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 best-selling 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 defense - 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, default on its debts, and reform our system from the ground up.
Persuasively argued and provocative, The Real Crash explains how we got into this mess, how we might get out of it, and what happens if we don’t. And, with wisdom born from having predicted the Crash of 2008, Peter Schiff explains how to protect yourself, your family, your money, and your country against what he predicts.
©2012 Peter Schiff (P)2012 Macmillan Audio
I would but as a book not an audio book. Schiff made several interesting observations and has what I would consider sound investing advice that is widely agreed on. He advocates investing for cash flow, compound interest, etc. I would recommend it while advising not to take everything Schiff says at the gospel truth and to read the actual book because the narrator is terrible. As sound as Schiff's investing for cash flow instead of capital gains advice is, he suggests we should legalize prostitution, abolish the income tax and minimum wage. He knows more about the income tax and minimum wage than I do, he may bet right. I rarely say someone has a stupid idea but legalizing prostitution is STUPID. There's no other word for it. Every reason Schiff advocates for legalizing prostitution (healthier, less abused prostitutes, fewer arrests, tax revenue) is completely untrue as study after study have proven. The idea is so ridiculous, irresponsible, inconsiderate, uninformed and maybe even sexist it makes me question everything else Schiff says.
Schiff writes that Warren Buffett plays politics. When Wyman reads it he sounds disgusted, and makes it seem as though Schiff is a hateful, jealous wine-bag.
No. He's terrible. His performance sounds like a 12 hour complaint. It is so bad that one must have an IQ above 120 or maturity level of a wise man to block it out and listen to Schiff's ideas for what they were and not as a list of complaints.
The content of the book. Schiff gives a fantastic history of the economy/currency/taxation etc. and is able to break complicated material down for just about anybody to understand
The narrator might go a little overboard, but he is better than most. You don't get the sense that he's just reading words on paper like a lot of narrations. Read this book.
The first half was very interesting and a great summary of recent financial history. The 2nd half...meh, too political and preachy for my liking.
Still worth a listen.
Finally! I rarely write reviews but this one is well worth it. I have read many books on the economy and this is the most informative one of them all. Schiff, combines and defends all the pros of the Austrian economists and shows how the Marxist and Keynesians will fail. He, as far as I know, is the only one who swam against the stream and predicted the housing collapse with his logic. Now he is predicting a future government-fiat money collapse using the same reasoning. He also gives specific ideas on how to protect yourself. This may be the only author that I agree with 100 percent. The reader was perfect for the task. Excellent!
Peter is strongly libertarian, but I found myself agreeing with much of what he had to say. As such, much of what he discusses has about as much chance of becoming real as an ice storm in July. There are some points however than can provide some food for discussion and at the present time neither of the major political parties seem to be able to do much more than yell at one another, and walk or chew gum. Maximum of two of the three.
Was it time well spent? It was often annoying to listen to this reader, and the author often belabors a point he's making, repeating the same idea over several sentences. The content itself was mediocre. There are many other books on the same subject that I've listened to which have been more worthwhile.
The reader's cadence varies significantly throughout the book. He is also often overly dramatic in his reading, many times seeming to place emphasis where it didn't seem the author would have meant to. I almost didn't listen beyond the first 10 minutes, as you can hear the reader inhaling after every sentence. This seemed to have subsided further in to the book (either that or I just got used to it).
Peter Schiff puts real and understandable information together to clearly show how the government has created a monetary bubble and gives periodic tips to avoid the inevitible crash of that bubble along the way. Very informative, understandable content should make you fiscally scared of the future. At least the book does tell you how to prepare yourself.
The overall situation we are in is clearly supported with real world information and statistics. It clearly explains how the US got to this point and where it must go, eventually.
Yes, but I cannot due to the nature of my daily schedule.
Yes, while Peter does an excellent job of articulating his points there is a lot of information on all types of topics that have to do with fiscal responsibility and personal freedom that I don't think one can absorb it all at once.
Overdramatic, Stale, Exhausted
Identifying the Problems in America Today and How Economic and Political Freedom Can Solve Them.
The title suggests this to be a standard macroeconomic review of Americas economy and the coming devaluation of the dollar to be expected from the bursting of the government debt bubble, but it actually turned out to be a lot more general than that. It pursues all types of government policies, from the minimum wage to health care to public education. Overall I think the Schiff has done better works than this but it's still definitely worth a read. Would probably be a great introduction to the Democrat or flaming socialist in your life on the ideas of liberty and economic freedom.
It explains the origins of the Federal Reserve, our tax system, goes into depth about the current/past recessions, gives detailed plans about how to improve/fix the system we have while considering the consequences of both continuing on the path we're on...and the consequences of changing things in such a way that the market becomes stable.
It does all of this while remaining easy to comprehend and at times entertaining.
I began listening during the drive back to North Carolina from our trip to Atlanta while my wife and daughter slept. After about 3 hours into the drive, my wife wakes up...apparently listening to the audio while she slept. Normally she doesn't follow the economics behind the political decisions made by our elected officials, but she understood and was captivated enough to stay up and continue to listen for the next two hours.
She's opening her own audio account and purchasing the hardcover of the book, just so she can listen to the rest of the book during her own free time. That says quite a bit!
I'd assume Oliver played the role of Peter Schiff, and he did a great job. At times, his voice changed and I assumed that another voice actor relieved him and that threw me off. Overall, it did not harm the importance of the subject matter
I'm a former mechanical engineering/mathematics minor student that did not finish school and currently works as a security officer for the North American headquarters of one of the largest international corporations in the world. During the course of the last 7 years, while trying to decide to finish my degree, I've done my own research and study into economics and found the Austrian theory to be most in tune with my personal philosophy. Not only did this book reaffirm my feelings on the subject of economics, but it has inspired me to make the decision to finish school and change my major into either accounting or a field in economics.
Whle the decision is mine alone, the affirmed confidence in my theories into how and why the economy got to this point contributed inot me making that decision and I greatly appreciate it. Who knows, I might meet Peter Schiff one day
I found myself listening, humming along, saying to myself "Now here's a man who says it like it is, somewhat radical, unafraid to state unusual and unpopular remedies for the woes of the state, the economy, the daylight robbery going on in front of our noses, daily."
Suddenly, out of the blue, comes the extraordinary position that somehow the the rest of creation is ours to do what we want with, if it is in the way, in order to allow us the comforts and standard of living we feel we would like.
I am afraid this diminishes the writer.
He sees any attempt to mitigate the current, horrible state of the environment as a conspiracy against the market.
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