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

Mr. Schiff's not the only one who understands the future of our entire Economic System is on a collision course with reality, but I would say this is a must read. It's very easy reading and would make a good gift for beginning/intermediate level investor.

The author is tops at predicting the mess to come. He's one of the very few I've seen who predicted the Fannie and Freddie mess. So, he deserves all the credit possible for seeing the massive problems to come.

However, the author's advice on how to protect yourself from the mess has turned out to be dead wrong. Worse yet, it is opposite of what someone should have done (which was to put cash into the dollar, such as TIPS). The author recommends foreign stocks and Foreign currencies??? Anyone taking that advice is about as worse off, if not more so, than someone in the US Stock Market. For example, since the market crap began hitting the fan in the US, the Australian dollar has lost about 35%. When that is combined with falling foreign stock prices (that seem to happen whenever the US Market falls), the hit to the author's strategy is about 70-80%. And gold has not gone to $2000 per ounce either!

The problem is not so much that the author was wrong about the way to protect yourself ... but that he won't admit it. And he can't (or won't) identify the factors that he missed in his analysis. He keeps saying that he is still "right" and it just needs to be given "more time." In that regard (ego), he's no different than any of the other pundits on TV who couldn't care less about how much of your money they loose for you. The author has a weekly short wave radio broadcast and web cast and it is painful to listen to his clients who have been hit big time ... and even more painful to listen to the author continue to say he's "right." His ego extends so far ... when he gets an unfavorable review on Amazon, he asks his listeners and followers to immediately go to Amazon and write their own (favorable) reviews so as to push down the unfavorable review where no one can see it. Really.

So ... while Crash Proof has a lot of valuable information for anyone interested in their economic future ... be very careful when it comes to following the author's advice on how to protect yourself.

Peter Schiff is a professional doomsayer who strongly makes the case that the American economy is going to hell in a hand basket. Fast.

He lays out this case in his book, CRASH PROOF. Given the backdrop of recent months, it is hard to say he is wrong. The book came out @ February of 2007 so Schiff is prescient in a number of realms.

If doom and gloom is your cup of tea, you have come to the right book. Schiff sees over consumption, inflation and misguided government policies as providing a recipe for economic and financial disaster. My gripe is that the book's title oversells and does not really constitute truth in advertising. I estimate that only about one-fourth of the book is prescriptive in offering ways to "crash proof" yourself and your finances. Schiff's solutions revolve around three themes: invest in foreign securities, buy gold and maximize your liquidity.

It just so happens that Schiff's firm can address the foreign securities need and he peppers his final chapter with "plugs" for his investment company.

Peter Schiff has a remarkable track record for divining the future. His videos, available on Youtube, display back bone and wisdom in standing up to the tide of popular opinion. The guy shows poise and self control in the face of overwhelming contrary positions. I too held the same opinion, "The economy is in trouble!". I wasn't sure what to do about it. And it was through a chance hit, that I discovered Peter Schiff. Unlike me, Peter has the answers to, "What do you do to protect yourself?" I don't agree with all of Peter's conclusions, but the book served as a catalyst and platform for further thinking on the subject. I adopt the strategies of Peter's that I like and was able to think of additional things that I wanted to do. Thanks Peter. Great book. Did you collect your "penny" from that snob? (One of the tube videos)

I read the book and invested my IRA in his firm. My life's saving was invested into a "Capital Secured" manner. I lost 40%. His book and his advice are hog wash.