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Crash Proof: How to profit from the coming economic collapse by Peter Schiff fell to #2 after briefly holding the #1 spot in Investing in Amazon. It still holds the #1 spot for Planning/Forecasting, and #5 in Personal Finance. Fortunately, the ultimate shill and confidence man Jim Cramer falls below Peter consistently. However, I'm surprised Peter beat out Jim Roger's "A Bull In China".
Peter mentions on his radio show "Wall St. unspun" he's finished a chapter or two in his upcoming book titled something like "How to survive the current economic collapse" (exact title eludes me). I'm looking forward to this particular piece.
It's amazing how almost everything in the book, except the bond bubble, has played out exactly as it's allayed in the current publication.
I'm glad the word is getting out and people are starting to open their eyes to the stark reality of our current financial system, made more evident by the corporate Leninist actions with regards to Bear Stearns.
I think the media had a lot to do with people not really understanding. The major media outlets played it down. But there's only so much they can do before it finally hits the major media outlets.
I've learned to go beyond them and read what the true economists says..not the paid media folks or the "fluffy" government reports that tone down the true state of the economy.
The trouble with Crash Proof is that Schiff doesn't give you any information on how to follow his investing advice; other than going to his brokerage's website, europac.net, and having them manage your money for you. The website doesn't give any indication of what the fees or commissions are; although I saw somewhere else that it's 2%. So if you wanted to take $300K and invest it in foreign stocks for that $25K income promised in the book, it would cost you $6K in commissions.
I'm a do-it-yourself investor and don't want to just hand my money over to someone else to invest for me. So all I got out of the book was anxiety about the US economy.
The trouble with Crash Proof is that Schiff doesn't give you any information on how to follow his investing advice; other than going to his brokerage's website, europac.net, and having them manage your money for you. The website doesn't give any indication of what the fees or commissions are; although I saw somewhere else that it's 2%. So if you wanted to take $300K and invest it in foreign stocks for that $25K income promised in the book, it would cost you $6K in commissions.
I'm a do-it-yourself investor and don't want to just hand my money over to someone else to invest for me. So all I got out of the book was anxiety about the US economy.
While Peter of course mentions the brokerage he owns, he also mentions you can use alternatives. It's not straightforward to purchase foreign stock portfolios. ETFs and ADRs involve counterparties whose future is uncertain (acct fraud, crumbling US economy, etc) that make buying foreign assets analgous to getting an authentic italian dinner from the Olive Garden. This isn't scottrade. You can't just push buttons to buy Xinxin mining or Babcock&Brown. It's a much more manual process to buy foreign equities. There are only 9 brokers you can use to buy Perth Mint gold/silver (the most popular depository certificate program in the world). You cannot buy it by calling them directly.
NASD regulation prohibits Peter from giving specific recommendations on stocks. Callers to his radio show are repeatedly reminded of this. To argue this is in his better interest so you can call his brokerage is a strawman.
Every "anxiety" of the US market is fully explained and put in terms that everyday folks who are not economics can fully understand. Yeah, commissions are heavy (3%) but returns have so overwhelming the past few years compared to US markets, I'm not particularly concerned about pay a few sheckles to a broker.
It's possible you read one of the reviews as opposed to the book and are basing your opinion on that.
searching on "Peter Schiff" within YouTube brings up videos of famiies wishing to trade their house for gold and even a guitar player who uses his name to increase his hit count. It goes to show how pervasive his voice is nowadays among the non-Wall St. crowd.
While Peter of course mentions the brokerage he owns, he also mentions you can use alternatives. It's not straightforward to purchase foreign stock portfolios. ETFs and ADRs involve counterparties whose future is uncertain (acct fraud, crumbling US economy, etc) that make buying foreign assets analgous to getting an authentic italian dinner from the Olive Garden. This isn't scottrade. You can't just push buttons to buy Xinxin mining or Babcock&Brown. It's a much more manual process to buy foreign equities. There are only 9 brokers you can use to buy Perth Mint gold/silver (the most popular depository certificate program in the world). You cannot buy it by calling them directly.
NASD regulation prohibits Peter from giving specific recommendations on stocks. Callers to his radio show are repeatedly reminded of this. To argue this is in his better interest so you can call his brokerage is a strawman.
Every "anxiety" of the US market is fully explained and put in terms that everyday folks who are not economics can fully understand. Yeah, commissions are heavy (3%) but returns have so overwhelming the past few years compared to US markets, I'm not particularly concerned about pay a few sheckles to a broker.
It's possible you read one of the reviews as opposed to the book and are basing your opinion on that.
searching on "Peter Schiff" within YouTube brings up videos of famiies wishing to trade their house for gold and even a guitar player who uses his name to increase his hit count. It goes to show how pervasive his voice is nowadays among the non-Wall St. crowd.
