The Real Crash

America's Coming Bankruptcy - How to Save Yourself and Your Country

By: Peter D. Schiff

Narrated by: Oliver Wyman

Length: 12 hrs and 55 mins

Publisher's summary

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

must read

Would you consider the audio edition of The Real Crash to be better than the print version?

Great book. I recommend this to all my friends. I feel like I understand the economy and my personal finances much more now. Thanks, Peter.

Good "read"...

He makes some great points. Hopefully it does not come true, but I believe he is right. The question is when?

Schiff details how self-interested politicians are bankrupting America!

An eye opening read. Peter Schiff, who accurately predicted the housing collapse and its root causes two years before it happened breaks down down the economy like no other, explaining how self-interested politicians in both parties are legislating and regulating the U.S. economy into another financial crisis that will dwarf the housing collapse of 2008.

Great Overview of The Coming Crash

Problems and Solutions are provided to prepare for the inevitable crash coming to the USA

Scary Unavoidable Future Book

What made the experience of listening to The Real Crash the most enjoyable?

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.

What was the most compelling aspect of this narrative?

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.

Have you listened to any of Oliver Wyman’s other performances before? How does this one compare?

No

Was this a book you wanted to listen to all in one sitting?

Yes, but I cannot due to the nature of my daily schedule.

good information and insight; overly opinionated.

the other is very well focused when speaking about financial matters I'll ever when he comes to environmental issues and social issues I think you fail to understand why such government offices came about for example when talking about the environment and corporations anybody not remember "love canal" , he seems to make light of why we needed EPA

A must read!

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 nails it

Great insight and explanation, but also depressing realizing this won't be followed and we will most likely head down the opposite path as a country.

Exclusive Info

Peter gave some very insightful information as to what could happen, what to do and how to fix it.

Important Book with Somewhat Misleading Title

Peter Schiff offers a detailed and devastating criticism of the Fed and the federal government. He makes a compelling argument that the federal government has expanded far beyond the Constitutional limits. He also makes a convincing case that the fiscal path our country is on is unsustainable and may lead to a financial crash more devastating than 2008.

Schiff also lays out an alternative path for the country; a path in which a far smaller federal government stays out of our lives, and where individuals have the freedom to lead their own lives and to take responsibility for their future. The responsibility for taking care of the poor and infirm is returned, as it had existed for centuries, to local governments and churches and charitable institutions. As Schiff points out, this alternative vision for America is not new; it is what the country was before the Fed, the New Deal, and the ever increasing expansion of the federal government.

Schiff also offers compromise proposals, which he deems more politically achievable. The alternative vision would, in general, decrease the size of the federal government and gradually phase out government transfer programs, using means testing as an interim measure.

Essentially, Schiff presents a Libertarian view of what the country should be. Libertarian philosophy generally offends Democrats (because it would shrink the federal government substantially) and certain elements of the Republican Party (less government interference means legalizing drugs and a less aggressive military). However, it has the virtue of at least being consistent (less government in every aspect of our lives) while the current parties each support an expanding federal government (and greater intrusion) one way or the other.

Schiff's book lays out the Libertarian case in detail. The book is important because many people really do not understand Libertarian philosophy, although many clearly agree with at least substantial parts of it.

One cautionary note: The book does NOT lay out in any detail how to invest for or protect yourself from the crash Schiff is certain is coming. He summarizes his views in one chapter. Those looking for investment advice should read Schiff's other books. The title is misleading in this respect.