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

3.87 of 5 stars 3.87  ·  rating details  ·  456 ratings  ·  76 reviews
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 demon...more
Hardcover, 352 pages
Published May 22nd 2012 by St. Martin's Press (first published May 8th 2012)
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Dan Raymo
Having recently read Paul Krugman's, End This Depression Now!, and finding myself in more or less agreement with most of it, I was looking for the conservatives' take on our economic problems. After a month-long battle with Ayn Rand's, Atlas Shrugged, I eventually came across The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country by Peter Schiff.

Most of my friends consider me to be a "pinko leftist", and they're probably right (or maybe I just run with the wrong cro...more
Seth
Peter Schiff accurately predicted the 2008 meltdown of the mortgage market and financial sector. Before it all hit the fan, though, he was called a doomsayer and was frequently laughed at on the mainstream financial talk shows. But he turned out to be right. The real problem, Schiff argues in this book, is that what happened in 2008 was not actually "The Crash," but was simply the prelude to it. The dot-com bubble popped at the turn of the century; the housing bubble popped in 2008; Schiff shows...more
Jeremy

So basically this is what I got out of this: Invest in...
+ Raw materials
+ Agriculture
+ Dividend-paying stocks in companies that sell to growing markets abroad (not necessarily American companies who do so as they may incur burdensome taxes for their efforts)
+ Currencies of: Australia, Singapore, Hong Kong, New Zealand, Switzerland, Norway, the Netherlands, Canada, China.
+ Short-term, nondollar bonds
+ Gold


Quotes:

Whenever people credit me with calling the crash, it pains me to tell them that what...more
Aaron Thibeault
*A full executive summary of this book is available here: http://newbooksinbrief.com/2012/06/04...

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, on top of it all, government debt is awe-inspiring and seems completely insoluble. According to financial investo...more
Kim
For those who aren't familiar with Schiff's understanding of the economy I refer you to 2 things: 1) Schiff's book Crashproof (written in 2006) or Crashproof 2.0 (a copy of Crashproof but with commentaries after each chapter about how things played out in 2008). He wasn't just a "doomer" in predicting the 2008 financial crash; he explained why.
Secondly, he was recognized for his analysis by an economist, Bezemer, who wrote a paper "No One Saw This Coming." About a dozen other people were also r...more
Serge Boucher
Despite the low rating, I actually really enjoyed reading this book. It's a super-interesting read, if you actually know a few things about economics and enjoy fishing logical mistakes and questionable (often hidden) assumptions in a superficially convincing argument. While Peter Schiff is right about some things (his libertarianism on social issues is well-placed and his arguments are sound) and more intellectually consistent than most pundits (admittedly a low bar), his economic model remains...more
Georgy


I am yet to find an opponent of Peter's ideas who can offer one half as strong of an argument as he makes
Branden
Peter Schiff gets it.

I could have written this book. Probably not as well, but in an ideological sense, I have never heard someone espouse economic and political beliefs that mirrored my own so much.

Most of the policy changes he recommends will ever see the light of day, simply because the US of today is comprised of a government that is too big and covetous of it's own power, combined with a gutless and sheepish population that have grown up with the notion that government will always be there...more
José-contemplates-Saturn's Aurora
Now that it is a hot topic in the USA the question of the “debt ceiling” and the “default” risk (let’s see coming February), this book is quite appropriate. Some weeks over the Government Shutdown (a short-term victory for Obama) many wonder what’s next. A divided (and apparently unpopular) GOP tries to assert itself midst the moderates and Tea partiers.





Anyway, perplexity and doubts can surely be seen on the USA future. I’ve watched an interview investor Schiff gave in the Cambridge House, to...more
Julie Marsh
How interesting that I finished this book as the LIBOR mess is unfolding.

This book includes a lot of stuff I agree with, and a lot of stuff that's specious. Schiff absolves actions of corporations and banks with the excuse that they're merely following the government's lead. Business is equally corrupt as government; at least government acts under the auspices of improving everyone's situation, not just executives and the largest stockholders. The free market is not the cure-all Schiff (and Ron...more
Barry Martin Vass
This starts off with a bang - Peter Schiff compares the 1920-21 downturn (when all the soldiers from WWI came home, creating hard times and massive unemployment, and the government did very little to ease these bad times, with strikingly positive results) to the latest economic downturns in 2000-01 and 2007-08 when the government policy (read Federal Reserve) was to lower interest rates and flood the market with cheap currency, with the result that the free market economy no longer exists; we ar...more
Eric Molicki
While Schiff is very good at identifying what's going on and what is likely to come economically, "the market" is not the answer to everything. Some solutions I liked. Others were proposed with federalism trumping morality.
John
The United States has more than seven hundred military bases, in 135 countries. More than two million men and women are currently active-duty soldiers, sailors, airmen, or marines, and many of them are deployed overseas.
When you begin to consider the huge price tag of our militarism, you see another way in which it makes us less safe. Our Defense and HomelandSecurity budget in 2011 was $730 billion, or most of all discretionary spending. That’s equal to 80 percent of all the money raised through...more
Evan McB
Apr 17, 2014 Evan McB rated it 5 of 5 stars
Recommends it for: hot chicks
Recommended to Evan by: loud man on the radio
Shelves: business
One of the clarifying metaphors Schiff uses in this book to explain current economic woes is about a patient who presents to a doctor with symptoms of illness in his hands, feet, face, eyes, dick, brain, etc. etc. (I forget all of the body parts that were featured) The doctor, seeking to find a root cause for the various maladies, checks the patient's blood, which courses through the whole body, so chances are that something wrong with the blood would be causing problems in all the patient's var...more
Meinna Gwet
Very interesting book. In the process of criticizing the American economic system, Peter Schiff brings his audience into the fascinating world of macroeconomics, policymaking, the history of money and the rise and upcoming fall of what used to be the most developed country in the world. I personally learned a lot and I took a real pleasure in reading this book. Plus, Peter Shiff writes in simple terms, which makes the book accessible to most people (I think!).

