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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) Oliver Wyman(Narrator)

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You might be thinking everything's okay: the stock market is on the rise, jobs are growing, the worst of it is over. You'd be wrong. In The Real Crash, New York Times bestselling author Peter D. Schiff 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. Schiff demonstrates how the infusion of billions of dollars of stimulus money has only dug a deeper hole: the United States government simply spends too much and does not collect enough money to pay its debts, and in the end, Americans from all walks of life will face a crushing consequence.We're in hock to China, we can't afford the homes we own, and the entire premise of our currency---backed by the full faith and credit of the United States---is false. Our system is broken, Schiff says, and there are only two paths forward.The one we're on now leads to a currency and sovereign debt crisis that will utterly destroy our economy and impoverish the vast majority of our citizens. However, if we change course, the road ahead will be a bit rockier at first, but the final destination will be far more appealing. If we want to avoid complete collapse, we must drastically reduce government spending---eliminate entire agencies, end costly foreign military escapades and focus only on national defence---and stop student loan or mortgage interest deductions, as well as drug wars and bank-and-business bailouts. We must also do what no politician or pundit has proposed: America should declare bankruptcy, restructure its debts, and reform our system from the ground up.

Peter Schiff sounded the alarm about the housing bubble created by the Federal Reserve and predicted the bubble's inevitable collapse, yet he was ignored by mainstream economists and ridiculed by the media. In The Real Crash he is at it again, illustrating how the financial crisis of 2008 is nothing compared to what is coming down the road. Peter Schiff is right again. I hope more people listen this time. "Ron Paul; Congressman (TX-14) and three time Presidential Candidate" Peter Schiff's new book "The Real Crash; America's Coming Bankruptcy" is written in the same blunt and punchy style that makes him a favorite guest on my Fox News show. It's not just what he says, but the fact that he lives what he says. Unlike Some authors who talk about business as spectators, Peter doesn't speak from the ivory tower of academia or from the comfort of an anchor chair. He runs a real business and fights every day to make it a success in spite of all the government's tax and regulatory policies. "Mike Huckabee; Host of The Huckabee Show and former Arkansas Governor and Presidential Candidate" America's political leaders should have taken Peter's 2007 book, Crash Proof, to heart before they tried to borrow, print and bail us out of trouble. Today, they -- along with all Americans -- absolutely must take heed of The Real Crash. Peter Schiff understands the marketplace, and he understands the consequences that occur when government attempts to manage that marketplace. Pay attention, America! "Gary Johnson, Former governor of New Mexico and presidential candidate" In The Real Crash, ' the fearless Peter Schiff has written the most compelling argument against central economic planning and debt-financed consumption to come along since our present woes were exacerbated in 2008. His explanations of how unfettered free choices will produce prosperity, and how ending the Federal Reserve, abolishing the IRS, and returning to the gold standard will tame the federal beast are among the most forceful and cogent I have seen. He even explains how anyone can prosper from government stupidity in these perilous times. And he does all this in a breezy and readable format. "Judge Andrew P. Napolitano, Senior Judicial Analyst, Fox News" Peter Schiff is an original thinker, a man of startling insight and honesty, in many ways, a genius. I have learned that you disagree with him at your peril. He is one of the few men of finance of whom I wish I could say I had paid more attention to. Live and learn. Read and learn. "Ben Stein; author, actor, political and economic commentator" Peter Schiff says the Fed's bubble machine is destroying the American economy and he is right. Zero interest rates and QE are crushing savers, rewarding speculators and enabling the Washington politicians to issue endless debt. Every concerned citizen should read this. "David Stockman; Former OMB director under President Ronald Reagan" Peter Schiff has been painfully right about the downward spiral of the U.S. economy over the last four years. Easy money, rising tax rates, and unbridled debt are a prescription for economic disaster. Let's hope Barack Obama reads this. "Stephen Moore, Economist and Fox News commentator" While many of us have justifiably focused on how high taxes are economically corrosive, Peter Schiff does a great job of explaining why government spending and debt are even worse. As we continue grappling with the monster of a runaway federal government, this book is one of the best assets conservatives can turn to in making the case for fiscal responsibility and capitalism. "Grover Glenn Norquist; President of Americans for Tax Reform" Peter Schiff was one of the few pundits who predicted correctly the 2008 economic and financial collapse. Now, he makes a compelling case in a highly readable book that the day will come when the world stops trusting the dollar and the ability of the US government to pay its debts. I agree with him that 'Then we'll get the real crash'. "Marc Faber; Editor, The Gloom Boom & Doom Report" You need to know his case whether he is right or not if you are going to be prepared for this decade. "Jim Rogers; Investor and Bestselling Author of "A Gift to My Children" and "Investment Biker""" --This text refers to an out of print or unavailable edition of this title.

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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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