Tuesday, February 24, 2009

Crash Proof Review

In honor of the successful Peter Schiff money bomb this week, here is a reprint of my original review of Schiff's book, Crash Proof, originally published March 9, 2007 at Bull! Not bull

by Michael Nystrom | March 9, 2007

Crash Proof Bull not Bull

Everyone always says don't judge a book by its cover, but it is impossible not to. After finishing Panzner's truly disturbing vision of the future, the cover of Peter Schiff's Crash Proof looks positively glib. It shows a little pink piggy bank safely sheltered from stormy skies by its own personal (pigsonal?) umbrella. How cute. And then there is the clich'd subtitle: "How to profit from the coming economic collapse." Oh, brother. Honestly, I didn't have high hopes, and as a result I was quite pleasantly surprised. Perhaps this will be the key to surviving the upcoming hard times: Low expectations.

Schiff pulls no punches in unmasking the rosy statistics that the government and its corporate media accomplices foist upon an unsuspecting and gullible public. The US economy is a paper tiger, and Schiff wastes no time getting straight to work with the shredder. "America.com" as he calls us, referencing the hundreds of dot.com companies that burned brilliantly until they burned out completely for lack of substance, has some mistaken ideas about the true nature of wealth and how it is created. Real wealth, Schiff reminds us, comes the old fashioned way - from saving, investment and production. In its salad days, America became a global manufacturing giant through hard work, and by investing the nation's abundant savings back into production. The salad days are gone, as America has gone from a nation of savers, investors and producers to a nation of borrowers, gamblers and consumers.

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