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The Real Crash: America's Coming Bankruptcy--How to Save Yourself and Your Country Hardcover – 13 Aug 2012


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Product details

  • Hardcover: 335 pages
  • Publisher: St. Martin's Press (13 Aug. 2012)
  • Language: English
  • ISBN-10: 1250004470
  • ISBN-13: 978-1250004475
  • Product Dimensions: 16.3 x 3.1 x 23.8 cm
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Bestsellers Rank: 59,020 in Books (See Top 100 in Books)

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"Peter Schiff sounded the alarm about the housing bubble created by the Federal Reserve and predicted the bubble's inevitable collapse, yet he was ignored by mainstream economists and ridiculed by the media. In The Real Crash he is at it again, illustrating how the financial crisis of 2008 is nothing compared to what is coming down the road. Peter Schiff is right again. I hope more people listen this time." - Ron Paul; Congressman (TX-14) and three time Presidential Candidate "Peter Schiff's new book "The Real Crash; America's Coming Bankruptcy" is written in the same blunt and punchy style that makes him a favorite guest on my Fox News show. It's not just what he says, but the fact that he lives what he says. Unlike Some authors who talk about business as spectators, Peter doesn't speak from the ivory tower of academia or from the comfort of an anchor chair. He runs a real business and fights every day to make it a success in spite of all the government's tax and regulatory policies."-- Mike Huckabee; Host of The Huckabee Show and former Arkansas Governor and Presidential Candidate "America's political leaders should have taken Peter's 2007 book, Crash Proof, to heart before they tried to borrow, print and bail us out of trouble. Today, they -- along with all Americans -- absolutely must take heed of The Real Crash. Peter Schiff understands the marketplace, and he understands the consequences that occur when government attempts to manage that marketplace. Pay attention, America!"-- Gary Johnson, Former governor of New Mexico and presidential candidate "In 'The Real Crash, ' the fearless Peter Schiff has written the most compelling argument against central economic planning and debt-financed consumption to come along since our present woes were exacerbated in 2008. His explanations of how unfettered free choices will produce prosperity, and how ending the Federal Reserve, abolishing the IRS, and returning to the gold standard will tame the feder

About the Author

PETER D. SCHIFF is an American investment broker, author, and financial commentator, and was a candidate in the 2010 Republican primary for the United States Senate seat from Connecticut. He frequently appears as a guest on CNBC and Fox News, and is the host of the radio show and podcast "The Peter Schiff Show."He is the author of the" New York Times" bestselling "Crash Proof" and "Crash Proof 2.0," as well as "The Little Book of Bull Moves in Bear Markets," which was also a "Business Week" bestseller.

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11 of 11 people found the following review helpful By A. D. Thibeault on 25 Jun. 2012
Format: Hardcover
*A full executive-style summary of this book is now available at [...]

Since the housing and financial crash of 2008, America's recovery has been tepid at best. Unemployment has remained high; manufacturing has not returned; personal savings are as low as they've ever been, and personal debt as high; housing is still a mess, and banking not much better; and, to top it all off, government debt is awe-inspiring and seems completely insoluble. According to financial investor, commentator and author Peter Schiff, while all of this is certainly disheartening, it should not come as much of a surprise. Indeed, Schiff argues that all of this economic slumping is a natural result of America's misguided economic policies; including especially the Federal Reserve's manipulation of interest rates, the government's uncontrollable borrowing, and, in connection with this, the maintaining (and even expansion) of unsustainable social programs . For Schiff, these same policies led directly to the crash of '08 (which he correctly and very famously predicted), and are leading the U.S. directly into an even worse crash now. In his new book `The Real Crash: America's Coming Bankruptcy--how to Save Yourself and Your Country' Schiff outlines how America got itself into this mess in the first place, what the end game is likely to be, and what the nation and its citizens should do to make the coming unpleasantness the least unpleasant as possible.

The main problem--and where most of the other problems begin--according to Schiff, is the Fed's manipulation of interest rates. By interfering with the free market value of money, and making it cheaper than the market would dictate, the Fed encourages financial bubbles that then necessarily pop.
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7 of 7 people found the following review helpful By Baraniecki Mark Stuart on 17 April 2013
Format: Hardcover
The author is worth paying attention to since he was right about the internet and housing bubbles and predicted the collapse of both of them.

Now,(published 2012) he sees a bond bubble with the same root in FED enabled artificially low interest rates, and he spends some time on the sleazy alliance between fiscally irresponsible politicians and a currency debasing central bank.

He takes the entirely believable line that large deficits can't be funded for ever by dollar printing, and that politicians will never allow the massive tax rises and/or massive spending cuts necessary to reach budget stability, so the only route left is inflation with a consequent crash in the value of the dollar and government bonds.

I see some problems here with the evidence, and issues that could have been in the book but weren't.

The evidence (as of April 2013) is that FED liquidity isn't producing inflation. On the contrary, the banks are channeling liquidity into speculative market bubbles rather than real investments that would counteract societal deleveraging. Why should they do anything else? All sectors need to reduced debt and don't want to take on any more. The result is general deflation apart from the "bubble asset du jour" class with the evidence including falling commodity prices - particularly precious metals (which are on his list of recommended investments).

He wants to return government to the basic functions given in the Constitution and he is surely right that government has got involved in many areas where it should never have gone. Nevertheless, modern societies need a sophisticated "nerve centre" that is fairly large and expensive and the successful ones all have large and active governments.
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2 of 2 people found the following review helpful By Brendan on 14 Mar. 2013
Format: Hardcover Verified Purchase
I read peter's other book, how an economy falls and why it crashes, which was outstanding. This follows on from the ideas of that book although moves into government interference across all levels of society such as in places like health and education and how government manipulates the free market. Personally i agree with alot of his views. Its the old austrian vs keynesian arguments and having read milton friedman and hayek, peter is in the same line as that. It gave me some insight into american taxes and healthcare etc, issues I wasnt aware of before which was interesting. Overall its a good book. Peter was write about the 2007-08 financial crises and essentially argues that we havent solved the problems from before and are now creating a new bubble - the Quantitative easing bubble, inflation and a higher stock market but we havent solved the real problem which is that most western governments have been spending beyond their means and that fundamentally, all this spending hasnt made us a richer country, rather more adversarial in nature as special interests and central planning creates moral hazard everywhere. Its a very interesting read.
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4 of 4 people found the following review helpful By Strange Lee on 15 Jan. 2013
Format: Hardcover Verified Purchase
A powerful treatise for common sense in fiscal policy, cutting through the delusional economics prevalent in the western world!
The parasite of government is killing the host.
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3 of 3 people found the following review helpful By Ian Mackay Simpson on 22 July 2013
Format: Hardcover Verified Purchase
You only have to hear one phrase from these rotten politicians to know that Peter Schiff is right, "This time it's different", sure, read economic history through thousands of years and you'll know debasing your currency (or coinage as in the case of Rome) is always the end game, so it's not if, it's when!!
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