This book is more catered for US citizens living in USA. In a relatively short period of time, the country has gone from the world’s largest creditor to its greatest debtor; the value of the dollar has declined; and manufacturing has given way to non-exportable services
Schiff outlines a specific three-step plan that will allow listeners to preserve wealth and protect the purchasing power of their savings :
1) Re-think your stock portfolio
Setting some cash aside is always common sense, so why not put the part you don’t need for emergencies in foreign currency where its value won’t collapse? Financial planners usually advise a cash fund equal to 6 months of income, but this will vary depending on your circumstances.
Decide which markets to invest into. In North America, the action is in Canda, which has one of the best-positioned economies in the world. Other natural resources blocks include Australia, New Zealand etc. Electric, oil and gas utilities are attractive equity investments because they have a captive audience and enjoy constant high demand, their earnings are predictable because they can raise their rates and pay consistently high dividends.
2) Gold Rush – Be the first person on your block to stake a claim Examines the various ways to capitalize on the bull market in gold, and silver, and explains how they can add both safety and exciting growth potential to a conservative foreign stock portfolio.
3) Stay Liquid : In bad times, cash is king. In times of financial uncertainty, it is important to have enough money for living expenses to keeping a reserve of uncommitted cash that can be used to acquire assets at bargain prices