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Crash Proof 2.0: How to Profit from the Economic Collapse Paperback – 26 Apr 2010
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But when it comes to actual investment implementation, Peter Schiff tries to sell you on his "easy to get started and into" own "Euro Pacific Capital (EPC)" foreign investment firm (for easy foreign high-dividend stocks supposedly yielding better than US high-dividend stocks, and easy foreign currency holdings yielding supposedly better than US cash holdings, etc.), but EPC takes a 4.5% upfront account opening fee which is totally outrageous, and then another yearly fee. Peter Schiff's book "Crash 2.0" reports expected 8% returns on foreign investments, but if you factor that his EPC fees take 4.5% off of the first years opening investment, your profits, if his EPC mutual funds make a profit, suddenly are not much different than US high-dividend fund yields.
This means to profit you need to make 4.5% in fees the first year, plus 3.0% inflation, or at least 7.5% on your investments the first year just to break even. So given Peter Schiff's reported expected 8% return on foreign investments, you're not doing well for growth the first year (which is his books mantra), and you're only doing well for capital preservation (stopping the capital you have from losing its value).
It makes you wonder if they're charging 4.5% for opening the account for the first year how many customers actually stick around with EPC for the second year, in so much that they have to pull 4.5% out of your investment in the first year. If they make you money year in and year out, why the upfront 4.5% fee for opening the account the first year?
The likes of Schiff, Ron Paul, Nouriel Roubini, the Agora Group and others not only continue to make a great deal of sense but time is showing a growing crisis. This book has been updated to reflect many of the changes which have taken place since the writing of the first book plus added fairly substantial amounts of new research/content of interest.
The content is reader friendly, easy to understand and conversational in style. A brief history and overview is provided for those new to the discussion while those with more familiarity will still appreciate the updated statistics etc... Data is provided to support assertions including a few charts etc but are helpful not complex. Schiff provides a very solid explanation on where he stands with inflation and why including his definition of inflation. For those more versed in the ongoing debate - inflation vs deflation remains a sticking point among many investors. For the average American this is not a minor consideration when it comes to deciding what to do with your investment dollar, debt or money in general. Schiff tackles what he considered the "bogus deflation threat" head-on...an essential consdieration for every investor. Whether you agree or disagree - it is certainly worthy to review the rationale with a "what if" attitude before making a final decision as to your financial future.
Peter Schiff goes on to discuss various investments and risk(s) as well as provide an update of where we are in the predicted cycle. Closely coupled with this is a frank and fairly harsh overview of the current economic policy being put into place by D.C. combined with the status of consumer debt, corporate status etc...it does not paint a pretty picture or leaves much room for optimism but goes on to tackle specific investments including....
- TIPS (the problems)
- Currency Exchange
- Mutual Funds
- Cash Accounts
Bottom Line - a worthy read for new investors, good updates for those that have read the first version. Whether you agree or not, Schiff presents important considerations every investor will want to keep in mind and does so in an easy to read method.
Peter was Not the only person or group to predict the collapse of the housing bubble and no one can be 100% sure of the future. That said, I am grateful for the insights and understandings presented in this text. I highly recommend this to those wishing to learn more about how the economy works.