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Crash Proof 2.0: How to Profit From the Economic Collapse
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DescriptionA fully updated follow-up to Peter Schiff's bestselling financial survival guide-Crash Proof, which described the economy as a house of cards on the verge of collapse, with over 80 pages of new materialThe economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today... |
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Crash Proof: How to Profit From the Coming Economic Collapse
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DescriptionThe economic tipping point for the United States is no longer theoretical. It is a reality today. The country has gone from the world's largest creditor to its greatest debtor; the value of the dollar is sinking; domestic manufacturing is winding down - and these trends don't seem to be slowing... |
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The Great Super Cycle: Profit from the Coming Inflation Tidal Wave and Dollar Devaluation
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DescriptionThe United States has a problem – a big problem. Due to costs associated with the massive bailout of financial institutions deemed "too big to fail," on-going armed conflicts, and a move towards socialism, another even bigger bubble is about to burst – the debt bubble... |
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The Debt $4.99 The Debt |
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In Debt To $9.99 In Debt To |
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Debt Debt $12.49 Debt Debt |
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Living in a Bubble: Credit, Debt and Crisis $15.6 In this issue, the cultural, political, and social costs of an era of debtbacked boom are explored by authors who link the global glut of financial liquidity with the capitalist selfcannibalization that sustains it. Author: Mute, A. Binding Type: Paperback Number of Pages: 132 Publication Date: 2007/08/01 Language: English Dimensions: 9.00 x 6.00 x 0.31 inches |
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Gold Bubble $39.95 How do TV shows, vending machines, Chinese taxi companies, and a former UK prime minister point to a gold bubble that is about to burst? Many investors consider gold a "safe haven" that will shelter them from recessions, falling markets, and the depreciating value of currency. Many fail to realize, however, that investing in gold at these levels is extremely risky. "We Buy Gold" stores line busy streets, gold miners are no longer protecting themselves from a potential drop in prices, and gold is even being sold in vending machines.All this points to one thing: a gold bubble has formed and will collapse very soon, hurting investors, funds, and banks. In Gold Bubble: Profiting From Gold's Impending Collapse , Yoni Jacobs looks at how you can protect yourself. Presenting an in-depth analysis of gold dating back over a hundred years, the book explores the structural factors that have allowed gold to form a bubble, why an investor psychology of fear and greed is leading to extremely speculative behavior, why gold will fall during an upcoming recession, what effect the dollar and the stock market will have on the future of gold prices, and how to profit from a gold collapse while the majority of investors lose out. There are plenty of warning signs that gold is about to decline and this book will help you to get ready Gold Bubble is the only book to argue that a gold bust is coming, going head-to-head with the herd mentality Filled with practical advice on how to protect yourself and even profit from gold's collapse by being prepared for what's ahead With gold prices up over 2,500 percent since 1970, and more than 600 percent since 1999, a bubble has formed and is on the verge of bursting. But until now, no one has been willing to publicly bet against the universal currency. With Gold Bubble you are ready to meet this challenge head on, and take advantage of what other investors won't even acknowledge. |
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Debt (Paperback) $42.14 Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter system--to relieve ancient people from having to haul their goods to market. The problem with this version of history? There`s not a shred of evidence to support it. Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that for more than 5,000 years, since the beginning of the agrarian empires, humans have used elaborate credit systems--a system that far preceeded cash or organized barter. It is in this era, Graeber shows, that we also first encounter a society divided into debtors and creditors. With the passage of time, however, virtual credit money was replaced by gold and silver coins--and the system as a whole began to decline. Interest rates spiked and the indebted became slaves. And the system perpetuated itself with tremendously violent consequences, with only the rare intervention of kings and churches keeping the system from spiraling out of control. Debt: The First 5,000 Years is a fascinating chronicle of this little known history--as well as how it has defined human history, and what it means for the credit crisis of the present day and the future of our economy. |
