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

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.

Great book, bad narrator

I usually prefer audible books but the narrator in this one was really bad. He was too dramatic and did not have tone that was easy to listen to. This is a very serious book; he made it sound like a comedy. Sure, the writer has some comic relief written in, but the narrator attempts to add to it with his tone and it's an epic fail.

I think the publisher should have the book re-recorded.

It has EXCELLENT content, we shouldn't be robbed of the priviledge of hearing that content read well.

If you read Crash Proof 2.0 - skip this one.

Would you recommend this book to a friend? Why or why not?

No, to much about Schiff's political views.

Would you ever listen to anything by Peter Schiff again?

Perhaps

Which scene was your favorite?

N/A

If this book were a movie would you go see it?

No.

Any additional comments?

Lets save some time for you...

1. Buy Gold
2. Schiff thinks he has the answer to our political problems and wants to be in government office.
3. Don't count on any government programs to be there for you in the future.
4. We are going to have a currency war in the future.
5. Government regulation is killing the economy.

....now that I saved you the cost of the book and time to listen to it, go download something that is actually helpful. At least the narrator is good.

Right-Wing Erotica

What could have made this a 4 or 5-star listening experience for you?

"Deregulate everything and the economy will fix itself", this is the theme of this overly simplified solution to our floundering economy. Save your money and just watch FOX News for 13 hours.

Good book, so-so naration

Would you say that listening to this book was time well-spent? Why or why not?

The book is well organized, insightful, and entertaining. The book was performed poorly overall, so my time would have been better spent reading it.

What was the most compelling aspect of this narrative?

His voice is clear, and his pronunciation is good.

Would you be willing to try another one of Oliver Wyman’s performances?

Absolutely not. He reads without emotion, as if he is in front of a 3rd grade social science class. He does not understand, or care about the material he is reading. He seems to apply random inflection to words which he's too distracted to bother to read.

Was The Real Crash worth the listening time?

The story is worth it. But I'd recommend buying the non-audio version of the book.

Mix bag

Downloaded this book after listening to his interview on Joe Rogan podcast. I found the interview more helpful than this book, though Schiff had some good advice in this book.

conservative claptrap

What would have made The Real Crash better?

The author offers a vivid description of the problem but then regurgitates conventional "Fox News" nonsense for the "solution".

Don't waste your time.

"The tittle is misleading, there are no ideas for how to save yourself. "

"Republican Political rhetoric trying to convince you to give up your child’s right to public education. To steal the money you have paid into Social security,Medicare etc. to get rid of our social programs is not the way to creat a stronger happier society. It is a direct path to poverty for most, civil war and general anarchy through civil unrest. Is that really a life experience you want to live in? "

Conservative Nonsense!

What disappointed you about The Real Crash?

The book is biased. Conservative slant on everything. Half-truths and incomplete information. The coming bankruptcy of the federal govt. is an interesting topic, but the author belongs on Fox News. I am asking Audible to exchange this book. I wasted this month's credit on it.

Great First Chapters, Disappointing Follow-Through

Any additional comments?

Perter Schilff makes a bold and interesting argument that America is past the point of no return being overburdened with dept and has a bloated expensive government. In the first couple of chapters he lays out his argument that the 2008 dept crisis was just the overture to a more catastrophic collapse yet to come. He rails on the Federal Reserve???s quantitative easing, explores the depth of the dept problems and argues that fiat currencies are destined to fail. However, the problem with this book is that this argument is fully described and reiterated two or three times by the end of the first hour and a half. For the next 11 and a half hours he argues about anything and everything he thinks is wrong with America. This includes such matters as illegal immigration, gay marriage, and problems he had with the government involving his brokerage firm.

Some of his arguments border on ridiculous, such as that the IRS has never had a right to levy income taxes on individuals because the definition as defined by a court decision a hundred years ago of income is something that only applies to corporations.

Some of his arguments I enjoyed such as his explanation and critical viewpoints on the Federal Reserve. Making the argument that it was never intended to be a source bail-out schemes, or to print money. However this book is defiantly not worth the credit I spent on it. You may like this book if you are politically very conservative. He supports the ideas of both Herman Cain and Ron Paul, supports reducing taxes and the size of government, but be careful because he also wants to legalize heroine and prostitution. If, like me, you are more interested in the policies that directly relate the current dept crisis such as a critical discussion of the Federal Reserve you should listen to Currency Wars by James Rickards.

Summary - Great book for veterans of the genre

What did you like most about The Real Crash?

The explanation of the systemic issues with in the economic system. I found this book refreshing and detailed. Key explanations of what Peter thinks will cause the next recession and how it will play out. Time will show if he's right.

How would you have changed the story to make it more enjoyable?

I would'nt

Did Oliver Wyman do a good job differentiating each of the characters? How?

didn't notice a difference.

Did you have an emotional reaction to this book? Did it make you laugh or cry?

This made me excited.

Any additional comments?

Peters books give a break down of the systemic issues in the world economy and how he feels it can be resolved. I dis agree with him on how it can be resolved, however agree with the issues he's identified and the measure you can take to protect yourself.

Truly excellent, an essential read.

Peter Schiff gives a clear concise explanation of the period we are entering, one of the only people to have the credibility to write such a book given his previous precise predictions that turned out to be correct.

Trevor hill

Thank you Peter, I have bin using your advice since 2009 and it's very refreshing to go through this Information again. We are in that place now I think the whole wold can see and feel that themselves. Thank you