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Crash Proof
Book

Crash Proof

How to Profit from the Coming Economic Collapse

Peter D. Schiff and John Downes
Wiley, 2007

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Editorial Rating

8

Qualities

  • Applicable

Recommendation

Contrarian investor Peter D. Schiff isn’t just a bear. He’s a sky-is-falling, bury-the-Krugerrands-in-the-backyard bear. Writing with John Downes, Schiff argues that the U.S. economy is going to hell, and that clueless consumers, opportunistic Wall Streeters and pandering politicians are carrying the handbasket. Schiff’s screeching tone is a bit grating – until you realize that many of his predictions have proven accurate. That doesn’t mean you shouldn’t take him with a grain of salt, but this book was published in 2007, and in mid-2008, Schiff’s forecasts of a weakening dollar, rising gold prices, a bursting real-estate bubble and strong foreign stock markets were spot-on. His pessimistic polemic could use more practical advice and less macroeconomic analysis, but still getAbstract recommends it to those who seek an alternative viewpoint.

Take-Aways

  • The U.S. economy is perched on the edge of a cliff. Once it falls, Americans’ pocketbooks will be punished.
  • Wall Street and Washington have created an economy that is a house of cards.
  • Unsustainable trade deficits and irresponsible spending habits by American officials and individuals mean the dollar’s value will continue to decline.

About the Authors

Peter D. Schiff is a veteran Wall Street forecaster and president of an investment company. A frequent guest on TV business shows, he is nicknamed “Dr. Doom” for his pessimistic forecasts. John Downes is the co-author of Beating the Dow and other business bestsellers.

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