Canada, which, surprisingly, now has one of the best-positioned economies in the world. My two favorites there are Hong Kong and Singapore, followed by Japan. Initial impact of a dollar collapse will be most disruptive in Asia, while Europe will be affected to a much lesser extent. Electric, oil, and gas utilities are attractive equity investments. Real estate, especially when it can be owned in the form of property trusts, as it can in most mature foreign markets, has both high yield and tax advantages.
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I prefer property trusts that are mostly commercial. I am particularly bullish on commodities. Now my thinking is that as the dollar collapses, the currencies that will rise the most will be Asian, particularly Chinese. Commodities, natural resources, raw materials—all names for one sector—are therefore a great play in my judgment.
Many Canadian oil and gas companies pay dividends of 12 percent to 15 percent. Coal producers pay dividends averaging something like 11 percent, and companies mining nickel, zinc, and lead are paying 7 percent to 10 percent. Those companies will be good candidates to buy after the dollar collapses and their stock prices fall as a result of lost export sales. Have exposure to the foreign currency through companies that generate their revenues in their own local markets a Japanese retailer would be an example , not by exporting to the United States.
It is important that investors understand basic analysis and valuation tools so they can understand the language of research reports, corporate financial information, and financial news. That when augmented by rises in the value of the principal producing it, will likely offset declines in the purchasing power of the U. I am certain that the recent sharp decline in commodity prices will reverse, and that bull markets will return stronger then ever. My greatest fear is that people who stayed in cash and think they did the right thing based on will stay in cash too long and watch their cash lose its purchasing power.
For now those still holding cash feel like they dodged a bullet. However, what they fail to realize is that they are standing on a land mine! What percentage of your overall portfolio should be in physical gold and mining shares? My recommendation would be 10 percent to 30 percent gold-related investments and 70 percent to 90 percent conservative foreign stocks.
The more aggressive investor would weight gold higher, while the more conservative investor, particularly if current income is required, would weight it lower. The whole idea behind having reserves behind a currency is that currencies in and of themselves have no intrinsic value.
Now that the dollar is backed by nothing, it makes no sense to hold dollar reserves, which is the same thing as having no reserves at all. So I think we are going to be moving in the direction of gold becoming a greater percentage of central bank reserves relative to dollars or other leading currencies. I continue to feel strongly that it is wise to have some gold and silver offshore and recommend the Perth Mint for the reasons I gave in the chapter. I see gold headed much higher, as discussed in the previous update. Bottom line? Inflation is about as sure a thing as anything these days.
Since it clearly benefits debtors at the expense of creditors, since debt becomes repayable in cheaper dollars, the smart money would logically run up as much debt as possible, With mortgage rates below 5 percent, for example, it might make sense to buy a house that has dropped in price 40 or 50 percent, not because I think real estate has bottomed, but because if you can get a year Freddie or Fannie mortgage, you can make money as a debtor.
Even though real estate is going to lose value, the dollar will lose even more value, giving you a profit. Anybody owning a home that is unencumbered or has substantial equity should take out the biggest mortgage available while rates are below 5 percent. Schiff doesn't put on a turban, examine his star charts, or channel any spirits--it genuinely seems like he just knows his shit.
Six months after the publication of Crash Proof, his predictions began happening. In it, you'll find advice about the investments you should be making to protect yourself from a U. If markets interest you at all, you should probably read this book. Aug 30, Marcus rated it it was amazing Recommends it for: Everyone. Shelves: economics , business , non-fiction.
If you have any money, at all, you should read this book. The sooner the better. If you don't have any money you should also read this book. There are a few reasons reading Crash Proof might not appeal to you: -Peter Schiff is a somewhat controversial name in the investing world. All of those reasons are valid a If you have any money, at all, you should read this book. All of those reasons are valid and understandable, but still, it will be well worth your time to read this book.
View 1 comment. Feb 05, Brian rated it it was ok. Peter Schiff is a fascinating individual. I heard Schiff first when he appeared on the Joe Rogan podcast and a lot of what he said reined in with me and what I had been saying for years. I then listened to his podcast and I finally had a "financial guy" that I could start learning the market or at least start learning some financial terms from a guy I agreed with politically.
Crash Proof - by Peter Schiff | Derek Sivers
His podcast is great, his interviews are great and he really stirs the pot going against the mainstream mores of other ad Peter Schiff is a fascinating individual. His podcast is great, his interviews are great and he really stirs the pot going against the mainstream mores of other advisors.
