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
The majority of this book is a libertarian rant about the evils of big governement not about the financial crisis and how to protect yourself. The author espouses things like eliminating unemployment insurance, the FDA and all regulation imposed on businesses. The premise is that free market forces will protect individuals from greedy corporations and therefore there is no need to regulate the; people should self insure against unemployment, citizen are responsible enough to save for retirement so social security is not needed and pharmaceutical companies would never put a dangerous drug on the market.
If you are interested in learning about the political philosophy it is worth it. But there are better book that explain the debt crisis and how to protect yourself.
Peter has a knack for explaining difficult concepts with ease. I read a lot of books and this one just landed in my top 10. Highly recommended!
The information is dead on correct. Nothing is 100%, but I would bet he will be correct. I just don't get how we let these central banks control the money. and to think the central banks to our face tell us inflation is good. a loss of purchasing power is not good for my family. Even now I listen to his free podcast, for the last 10 months and he has been correct about the fed. Hey Federal Reserve Bank if the economy is so great what happened to all those rate hikes? They should hire Mr. Schiff cause he apparently knows what they are going to do more than they do.
This book successfully points out much of what has been done in the last 100 years to lead us past what is likely the point of no return, suggesting many ways to help and even curb the devastation, while discussing how things will be likely to go down in best and worst case scenarios. Great informative read.
Looking forward to the updated version. Excellent! I am also interested in other titles mentioned in this book. Thank you for your insight.
I would not.
The genre is good just not this book.
Echo chamber book if I ever read one. Capitalism is part of the key but not everything. Look at countries with little to no taxes or regulation. Jamaica has little to no tax laws or regulations and is very nice to vacation too but few would look there for quality jobs.
I knew basics about our national debt, fiat currency, the gold standard, the fed, etc. but I cannot overstate the amount of detailed information in this book. Going to be a must read for my entire family. A huge bubble is going to burst in the future. This is what to read on educating yourself and begin to get ready. Read it NOW!
Peter Schiff is way more interesting and engaging on YouTube. This book just seemed to go on and on about his suggested solutions, which are from the realm of fantasies (e.g. abolishing taxes. Great idea, but will never happen, so why are we wasting time taking about it?)
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