makes it sound like we are like Brazil and produce only a few exports. That is a gross exaggeration and over-simplification. HIs investment ideas were interesting but the bottom line was he thinks yo...more
Pete
Awesome book. I love his seeming passion to help others financially without strings.

Pitfalls? He plugs his business a lot but it might be warranted.
It's slightly outdated as gold has shot up in price after the recession, maybe Crash 2.0 will solve this.
Maybe it wasn't intended but it seems this is a wealthy man's advice to other wealthy people to secure their futures. It seems difficult to apply his advice with just a few thousand dollars.
Karl
This is a very timely book that takes a step back and looks at what is happening to the economy. All is not lost. You can take some positive steps to insulate yourself from the coming economic catastrophe.

The book is a little pendantic in explaining the economic problem but if you are persistent in following along it makes sense. The last few chapters touch on ways to benefit while the United States deals with its economic problems.
John
Sep 02, 2009 John rated it 3 of 5 stars
Shelves: 2009
This book, of course, would have been a better and more important read a couple years ago. It holds up well in retrospect, with the collapse already in full swing. Much of what Schiff anticipates has already happened, but much is yet to come. I think he probably saw a more rapid collapse than we now know he should have.

This is a good introduction to what is happening, but there are better ones, and shorter ones.
Jaw
He pretty much predicted the financial times we are currently seeing save the explicit means the government would attempt to save the economy. If I had large sums of investment money outside my company 401k I would definitely follow his advice, and plan to do so with all future discretionary funds. If you know me and you have money, read this (now absolved of possible future guilt relative to economic doomsday).
Shaun
This guy had some interesting advice about how to prepare financially from the tough economic times ahead. He said to invest in foreign stocks because the US economy is suffering and will crash eventually. He said to invest in gold. Lastly he said to stay liquid so you can move your money into other financial vehicles quickly. Not my favorite book, but some decent financial advice.
Surfing Moose
Found this book insightful and eye opening. The one question I've always had is why don't most people learn from history. Schiff certainly has. I'll definitely be bringing up his suggestions to my advisor. Even though I'm Canadian, his ideas should save me in the future.

Thanks for the taking the time to write this book. Looking forward to the updated release.
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Has anyone read his latest book? 2 14 Aug 24, 2011 01:09PM  
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Peter David Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the United States Senate seat from Connecticut.

Schiff is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City....more
More about Peter D. Schiff...
How an Economy Grows and Why It Crashes The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country Crash Proof 2.0: How to Profit from the Economic Collapse The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market Is Down The Little Book of Bull Moves: How to Keep Your Portfolio Up When the Market is Up, Down, or Sideways (Little Book Of... (John Wiley & Sons))

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