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"Crash Proof 2.0" by Peter Schiff - Book Review

January 7th, 2019 at 10:14 am

Here begins my more controversial financial journey. Crash Proof, by Peter Schiff, was originally published in early 2007 as a warning bell for the coming subprime mortgage meltdown. Since the meltdown, it has been republished as Crash Proof 2.0 to also include the actual data from the financial crisis and updates for the larger crisis to come. In Crash Proof 2.0 (and its earlier version), Schiff correctly identifies the housing bubble, correctly predicts that the Federal Reserve will print money to buy ourselves out of the crisis, and also predicts that it will cause even larger problems that the Federal Reserve cannot solve by printing. The next crisis is a US dollar crisis.

Crash Proof 2.0 also explains some strategies to protect yourself from the effects and discredits some traditional strategies people think will protect them from the effects.

Where I found it:
I had heard the title several times in live online events with Robert Kiyosaki. When I was fruitlessly looking for a different financial book at the library and came across it, it was an easy choice to pick up. I am so glad I did!

My takeaways:
This book had a large effect on me. Since reading Crash Proof 2.0, it is has become my blog’s primary mission to get people thinking about these types of things and prepare.

I learned a ton from both this book and from the author's podcasts about the Federal Reserve and how the macro and political financial systems work. I now know what I am looking for, where the truth is hidden and where the lies are broadcasted. The logic is very sound that we are headed for a crisis, but I differ from Schiff in my opinions of the outcome.

One hope is that although we are pedaling as fast as we can towards a financial cliff, we will see the cliff just before we go over it and will do the painful but necessary things to swerve. If we don’t swerve, I hope that Americans will see the inauthenticity and vote the leaders out. Regardless of what Trump has actually accomplished, just the fact that he was voted in proves that Americans are willing to fight the system. The other hope is that we will adapt and prosper after a major setback just like Americans have in the past. Humans are persevering creatures.

Schiff is much more cynical and who can blame him. His father refused to pay an illegal income tax and died in prison without the medical attention he needed. Schiff knows the hunger of a powerful, oppressive government and fears that hardships will follow the historical precedent, that is, to lead to a larger, more burdensome government.

In any case, it has been exhilarating and simultaneously chilling to watch so many of these predicted dominoes fall at an increasing speed. I initially read this book in 2016 and it is only becoming more and more clear that we are on the path described. If you haven’t already, it is time to move to non-dollar denominated assets such as foreign stocks and precious metals.

Recommendations:
This is a deeper book. I read it earlier in my quest for financial knowledge so I looked up quite a few things as I read it to understand more fully. I think most financially interested adults could get the points just fine without looking things up, but to truly understand they might need some research.

Despite everything I just said, it is actually a fairly easy read with stories and analogies to help you understand.

I recommend this book to anyone who has money they want to protect or who doesn’t like feeling lost in a storm of politicized finance. You probably have to be interested in this type of stuff to enjoy it though.

Further Knowledge:
Peter also has a website with frequent podcasts. They are pretty bold, contain occasional explicit language, and are very libertarian, but worth considering. These podcasts give you up to date data with current market moves, job numbers, and political speeches.

I'm afraid if you listen to the podcast before the book, you'll think he is either a raving doom and gloom forecaster or a whiner. You will also think he is an egotistical narcissist, but you might be correct on that account.

Please take some things he says (especially the non-economical things) with a grain of salt.

More Financial Book Reviews by Milly

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