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Focused on Americans
After reading this book, I'm glad I'm not an American. The book does two things. It explains the problems facing the US, and gives advice on how to handle the crisis. It is the first aspect that will be most valuable to a European reader. While everyone knows that the US trade deficit is going to lead to a collapse or major crisis of some sort, and many believe that the dollar is over-valued, Schiff gives a good overview of the forces at play. The second aspect will be most valuable to the American reader, and the advice Schiff offers is of limited applicability to me as a Swede. Most Europeans would have their assets in Europe and their cash in European currencies, and avoiding the US dollar is one of Schiff's key points. It is the American reader that stand most to gain by following Schiff's advice, and the European might as well do without this book.Great Book
Finally someone on Wall Street that understands that sometimes good things don't last forever, and is even vocal about it! Great BookThe sky is falling send me your money before it's too late
This sales pitch masquerades as book on the Austrian school of economics. Sell your house or take a loan out on it and send the proceeds to Mr. Schiff and he will invest it in a foreign place for you (is there a "secret" foreign economy that runs on Austrian school principles?) somewhere "safe" unlike America. The author develops his hard sell by making a multitude of scary predictions (based on "I am firmly convinced"): Gold could go to $5,000 or $36,000. Silver could be even a better investment than gold or not. The dollar will collapse. I could be wrong (did lawyers tell him to throw that in?), but you can't trust the government and it's lousy greenback -- trust me -- send me your money. Peter Schiff fails to mention facts and ideas that might discourage you from sending money overseas (via Schiff) like: The US stock market historically delivers superior performance compared foreign stock markets. And this incredible bust might be a once in a life-time opportunity to invest here at home. The US stock market has recovered from previous shocks by tripling in five years. The author seems to admire Warren Buffett but does not even suggest the obvious idea. Hey! Prices are super low even for Mr Buffett's company. Invest here at home with "the worlds greatest investor" (Berkshire Hathaway has out performed gold by significant margins). On page 158 the author writes: "Borrowing money to buy rental property is perfectly legitimate use of credit, provided the rental income exceeds the cost of borrowing." This was a perfect opening for a discussion of how low priced rental property could protect and even help you get richer in a high inflation environment (my favorite book on that subject is mine: How to Invest in Condominiums). But no! That would keep money at home in America and that does not make any sense to someone with expertise in foreign markets looking for customers. Read Mr. Schiff but don't send him any money. It's more difficult to resist a hard sell in tough times when there is a sense of panic in the air so read the helpful reviews by people who actually shipped their money to Schiff and suffered losses.may be way negative on US of A, but a great read
This is probably one of the best books you can read to understand the root causes and depth of the current financial crisis. It uses excellent analogies to explain the current situation. If you haven't already, watch Peter Schiff's many videos on Youtube. you will have lot of laughs. He was predicting the current crisis for the last few years and was been ridiculed by the so called financial experts on CNBC and other channels. Look who is correct now. It is time to get back to basics. I think, despite its excellent analysis and i feel it is way too negative on US and dollar. It ignores the better rule of law and Democratic system and checks-and-balances America has compared to many countries especially those in Asia. As many reviews here point out, this book has some self promotion for his firm. However, i still give it 5 stars for its lucid explanations and feel definitely worth reading.Reading this book is like getting glasses for the first time to see the world
Schiff's foresight is so staggeringly accurate it's hard to believe he wrote this book in 2006. However, sees things exactly as they are and explains things exactly as they are. The reason finance has often been viewed as complex is because the American public is being lied to every minute nationwide by self-serving bankers and government officials. Schiff does the world a favor by sharing the reality of the modern U.S. economy and stock market, and it's easy to understand because his thoughts aren't crowded by lies. I could not recommend this book more highly to anyone. Schiff will go down in history as one of the smartest and most prophetic investors of our time. I am guessing he wrote this book partly to get more investors in his brokerage firm, which is actually a good thing for those investors, and partially so he could have the royal "I told you so" when the U.S. economy collapses in the imminent future--which is actually very depressing. Read this book and help yourself.Keyword : economic
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