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The Global Debt Trap $29.95 German bestseller about the best ways to protect oneself financially from the threats posed by government?s interference in the economy After the bursting of the real estate bubble, the U.S. pushed a monetary and fiscal policy that is, at best, blatantly wrong and, at worst, carries enormous financial risk. And because Washington knows this, America?s greatest weapon?its propaganda machine?has been called into service, diverting attention away from the fact that it was and continues to be government interference in the market economy that?s lead us to where we are now, namely at the end of one financial calamity and the beginning of yet another. A plea for the market economy, The Global Debt Trap: How to Escape the Danger and Build a Fortune details the cause of our current economic crisis and argues that political mismanagement endangers finances, health and, in extreme cases, democracy itself. ???? Advocates the freedom of the individual and the capitalist economic system derived from it ???? Foreword by Martin Weiss, bestselling author of The Ultimate Depression Survival Guide , by Wiley ???? Other titles by Leuschel and Vogt: The Greenspan Dossier Every crisis offers opportunities for those who have prepared. The Global Debt Trap: How to Escape the Danger and Build a Fortune shows how to prepare for the aftermath of years of government interference in the market economy. |
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The New Empire of Debt (Unabridged) $24.59 The internationally acclaimed author team of William Bonner and Addison Wiggin return to reveal how the epic financial bubble will soon bring an end to this once great empire..... |
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Bubble $10 Bubble |
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The Bubble $13.99 The Bubble |
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The Debt-Deflation Theory of Great Depressions $10.76 2011 Reprint of the 1933 edition. Following the stock market crash of 1929 and the ensuing Great Depression, Fisher developed a theory of economic crises called "debt-deflation," which rejected general equilibrium theory and attributed crises to the bursting of a credit bubble. According to the debt deflation theory, a sequence of effects of the debt bubble bursting occurs: 1. Debt liquidation and distress selling.2. Contraction of the money supply as bank loans are paid off.3. A fall in the level of asset prices.4. A still greater fall in the net worth of businesses, precipitating bankruptcies.5. A fall in profits.6. A reduction in output, in trade and in employment.7. Pessimism and loss of confidence.8. Hoarding of money.9. A fall in nominal interest rates and a rise in deflation adjusted interest rates.This theory was ignored in favor of Keynesian economics, partly due to the damage to Fisher's reputation from his overly optimistic attitude prior to the crash, but has experienced a revival of mainstream interest since the 1980s, particularly since the Late-2000s recession, and is now a main theory with which he is popularly associated. |
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The New Empire of Debt: The Rise and Fall of an Epic Financial Bubble $22.69 An updated look at the United States' precarious position given the recent financial turmoil In "The New Empire of Debt," financial writers Bill Bonner and Addison Wiggin return to reveal how the financial crisis that has plagued the United States will soon bring an end to this once great empire. Throughout the book, the authors offer an updated look at the United States' precarious position given the recent financial turmoil, and discuss how government control of the economy and financial system-combined with unfettered deficit spending and gluttonous consumption-has ravaged the business environment, devastated consumer confidence, and pushed the global economy to the brink. Along the way, Bonner and Wiggin cast a wide angle lens that looks back in history and ahead to the coming century: showing how dramatic changes in the economic power of the United States will inevitably impact every American. Reveals the financial realities the United States currently faces and what the ultimate outcome may be Weaves together the worlds of politics, economics, and personal finance in a way that underscores the severity of the situation Addresses the events leading up to the implosion of the U.S. financial system Looks ahead to help you avoid the pitfalls presented by a weaker United States Other titles by Bonner: "Empire of Debt, Financial Reckoning Day, " and "Mobs, Messiahs, and Markets" Other titles by Wiggin: "I.O.U.S.A., Demise of the Dollar, " and "Financial Reckoning Day" The United States is heading down a difficult path. "The New Empire of Debt" clearly shows how this has happened and discusses what you can do to overcome the financial challenges that will arise as the situation deteriorates. |
Negotiating Employment With a Private Equity Firm - 7 Surprises to Expect by Alan Sklover
ACTUAL CASE HISTORY: Fourteen years of hard work had paid off for Enrique: he'd risen to Executive Vice President of a privately-held firm that was one of the country's largest providers of continuing medical education for surgeons. He was number two to the firm's founder, and the only non-family member among the senior-most executives. Enrique was considered by all to be a good prospect to run the company one day. The founder, who was 64, had been speaking of retiring for some time.
