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The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country [Hardcover]

Peter D. Schiff
4.4 out of 5 stars  See all reviews (16 customer reviews)
Price: 16.70 & FREE Delivery in the UK. Details
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Book Description

8 April 2014
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 bestselling 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 defence---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, restructure its debts, and reform our system from the ground up.
--This text refers to an alternate Hardcover edition.

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The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country + How an Economy Grows and Why It Crashes: Two Tales of the Economy + Crash Proof 2.0: How to Profit From the Economic Collapse
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Product details

  • Hardcover: 444 pages
  • Publisher: St. Martin's Press; Rev Upd edition (8 April 2014)
  • Language: English
  • ISBN-10: 1250046564
  • ISBN-13: 978-1250046567
  • Product Dimensions: 24.2 x 16.4 x 3.9 cm
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Bestsellers Rank: 906,677 in Books (See Top 100 in Books)

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Review

"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 --This text refers to an alternate Hardcover edition.

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. --This text refers to an alternate Hardcover edition.

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Customer Reviews

Most Helpful Customer Reviews
10 of 10 people found the following review helpful
5.0 out of 5 stars A Brief Summary and Review 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
3.0 out of 5 stars An interesting book but where's the inflation? 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
5.0 out of 5 stars Common sense writ large 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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1 of 1 people found the following review helpful
5.0 out of 5 stars Disaster ahead 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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1 of 1 people found the following review helpful
4.0 out of 5 stars the end is near 14 Mar 2013
By Brendan
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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Most Recent Customer Reviews
5.0 out of 5 stars This is book is really worth reading.
Read it and hopefully you will have clearer view what helps and what does not in creating today`s economy.
Published 1 month ago by pawelgonzalez
5.0 out of 5 stars Outstanding
Peter Schiff explains in a clear and concise manner all the issues facing the US Economy and how best to position yourself to ride the storm. Faultless book. Read more
Published 18 months ago by Austro
4.0 out of 5 stars Insightful
I read this book after the latest Harry Dent book 'The Great Crash Ahead'. Overall it's a good read. Read more
Published 23 months ago by ErikZ
3.0 out of 5 stars No return to 'The Garden of Eden'!
Ah, the wonderland of Austrian economics! Virtually the only advantage of this school of thought over the conventional neoclassical model is its recognition of the importance of... Read more
Published 24 months ago by Duncan R. McKeown
5.0 out of 5 stars The best book I have ever read.
I couldn't recommend this book highly enough. It cuts through absolutely all of the media spin and not only highlights the inherent problem with the economy, actually provides the... Read more
Published on 13 Aug 2012 by Brent Barnekle
5.0 out of 5 stars Amazing
This book is one of the greatest books ever written, I love Peter Schiff he is such a great guy.

If you want to know what is really going on in the world you need to... Read more
Published on 27 July 2012 by Adventure1985
1.0 out of 5 stars Peter Schiff Does NOT Make Accurate Predictions
If you spend any time at all on the internet and are interested in economics you will undoubtedly come across Peter Schiff. Schiff claims to be an 'Austrian School' economist. Read more
Published on 25 July 2012 by Philip Pilkington
5.0 out of 5 stars Excellent book, necessary reading
Written with wonderful clarity and full of common sense, the book is an exceedingly important analysis of the current situation.
Published on 1 July 2012 by PNP
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