However his book is and probably was terrible. It seems as though he has some ghost writer following him around and was just lazy. Or maybe he just threw it together and was like oh I'm gonna be a best selling author and got excited about it and everything but just because you're a good talker doesn't mean you're a good writer. I won't say much about his financial advice because it'll ruin what he talks about but his advice when he finally gets to it is very simple and succinct.
It begs the question how he even got almost pages out of it. There is so much fluff in his book and so many things that don't need to be repeated its like he's just putting down words to get more pages. After a hundred pages you're just like okay okay I get it. He could actually have written this book in probably 50 pages rather than because of how much fluff is in there and stuff he didn't need. His thirst for citation and research is lazy borderline irresponsible In speeches this is fine if you just cite something but in the academic world you have to put a lot more effort.
He would talk about things in one paragraph that people write entire novels about. Some political policies that are really important he talks about for a paragraph, the fed which is incredibly important that almost no one knows about he barely discusses and I've read entire books about the fed. All of his graph citations come from one website. There are ways you can get around citing things even if you don't believe the credibility of it.
Just cite a graph and tell us why it's wrong. With that said it almost seemed like he was struggling to find his target audience. Was it blue collar or white collar. If it was for the laymen he does a great job with analogies but he needs to explain a lot more terms and how it works. If it's more for the academic he has to research a lot more and provide a lot more history and citations.
Either way he had to provide more detail, he glosses a lot and I don't think he's stupid I think he's a smart guy I just think he got lazy. He's the owner of a successful brokerage firm why does he need to write a book for anything else than getting the word out? I think because he was confused he had the bad end of both worlds, his book is in limbo now with great ideas but no real academic credibility. He has a lot of great ideas. I'm reaming him hard because I believe in the guy. His ideas of socialism and government regulation are on point.
I think his views of early and late American history and policy go along with other books I've read. And it definitely explains why America is doing is doing so well right now yet it consistently feels like it's getting worse and worse and worse. It never really made sense to me until I heard Schiffs ideas and it just clicked for me oh this is why we're screwed. But most of it just seems like he's promoting his own company. At the very least, if there are no other companies, write down the other ones and why they're not doing it right. I can understand why you would want to plug your own business in an interview but in the academic world it's very bad form.
Another thing too. Crash Proof the original is all inside the 2. The only different is that he provides a section in each chapter the update. I'm not sure why he did it like this, it's really confusing, it would have been better if he just gave us the original book and just put one more chapter about what's going on now. People might have been upset about that's all you gave me with the new book but it wouldn't have been as confusing. Also the amount of headings and the setup is convoluted at times and almost unnecessary.
He starts repeating himself a lot because of that.
I gave 2 stars because I like Schiff and I like his ideas but his book was lazy and almost irresponsible. You might be better off just buying the books he recommends rather than reading his book lol. I know it sounds heartless but just Listen to his podcast. He's a great speaker. Nov 17, Nathan rated it it was amazing. This book is essentially the same as the original Crash Proof, but has updates at the end of every chapter. It's really a "see, I told you so" kind of book.
Schiff predicted the housing nightmare back in He was right! When the so-called experts say that nobody saw the crash coming, they are lying. Schiff explains the hows and whys in this book.
Everyone who appreciates their money should read it. If you thought the housing bust was bad, you ain't see nothing yet! Now is the time to pre This book is essentially the same as the original Crash Proof, but has updates at the end of every chapter. Now is the time to prepare. Feb 10, Mark Geise rated it it was amazing. This allows the reader to see what Schiff originally wrote and wrote he refers to in his updates.
Though this book is now dated, the advice Schiff gives is still generally relevant. He has a long-range outlook and advises readers to focus on liquidity in foreign currencies, gold exposure, and conservative, high-yielding foreign equities. He has separate chapters devoted to the housing bubble, the Fed, the dollar, the stock market, the lack of savings in the U. The excessive government and consumer debt, aided by extremely accommodative Fed policy, has created a situation in which inflation is likely the only way to avoid default.
Fed policy has also discouraged saving, leading to a lack of capital to finance investments in productive capacity. This perfect storm of factors may set the table for a financial calamity the likes of which not seen since the Great Depression. Hyperinflation is not out of the realm of possibility as foreigners shift their focus from saving and lending to consuming and many of the dollars abroad finally come home.