One Friday morning, in a private meeting with the firm's founder, Enrique was notified that the family had decided to sell the company to a "private equity" [sometimes called "PE"] firm, a company that invests the capital of pension funds, endowments, trusts and wealthy individuals in companies with an eye to revitalizing them so they can later sell them or take them public at a large profit. Enrique was assured that if the sale went through, he would have job security, because the buyers were intent on hiring him to run the firm for them. Enrique would also be receiving a hefty bonus - a "success fee" - if the deal closed, to encourage him to remain through the closing, and to align his interests with the family's.
After meeting the "PE" firm's team, who were headquartered in Boston, Enrique was convinced he was soon to have his "day in the sun." Not only would he become the firm's CEO, but he was being offered a share of the PE firm's profits on the eventual resale of the company. Enrique did all he could to make the family's sale happen, and the transaction was slated to close in a few weeks. One problem arose: Enrique just couldn't seem to get the attention of Jeremy, the PE firm's partner who was shepherding the deal, to discuss his own terms of future employment. Enrique was hoping to "raise the platform" he'd enjoyed these past years, with hefty increases in base salary, incentive compensation, benefits and longer-term compensation, in line with his new, CEO-level responsibilities. However, he was unable to get Jeremy's attention, until the day before the closing.
Just hours before the sale was to take place, Jeremy called Enrique and outlined the proposed terms of his new employment: first, his salary would be cut by "only" 20%. Second, benefits and perq's were to be lowered significantly. Third, Enrique was to be rewarded with a share of the PE firm's profits (as they defined them) when they sold the company in a few years, provided he was still then in his job, which was not guaranteed. Perhaps most troubling, Enrique was guaranteed only one year of employment, but his contract included a three-year "non-compete" agreement. His attorney commented, "Your contract has more loop holes than a hooked rug."
Enrique signed his new contract, the closing took place, and he did become the company's CEO. The "ride" was not at all what he had expected, though. It just wasn't the same company. Significant debt was immediately added to the company's balance sheet, which was used to reward the PE firm's investors. Expenses, including employee compensation at every level, cherished benefits and many customary holidays, were slashed. Yes, it was a different company, with different goals, and different values. While Enrique was CEO, financial constraints left him with little say or true control over how the company was operated...It was now a "portfolio" company, one that was held, first and foremost, only to be soon sold, as "inventory."
LESSON TO LEARN: Working for a company owned by a Private Equity firm is different in fundamental ways from working for either a privately-held company, or a publicly-held corporation. Why? Because the goals, and the values, of Private Equity firms are essentially different from those you've likely been used to, and those you may be expecting.
PE firms typically seek to re-energize by refocusing, restructuring, reinvigorating - and then sell firms on a short-term horizon, generally 3 to 5 years. While PE firms commonly take a management fee of 1.5% to 2% off the top each year, their primary goal is the eventual payoff: 15% to 20% of profits upon sale or public offering. Their business emphasis is not on operating businesses for a profit, or even building businesses over the long haul, but on buying-and-selling businesses for a profit. And therein lie the indicators of how they'll seek to employ you and others: low overhead, hard-driving, with a potential opportunity for eventual riches.
Those seeking or expecting to be employed by a "portfolio company" of a Private Equity firm should not analyze their likely future employment relations from any perspective but the perspective of the PE firm. And you must understand that the business you know today is not going to be the business you will work for, for fundamental change in the entire operation will inevitably take place.
Jeffrey A. Sonenfeld, Professor of Management at Yale University has been quoted as saying, "Private equity is becoming a life-stage for CEO's. It's something we've never seen before." Perhaps the lesson to remember best is this: the Private Equity world is now attracting the "best and the brightest" of the corporate world... that's who you'll be negotiating against.
WHAT YOU CAN DO: We've repeatedly encountered these "7 surprises" that we think you should expect.
