A fully updated follow-up to Peter Schiff’s bestselling financial survival guide-Crash Proof, which described the U.S. economy as a house of cards on the verge of collapse The economic and monetary disaster which seasoned Wall Street prognosticator Peter Schiff predicted is no longer hypothetical-it is here today. And nobody understands what to do in this situation better than the man who saw it coming.
Peter Schiff is famous for his 2006 observation that prices of US houses will crash down and will have an effect on the credit card market. In his latest book, the astute economist maps out the economic future of the US and gives advice in how to weather and even profit from the hardships that will come ahead. His videos on YouTube as amassed massive viewership and it spoke plainly on the US housing bubble, the subprime mortgage crisis and the meltdown of the US economy.
In 2007, Peter Schiff wrote Crash Proof: How to Profit from the Coming Economic Collapse and as this book’s title suggests, the coming economic collapse is already economic reality.
The book dissects the fundamental weakness of the present economy. From the world’s biggest creditor, the US became the largest debtor with the national debt way over 10 trillion dollars. Yet, Americans live a life of affluence that is entirely based on that debt.
The economy is a house of cards that is ready to collapse anytime and for the reader, the advice of this long time observer of Wall Street and US government policy may well be the only door out of that house.
This book adds 80 more pages of analysis on the state of the US economy and discusses the ramifications of the collapse of old-name institutions in Wall Street and that of Freddie Mac and Fannie May.
Mr Schiff believes that it may take only as little as three things to ensure sound finances for most Americans. Discussed in the first edition, the following steps that he outlines are still relevant today:
• Diversifying stock portfolios and concentrating more on foreign securities that may have higher yield
• Investing in precious metals such as gold and silver
• Staying liquid and increasing savings