Also, with the Fed likely facing no alternative other than to monetize government obligations, the long-term prospects for the U. The U. What Schiff writes, specifically about housing, began to come true in , but government intervention delayed much of the pain and simply kicked the can down the road. Peter Schiff is always entertaining. Though I do not necessarily agree with every single thing he writes and says, I believe he is generally right.
It simply is not sustainable. It is impossible to know when the reckoning will happen, but it has to happen eventually. It is not as if this type of portfolio would hurt in the long-run if the U. However, in the event of a U. Feb 13, Jeb rated it liked it. Schiff is thorough, if a bit repetitive, in describing the problems facing the US economy. He spends the first seven chapters explaining, piece by piece, the various underlying instabilities in the US economy, why they matter, and what is being done to make them better or worse worse, in most cases.
It's written at a level that should be accessible to most readers. I'm an engineer, with no background in high finance, but I was easily able to follow along. The final three chapters lay out a plan Schiff is thorough, if a bit repetitive, in describing the problems facing the US economy.
The final three chapters lay out a plan for how to avoid personal misfortune in the widespread collapse that Schiff predicts. While he often recommends using his own financial services firm even going so far as to include his website and phone number at several points in the text , he also arms you with the questions and strategies to use to find another broker to execute the same or similar plan. Since he published the first edition of this book in and many of his dire predictions started immediately coming true, it's interesting to read the second edition, to which Schiff has added a short follow-up at the end of each chapter explaining what has changed and what remains the same.
My biggest criticism is that, for too many of his descriptions of fundamental problems, we are given only a brief description of the problem, with no data or supporting evidence to base it on.
ISBN 13: 9780470474532
Then we're led through sound logic building from these fundamental problems to a suggested course of action. The problem with this is that I have trouble following a suggestion so counter to popular opinion, whose reasoning is based on a foundation that must be taken on faith. I'm a skeptic, by nature, so while some of these things I am able to confirm with my own experience or other reading, others I'm no so sure of and would be comforted by supporting evidence.
While I do think that Schiff is right for the most part; I think the book would be more valuable and find a broader appeal if it was more careful about documenting and supporting its claims. My second criticism is that Schiff says some things about business that make me think he hasn't much experience running one. His viewpoint on the economy seems to be that of, well, an economist rather than a businessman. It's like a baseball book written by an announcer as opposed to a player or a manager.
Since his focus is on a plan for individual investors, this is a good thing, and his perspective here is rock-solid; but his few stray points of advice to businesses seem out of place. This book was more useful than I expected in terms of understanding investment options in different economic scenarios, including foreign currencies or stocks. This "2. His writing style includes a very understandable explanation of Austrian This book was more useful than I expected in terms of understanding investment options in different economic scenarios, including foreign currencies or stocks.
His writing style includes a very understandable explanation of Austrian economics and the trends that have been occurring, but does not delve into economic formulas in any way that requires intense study. I started to read this book largely because of my interest in economics, but was most pleased with how Schiff wraps up the current situation and clarifying WHY he recommends certain investments.
While he may not be correct about the future, it gives a person a very clear perception of why he is making his recommendations. In fact, I would say it's likely some of the advice will be a mistake. He is exceptionally bold and confident about his predictions it would be fair to say arrogant. Practicality says that with all the influences on global currencies, government spending, Fed policies, oil supply, etc However, if you already understand what mutual funds, bonds, Ks, etc are AND you don't really want to enter the world of day-trading or hedging or shorting Jul 23, Boni Aditya rated it liked it.
More than half of the book is just based on the presumption that the foreign powers would realize the worthlessness of the US dollars and US assets and throw the money back at US. What if it were never to happen. If all the foreign powers are more than content to hoard 50 trillions of US debt each.
This would go on for another 50 years. The author does not consider the extent to which humans can be stupid. He assumes that markets are clever, i. Schiff, Peter D. Fitz-Gerald, Keith. A fully updated follow-up to Peter Schiff's bestselling financial survival guide- Crash Proof , which described the economy as a house of cards on the verge of collapse, with over 80 pages of new material The economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today.
Discusses the measures you can take to protect yourself-as well as profit-during these difficult times Offers an insightful examination of the structural weaknesses underlying the economic meltdown Outlines a plan that will allow you to preserve wealth and protect the purchasing power of your savings Filled with in-depth insights and expert advice, Crash Proof 2.