Contrarian investor Peter D. Schiff isn’t just a bear. He’s a sky-is-falling, bury-the-Krugerrands-in-the-backyard bear. Writing with John Downes, Schiff argues that the U.S. economy is going to hell, and that clueless consumers, opportunistic Wall Streeters and pandering politicians are carrying the handbasket. Schiff’s screeching tone is a bit grating – until you realize that many of his predictions have proven accurate. That doesn’t mean you shouldn’t take him with a grain of salt, but this book was published in 2007, and in mid-2008, Schiff’s forecasts of a weakening dollar, rising gold prices, a bursting real-estate bubble and strong foreign stock markets were spot-on. His pessimistic polemic could use more practical advice and less macroeconomic analysis, but still getAbstract recommends it to those who seek an alternative viewpoint.
In this summary, you will learn
- Why you should buy foreign stocks;
- Why you should put your savings in non-U.S. currencies; and
- Why gold will keep booming.
About the Authors
Peter D. Schiff is a veteran Wall Street forecaster and president of an investment company. A frequent guest on TV business shows, he is nicknamed “Dr. Doom” for his pessimistic forecasts. John Downes is the co-author of Beating the Dow and other business bestsellers.