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Schiff explains the financial situation facing all of us today and how best to deal with it. He takes into account, people at various stages of life: students contemplating education and career choices, mid-career people looking for shelter from the storm, and retirees who want the best possible lifestyle on fixed funds. It is an audio that could not be more relevant for today's global crisis.
21 of 22 people found this review helpful
The book includes a sales pitch to buy commodities and foreign stocks through the author’s services. However, being bearish on the US economy, I’m surprised that the author was bullish on commodities. Commodities typically fall as the economy moves toward recession and typically rise as the economy strengthens. Thus the price reflects changes in supply and demand. For example, if the US unemployment rate rises from 5% to 9.5% then there are 4.5% of them that will have a different set of gasoline and heating oil needs.
Written in the summer of 2008, the book was written after the price of oil has climbed from closing at $58.51 on 2/17/2007 on its way to $145.29 on 7/3/2008 and later falling to $34.43 on 2/12/2009. Obviously from the above numbers the price of oil is very volatile and has the ability to affect inflation numbers as measured by the Consumer Price Index.
Also, some oil exporting countries benefited as the price of oil rose. These include Mexico, Brazil, Canada, and Norway. Likewise they fell as the price of oil fell.
Overall, the author contributed to my view of economics. The book includes numerous examples to help illustrate economic points. Many of these examples would be suitable for sound bites on TV.
2 of 2 people found this review helpful