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The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country

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    Available in PDF - DJVU Format | The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country.pdf | Language: ENGLISH
    Peter D Schiff(Author)

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Peter D. Schiff has fully revised and updated his provocative New York Times, Wall Street Journal, and USA Today bestseller The Real Crash. First published in 2012, The Real Crash argues that America is enjoying a government-inflated bubble, one that reality will explode...with disastrous consequences for the economy and for each of us.
Since 2012, what has happened with our economy? The stock market continues its illusory gains, the Fed "tapers" while some jobs return, and yet the fundamental threat to our way of life has only grown worse-- much, much worse. The United States government nearly defaulted on its debts and the solution was to raise the debt limit-- to spend yet more money, to go even deeper in hock to China, and to burden every American with obligations that are impossible to repay.
With incisive analysis and expert financial understanding, Peter D. Schiff reveals that the road we're on will lead to an abrupt devaluation of our currency and a crash that will upend our power, our political system, and our way of life. This new edition of The Real Crash includes more than 35,000 new words of text, which cover:
-The 2013 government shutdown, the debt crisis, and how the solution only dug a deeper hole
-The IRS political auditing scandal and why the average American should care
-What will happen when the government stops inflating the stock and real estate market bubbles
-How Detroit's bankruptcy mirrors our national situation: too many promises, not enough revenue
To avoid complete collapse, America must drastically reduce government spending, and regulations that drain businesses and suppress economic growth, eliminate costly and unnecessary agencies, stop foreign military escapades, and cut entitlements of all kinds for all classes of people. And, with wisdom born from having predicted the Crash of 2008, Peter D. Schiff explains how to protect yourself, your family, your money, and your country from the even greater crash that lies ahead.

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Book details

  • PDF | 444 pages
  • Peter D Schiff(Author)
  • St. Martin's Press; Revised, Updated ed. edition (8 April 2014)
  • English
  • 10
  • Business, Finance & Law

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Review Text

  • By A. D. Thibeault on 25 June 2012

    *A full executive-style summary of this book is now available at [...]Since the housing and financial crash of 2008, America's recovery has been tepid at best. Unemployment has remained high; manufacturing has not returned; personal savings are as low as they've ever been, and personal debt as high; housing is still a mess, and banking not much better; and, to top it all off, government debt is awe-inspiring and seems completely insoluble. According to financial investor, commentator and author Peter Schiff, while all of this is certainly disheartening, it should not come as much of a surprise. Indeed, Schiff argues that all of this economic slumping is a natural result of America's misguided economic policies; including especially the Federal Reserve's manipulation of interest rates, the government's uncontrollable borrowing, and, in connection with this, the maintaining (and even expansion) of unsustainable social programs . For Schiff, these same policies led directly to the crash of '08 (which he correctly and very famously predicted), and are leading the U.S. directly into an even worse crash now. In his new book `The Real Crash: America's Coming Bankruptcy--how to Save Yourself and Your Country' Schiff outlines how America got itself into this mess in the first place, what the end game is likely to be, and what the nation and its citizens should do to make the coming unpleasantness the least unpleasant as possible.The main problem--and where most of the other problems begin--according to Schiff, is the Fed's manipulation of interest rates. By interfering with the free market value of money, and making it cheaper than the market would dictate, the Fed encourages financial bubbles that then necessarily pop. When a bubble pops, the market needs to correct itself; however, over the past 20 years, the Fed has not really allowed this correction to take place, as every time a bubble pops the Fed has lowered the interest rate even further, causing more money to enter the system and a new bubble to form. First it was dot-com stocks, then it was housing, and now it is government spending.As a matter of fact, while government spending has reached new and mind-boggling heights in the recent past, it has actually been ballooning in this direction for years, spurred on largely by the low-interest rates that the Fed has provided. The government has used this borrowed money to establish social programs (such as Social Security and Medicare), and, more recently, bailout packages for failing businesses and entire industries. All the while, the government has been going deeper and deeper into debt. A big part of what has allowed the American government to borrow as much as it has (and to keep on borrowing now) is the fact that the American dollar is the world's reserve currency, which means it is always in demand, and hence people and organizations have been willing to act as creditors in order to get it. For Schiff, though, the sheer size of the debt, and the fact that it is running away faster and faster everyday (and has no realistic chance of ever being repaid) will sooner or later turn investors away from considering the American dollar a valuable reserve--at which point it will lose its status as the world's reserve, and investors will stop investing in it.At this point, the American government will have but two options. It can either declare bankruptcy, or it can print the money it needs to pay its debt. In either case, an enormous crash will result, for in the first case, an astronomical sum of money that the economy had assumed existed will suddenly be wiped away, and in the latter case hyperinflation will set in, and the American dollar will be whittled down to worthless.At this point, the country will be forced to start over. For Schiff, this may not be such a bad thing, for, according to him, the nation has simply put itself in an unsustainable position, and the sooner it starts over the better. At that time, Schiff argues, America can finally get back to the small government and free-market forces that the country's founding fathers designed the nation around. While much of the book is focused on how the country can do this now, before the crash hits (in such areas as banking & finance, taxation, healthcare, education, the military, et. al.), Schiff very much believes that nothing can actually prevent the crash from coming, and that therefore, most of the rebuilding will have to be done after The Real Crash.The book is very easy to read and the arguments laid out clearly and concisely, and backed up with both theory and historical evidence (though a little more of the latter would have been nice, on occasion). The author has done well to bring libertarian views into the mainstream. For a full and comprehensive summary of the main argument of the book visit [...], and click on article #14.