1. Limited Review Time: You can almost count on being given very little time to review and negotiate the terms of your future employment. We don't know if it's intentional, but almost every time we've negotiated employment for senior executives with PE-purchased firms, we've been pressured by time, with urgency at the last minute, and pressured also by the notion that "the deal will fail" if we don't give in on critical points. A related hint: expect an onerous non-compete provision.
2. Lower Base Salary: When it comes to your base salary, you can expect two things: slim and slimmer. Private Equity firms compete with each other on overall "return on investment," often called "ROI." Since they commonly invest significant sums to revitalize companies, that reinvestment capital has to come from somewhere, and it often comes from your paycheck. Many times we've been told "compensation must be consistent with our other portfolio companies."
3. Reduced Benefits: Don't expect to know the details of your benefit plans, your insurance plans, your bonus plan, or any other incentive or equity plans when you "sign on" for your deal. Either they won't yet be "finalized" or inevitably they will be changed later. You must, though, be prepared for a significant, if not drastic, cut in all such benefits.
4. New Debt: PE portfolio companies commonly borrow large sums of money for capital improvements and investor payoff. If any of your bonus, commission or incentive plans are based on company profits, anticipate that company profits will be lower in the future for one big reason: the added interest costs of new leverage on the company's balance sheet. This commonly yields lower bonus payouts for those whose bonuses are calculated on "profits."
5. Expect Change, Maybe Your Own: Expect change, and understand that the "change" may be your own. It's not uncommon at all for PE firms to hire "turnaround consultants" to advise on their refocusing, retooling and restructuring efforts. Even if you have 15 years of experience with the company, you may be asked to leave. In fact, chances are you may be asked to leave because you have 15 years of experience with the company.
6. Solicitation of Investment: Don't be surprised if you're asked, pressured or even required to invest your own money in the new company. This is especially common for long-tenured executives who are entitled to a large cash payout on the closing of the purchase by the PE firm. Some PE firms require that a percentage of salary be deferred as an investment. It's all a matter of your - and their - cash flow.
7. Carefully Watch the Dealer's Hands: Your future "pot of gold" may not be quite as golden as hoped, and it's possible it may never even arrive. First, the definitions and calculations of "return on investment" or similar expressions may be very subjective, and may serve to diminish your share of their returns. For example, the ROI may be calculated to first deduct all sorts of financial items that you wouldn't likely expect. Likewise, your entitlement to share in the eventual return on investment may be entirely dependent on your employment on a certain date. If your employment contract doesn't guarantee you any job security at all, you may not be around long enough to collect your "prize." Lastly, there are many who believe a "bubble" of sorts is developing in the prices being paid by PE firms for the companies they're all competing to buy. This doesn't bode well for eventual payout terms.
The Private Equity world is a very freewheeling world. It is entrepreneurial, competitive, hard-driving, and unforgiving, in part because it is both numbers-oriented and short-term. Employment in the PE world is not likely to be what you've experienced before in either publicly-held or privately-owned businesses. And for that reason, it presents its own challenges.
Our "7 Surprises to Expect" list is not exhaustive, but instead describes the "surprises" we've encountered with most frequency. Every person, every circumstance, every opportunity and every challenge is unique, and must be treated as such.
A note about our Actual Case Histories: In order to preserve client confidences, and protect client identities, we alter certain facts, including the name, age, gender, position, date, geographical location, and industry of our clients. The essential facts, the point illustrated and the lesson to be learned, remain actual.
About the Author
Alan L. Sklover, Founding Member of Sklover & Donath, LLC and Founder of Sklover Working Wisdom, empowers employees worldwide to stand up for themselves at work.
From his offices in New York City's Rockefeller Center, Alan has devoted his 28 years of professional life to counseling and representing employees worldwide on how to negotiate and navigate for job security and career success. Mr. Sklover's practice concentration is in the negotiation of senior executive employment, compensation and severance agreements, and in counseling senior executives in career navigation.
Learn the trade secrets and 'uncommon common sense' of Attorney Alan L. Sklover, the leading authority on "Negotiating for Yourself at Work