Posted: 2/13/2008 12:16:27 PM EDT
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Crash Proof "How to Profit From the Coming Economic Collapse" By Peter Schiff Has anyone read this book? I am about half way through and some of his points are valid but I just can't seem to buy into his doomsday prediction. |
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I have read it, its a great book You can check out his website at www.europac.net . He has all kinds of interviews from when he has been on business shows for the last few years. Every episode, he says something, everyone laughs at him, then a year later it turns out he was right on the money. |
Well, I hope he is wrong this time, the book is pretty gloomy. |
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Sign up with etrade, get their online trading software package, and start shorting stocks, particularly when bad news comes in. As long as the market is in decline, the only way to make money is to play the shorting game, but be warned....you can lose more by shorting stocks than by trying to pick a winner. It IS risky. But when everything is falling, it's not tough to pick out a few losers. CJ |
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Just do not trade on margin unless you: a.) Know what that means and how it affects your trades b.)Do not give a rats ass about the money you put in the account. (aka you are not trying to skim a few extra bucks out of your mortgage check) c.)have the knowledge/confidence to stick to your plan. d.)Your plan includes a set stop loss/exit point and you DO NOT MOVE THE POINT "hoping" the bottom is "just a little lower."  The above are the failing points of the day trader. Maybe overconfidence because they read a book where it seemed so easy. ETA more on topic, does anyone have a cliff notes version of these books main thesis? |
He is predicting that the declining value of the dollar will cause the U.S. economy will collapse. His answer to this situtation is to invest in gold & other precious metals, invest in foreign stocks, and park your cash in foreign currency. The book is pretty interesting, and most of the things he predicts have already happened. I know that the U.S. government wil do everything they can to prevent this collapse but will it be enough? I am not smart enough to know the answer to this but I am being very cautious about where I invest. |