Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books)

Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) | Peter D. Schiff, John Downes | Finally a person who makes unlike Paulson and the Fed

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Crash Proof: How t...

	Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) Peter D. Schiff, John Downes Wiley, 2007 - 288 pages average customer review:based on 249 reviews view larger image
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highly recommended

Crash Proof Your Portfolio

The author decries the devaluing of the dollar,
inflation and the looming trade deficits.
The book indicates that the USA is too dependent
upon foreign lending. Foreigners hold too many
Treasuries. Americans save too little and consume
too much in comparison to the rest of the world.

Our dependence upon foreign manufacturing contributes
to the trade deficit. The book shows how less
regulation, tax relief and more economic development
can turn things around. Computer models have become
highly productive in the area of design engineering.

Gold and precious metals are at an historic buying
opportunity. Demand for goods and services is artificial
when not productivity induced. An example of good debt
is capital formation connected to a thriving business.
Bad debt is money lent for excess or frivolous
consumption. An example would be taking out a second
mortgage on a house to finance a vacation.

Right now, Europe enjoys a balance of trade surplus.
The purchasing power of the Chinese is increasing at
a time when the dollar is falling. Canadian oil and gas
investments yield 12% or more. Hong Kong and Thailand
are also good investment arenas. Coal stocks are yielding
good dividends. As the dollar falls, gold and precious
metals rise. The ETF gold shares can be good investments;
however, investors may not have the same creditor priority
in bankruptcy according to the authors. Examples of good
gold ETFs are GLD and CEF (Central Fund Canada) shares.

The author believes that the USA should pursue a sound
money policy with limited government and less regulation.
Potential gold stocks worthy of investment are Newmont Mining
Corporation and Goldcorp.

Overall, the acquisition would be helpful in crafting an
investment portfolio to weather some market corrections
on the horizon. The extent of the market corrections will
depend upon investor perceptions as to government
responsiveness on a number of fronts. These historic
challenges include energy independence, debt management,
structural government spending, meaningful regulatory
compliance, the abolition of unnecessary regulations,
FDA protocol simplification and a host of other issues
too numerous to delineate in a finite review.

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Finally a person who makes unlike Paulson and the Fed

Warning, a quote from the book. (Page 87)

Business Cycles

According to the classical economists, like Ludwig von Mises and Friedrich A. von Hayek of the Austrian school, recessions should not be resisted but embraced. Not that recessions are any fun, but they are necessary to correct conditions caused by the real problem, which is the artificial boom that precede them. Such booms, created by greed, others by inflation, send false signals to the capital markets that there are additional savings in the economy to support higher levels of investment. Ultimately, when the mistakes are revealed, the malinvestments, as Mises called them, are liquidated, creating the bust. Legitimate economic expansions, financed by actual savings, do not need busts. It is only the greed and inflation-induced varieties that sow the seeds of their own destruction.

This flies into the face of modern economic thinking that regards the business cycle as the inevitable result of some flaw in the capitalist system and sees the government's role as mitigating or preventing recessions. Nothing could be further from the truth. Boom/Bust cycles are not inevitable and would not occur were it not for the inflationary monetary policies that always precede recessions.

The Modern Federal Reserve: An Engine Of Inflation And A Creator Of Booms And Busts

The Federal Reserve turned the concept of the elastic money supply on its head by expanding the money supply indefinately. When the economy expands, the Fed expands the money supply, and then when the economy contracts, it expands the money supply even faster, in an effort to stimulate spending to offset those contractions. It's like a heroin addict trying to kick the habit who shoots up each time any withdrawal symptoms set in. It is a painless way to go, but one unlikely to produce a healthy outcome.

So the Federal reserve ultimately became nothing more than an engine of perpetual inflation, the precise opposite of what it was originally intended to be. Today the money supply is anything but elastic, as it always expands and never contracts. Had such a harebrained scheme been proposed at its inception when the Fed was created in 1913, the concept of the Fed never would have seen the light of day and its proponents would have been laughed out of Washignton.

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Read it, Love it, Live it

Rare five star rating.

This book is your action plan, your calling to protect your assets in the coming years. Peter Schiff was laughed at on CNBC for a long time. Now with Bear Stearns, Freddie, Fannie all dead and dying, people are starting to listen.
Washington DC is broken, and no matter which idiot senator is elected this Fall, our troubles will not be over.

For those who seem to be miffed that he mentions his brokerage so much, get over it. Sign up for his newsletter and you can take whatever recommendations Peter has to your own broker. The key is to reduce your position in dollar dominated assets...now! Protect your wealth from the most egregious tax of all: inflation...and the devaluation of the US dollar.

You can't say you weren't warned.

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Excellent Investment Advice

Peter Schiff's amazing prescient books explains in simple terms the inner workings of the US economy and the problems inherent there in.

Excellent - must read for every American

This book is a fantastic crash course on economics. The information on the Federal Reserve is eye-opening. This is one of the best purchases I have ever made on a book. I highly recommend it to everyone. It is an easy, quick read, full of valuable information for anyone who has or plans to have investments.

reviews: 1, 2, 3, 4, page 5, 6, 7, 8, 9, 10, 11, 12, 13, 14

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