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
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?)
not sure. i have two other books by Peter Schiff that i felt were very good. this one...not so good. i am pretty sure i will not purchase another book narrated by Oliver Wyman. His narration comes off as if he is reading to children or the coaxing of a small puppy to do the right thing.
nope..maybe further books by Peter Schiff
no character but i would cut his far right beliefs that attack seniors and people who live in poverty. Entitlement fraud costs us a lot less that what the financial professionals stoled when the housing bubble burst.
Does he really believe that any money the cuts he recommends will save will really help. I believe the CEOs will be the only ones that profit.
I wish that I had been exposed to some of these ideas about 15 years ago! Then I wouldn't have $50k+ student loan debt on my back...
Give this book to anyone looking to go to college, not knowing what they want a degree in. Better to not waste the money on a worthless degree and being stuck with tons of debt.
First let me say the inflection and emphasis the narrator uses made this very dificult to get through and actually made me keep having to remind myself to evaluate the content and not his smarmy sarcasm. On content, it seems like the author is not done crowing about how he saw the housing bubble for what it was and now wants to use that shop worn credibility to tell us how to fix virtually all of the economy. He stops short when taking on the massive expense and misuse of the military but all other institutions from Healthcare and education to the staples of taxes and Social Security. He shows the same pussyfooting lack of conviction on the military as most politicians do. All other government functions are fair game but not the military. For that we just need a few tweaks. I find myself agreeing with much of the assessment of the problems but the proposed plan to "fix" things is almost always either completely absurd or the chances of adoption are nihl. There is just no way what the author proposes will be adopted short of another revolution and a start from scratch. Some of his proposals are just bad all around like the total abolition of the FDA because it has many problems. Just abolish the whole agency because it drives up costs in drug development. He also ignores the human nature factor. Saying if you abolish employer health care will immediately cause employers to pass the savings on to their employees in cash right away is just ridiculous.
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