  • By Brendan on 14 March 2013

    I read peter's other book, how an economy falls and why it crashes, which was outstanding. This follows on from the ideas of that book although moves into government interference across all levels of society such as in places like health and education and how government manipulates the free market. Personally i agree with alot of his views. Its the old austrian vs keynesian arguments and having read milton friedman and hayek, peter is in the same line as that. It gave me some insight into american taxes and healthcare etc, issues I wasnt aware of before which was interesting. Overall its a good book. Peter was write about the 2007-08 financial crises and essentially argues that we havent solved the problems from before and are now creating a new bubble - the Quantitative easing bubble, inflation and a higher stock market but we havent solved the real problem which is that most western governments have been spending beyond their means and that fundamentally, all this spending hasnt made us a richer country, rather more adversarial in nature as special interests and central planning creates moral hazard everywhere. Its a very interesting read.

  • By Ian Mackay Simpson on 22 July 2013

    You only have to hear one phrase from these rotten politicians to know that Peter Schiff is right, "This time it's different", sure, read economic history through thousands of years and you'll know debasing your currency (or coinage as in the case of Rome) is always the end game, so it's not if, it's when!!

  • By Baraniecki Mark Stuart on 17 April 2013

    The author is worth paying attention to since he was right about the internet and housing bubbles and predicted the collapse of both of them.Now,(published 2012) he sees a bond bubble with the same root in FED enabled artificially low interest rates, and he spends some time on the sleazy alliance between fiscally irresponsible politicians and a currency debasing central bank.He takes the entirely believable line that large deficits can't be funded for ever by dollar printing, and that politicians will never allow the massive tax rises and/or massive spending cuts necessary to reach budget stability, so the only route left is inflation with a consequent crash in the value of the dollar and government bonds.I see some problems here with the evidence, and issues that could have been in the book but weren't.The evidence (as of April 2013) is that FED liquidity isn't producing inflation. On the contrary, the banks are channeling liquidity into speculative market bubbles rather than real investments that would counteract societal deleveraging. Why should they do anything else? All sectors need to reduced debt and don't want to take on any more. The result is general deflation apart from the "bubble asset du jour" class with the evidence including falling commodity prices - particularly precious metals (which are on his list of recommended investments).He wants to return government to the basic functions given in the Constitution and he is surely right that government has got involved in many areas where it should never have gone. Nevertheless, modern societies need a sophisticated "nerve centre" that is fairly large and expensive and the successful ones all have large and active governments. Because it is corrupt and inefficient doesn't mean that it isn't necessary.The author speaks as if the United States is a homogeneous country like Germany, Holland, China or Japan, when in fact the government clearly states that it is multicultural. The evidence unfortunately shows that it is fast pulling apart (see The Big Sort: Why the Clustering of Like-Minded America Is Tearing Us Apart). Societies like this don't seem to react well to severe economic stress. If they can't pull together they fly apart like the once great multicultural Austro-Hungarian Empire.Schiff recommends that people without capital store food and basic goods as a protection against 1) inflation and 2) societal disruption. The inflation may eventually come if a desperate government hands out wads of dollars to government workers, but the situation would probably be so chaotic that his recommendation would not work. A real possibility of dictatorship combined with some kind of civil war may well produce regimes like the Bolsheviks or Nazis who both outlawed food hoarding with a death penalty. In the winter of 1932/33 the Bolsheviks actually declared that all the food in the Ukraine was government property, and removed it, resulting in at least 3 million deaths from starvation (see Holodomor Kaganovitch in Google). A better recommendation if things go this way would be to leave the US temporarily or emigrate to a more functional country.There's also the problem of how you get from here to there. If America is to return to a simple Constitutional style alliance of States with a minimal central government (which may work) and it can resolve its corruption and cultural issues, how under a Democracy will people (particularly minorities and the poor) be persuaded to vote to give up social medicine, schools, welfare benefits etc. etc? I may be wrong, but it seems very unlikely.

  • By Strange Lee on 15 January 2013

    A powerful treatise for common sense in fiscal policy, cutting through the delusional economics prevalent in the western world!The parasite of government is killing the host.


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