I'm not just basing my opinion on negative reviews; I read the book. I do not recall any mention of alternatives to using his brokerage, at least not any that were anything that I could understand, not being an economist. I realize that it's not straightforward to purchase foreign stocks and to convert your money to foreign currency. I realize that he can't give advice on specific stocks. But he could've given instructions on how to do your own investing and he does not.
As I said, I'm no economist, but I have noticed that the foreign stock indices are down this year just like the US indices. The Nikkei is down, as well as the Hang Seng and the FTSE. I've had my eye on some emerging market ETFs and they're down as well. So where are the big profits to be had by investing in foreign stocks?
I'm not just basing my opinion on negative reviews; I read the book. I do not recall any mention of alternatives to using his brokerage, at least not any that were anything that I could understand, not being an economist. I realize that it's not straightforward to purchase foreign stocks and to convert your money to foreign currency. I realize that he can't give advice on specific stocks. But he could've given instructions on how to do your own investing and he does not.
As I said, I'm no economist, but I have noticed that the foreign stock indices are down this year just like the US indices. The Nikkei is down, as well as the Hang Seng and the FTSE. I've had my eye on some emerging market ETFs and they're down as well. So where are the big profits to be had by investing in foreign stocks?
Only one Canadian Energy Trust is down for me since I bought. All gold mining stocks, aussie utility/infrastructure, as well as my Perth Mint gold are up since I purchased. You are looking at short term movements. I am not even blinking at the $80 decline in the cost of an ounce of gold, since there is no ultimate ceiling for the mellow yellow (since there's no perceivable floor to the dollar). I am yielding dividend income in foreign currencies which have surpassed the dollar's value over the past 8 years. An artificial decline in the stock benefits me in the short term, since the dividend is a function of the earnings which are still strong. Many of these stocks have artificially been dinged b/c investment institutions are having to meet margin calls because of the crap mortgage securities they're holding and having to sell what they can. Peter mentions time and time again: the point of purchasing these foreign equities is to replicate the experience of the rich foreigner entering American soil and having greater purchasing power. Since many Americans will be broke in the upcoming/current recession, you will in essence be paid income that is not worth less (or worthless?). Of course, this doesn't benefit you unless you have a considerable amount to invest.
I think Peter mentions goldmoney.com for purchasing gold, operating profits, staying away from mutual funds (conflict of interest), avoiding "pink sheets", etc. "How to survive and thrive" describe these steps in further detail. All you have to do is google how to buy shares on the Hong Kong exchange and you're golden. Of course, without a broker, it's just not that easy. In this case, doing it yourself might cost you a lot more money than using someone at 2-3%.
If you're looking for quick profits, you were definitely reading the wrong book. EuroPac does not trade (the commissions are too high). The point is to profit during America's economic collapse. We've just begun this predicted collapse.
Also, watch Peter's commentary on Fox Business. He mentions some ADRs (i.e. HTE, NZT, etc). He's allowed to do so b/c of Fox's disclaimers which protect him from things like suitability. Of course, many of the GOOD foreign stocks do not have NYSE tickers and the counterparty's status might be dubious (acct scandals, etc)
Crash Proof: How to profit from the coming economic collapse by Peter Schiff.
How to profit from the coming economic collapse? Write a book telling people how to profit from it!!!! Sounds like a great way to profit off of the coming economic collapse. JK.
How to profit from the coming economic collapse? Write a book telling people how to profit from it!!!! Sounds like a great way to profit off of the coming economic collapse. JK.
It's all good. Few people like the "party pooper" who isn't cheerleading Wall St. whenever Ben Bernanke deprecates the dollar. Peter's been Ron Paul's economic advisor (a cushy job since RP knew a lot about economics) and has the not so glamorous title of being the son of an income tax protestor.
I'm just glad I have a broker who takes pride in telling the truth, even if it's bleak to the point of being depressing.
I was reading about how Dr Doom (Peter Shiff) was saying the Visa IPO was the largest sucker bet. I guess he doesn't understand much about Visa's buisness. I don't pay much attention to him. But I will have to give him credit, he picked a good time to sell a book called "Crash Proof".
I was reading about how Dr Doom (Peter Shiff) was saying the Visa IPO was the largest sucker bet. I guess he doesn't understand much about Visa's buisness. I don't pay much attention to him. But I will have to give him credit, he picked a good time to sell a book called "Crash Proof".
Oh, I think he understands.
Americans' credit limits will be dramatically reduced in the coming months and years since credit cards are the next subprime. Therefore, the number of transactions generating revenue for VISA will decline substantially. It'll be the next blackstone. Good stock to short if only the returns weren't denominated in debased paper things (USD).
Yes, the strawman regarding Peter's timing. If you would've read the book, you would see that the exact scenarios have played out over the years since he's been interviewed, not just that the economy has begun to crash. Mortgage writedowns, foreclosure moritoriums, gold prices spiking, oil spiking, dollar debasement, financial company bankruptcies, etc etc. It takes time for a huge credit bubble to burst
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