However, Peter Schiff has his own i...more
Marshall
This book is supposed to be about the "real crash" that is coming, following the 2008 recession. He spends exactly 52 pages on this. The other 300 pages is basically one long political rant.

The government and the people are both wracked with unprecedented levels of debt, that will soon because unmanageable. The government can't even afford to pay the interest on this debt; it merely borrows more to pay the interest. When the time comes to pay the piper, the government will be unwilling to make t...more
Nathan
I would counsel anyone looking for a balanced, objective examination of the economic issues facing the country to look elsewhere. Schiff wears his ideological bias on his sleeve, and unfortunately a lot of what he says must be taken with a grain of salt.

While my myriad objections to the book I detailed below, my chief complaint is this: the book presents an inflammatory portrait of the American economy (not erroneous, see below) and is dotted with investment "tips" that may sound impressive to a...more
Michael
In this book, Peter Schiff explains what he he believes are the causes of America's financial crisis and the drastic measures he believes we should take to solve them. I agree with him on several points he makes. I agree with him that:

Social Security is a legalized pyramid scheme.

Going off the gold standard and allowing the Federal Reserve to create fiat money devalues the whole money supply.

Excessive government regulation hinders job creation, business growth and energy independence.

Our foreign...more
Lisa Cindrich
On the dollar as the world's reserve currency:
"As a foreign country, you're willing to take dollars because you know some other country will be willing to take dollars. That other country will take dollars because some third country will take dollars. If this sounds familiar, it's because we've seen it before [dot.com stocks, real estate flipping]...This is only slightly different from a Ponzi scheme. It all depends on the existence of a greater fool. Eventually you run out of fools and the bubb...more
James
Peter Schiff, the author, was one of the few people in the world that predicted the the 2007/2008 housing financial collapse (over and over and over again), and many of the articles he wrote in 2006 read more like they were written in 2013, a fact he is well aware of.

In this book, he argues that the same policies and governmental actions that allowed him to predict the earlier financial collapse are not only still in place, but even moreso than in the original case. Thus comes the book's title,...more
Matthew
Amongst all of the pundits, authors, and talking heads out there few give real solutions to our national problems. Peter Schiff isn't one of them. The Real Crash is all about how to fix our broken system and get us out of debt. Many of the solutions he mentions are regulatory reforms, many of which I agree need to take place. The biggest reform, and one that I agree with wholeheartedly is tax reform. I have read in other places that the income tax is illegal and unconstitutional and here Schiff...more
Paul DeBusschere
I bought this book because I found Mr. Schiff's boldness in proposing the elimination of entitlements in the USA to be refreshing and intriguing. His proposals to eliminate income taxes and entitlements were enough to compel me to buy the book. And on those issues, Mr. Schiff makes sound arguments.

However, Mr. Schiff then proceeds to throw the baby out with the bathwater. Unfortunately, he takes the all-too simplistic libertarian stance of "if less government is good, then no government must be...more
Michele Defilippo
If you thought 2008 was bad, you ain't seen nothing yet. In this frightening book, Peter Schiff brings home the full magnitude of our fiscal crisis, how we got here, and how intense the coming "real" crash will be, no matter what our leaders do next. The decades-long spending spree by both parties is coming to an end. The only choice left is whether we, or outsiders, will control the crash landing.

Schiff offers a long list of solutions that are politically impossible, such as the elimination o...more
Erez Davidi
At the outset, it must be said that "The Real Crash" is not an investment book, perhaps because Schiff's investment strategy hasn't changed in the past decade, but it is more of a blueprint of how to put the economy on the road to recovery.

In the first few chapters Schiff examines what he sees as the root problems of the US economy, which are mainly the enormous national debt that can only be serviced due to the artificially low interest rates. The main argument is that interest rates will be ra...more
Greg
Full of a fair amount of information I had heard of or already knew. As well as some things I did not know, such as the fact that it is perfectly legal for politicians to engage in insider trading. Even if they are voting on things that have a direct influence on a particular company's future. I would have given it 4 stars but for a handful of reasons: 1) he touches on some subjects very fleetingly. Like environmental issues, and gun issues, that while they do have economic implications, he does...more
Jeff
Nov 29, 2012 Jeff rated it 3 of 5 stars
Shelves: 2012
PROS: Instead of just explaining how things are wrong, he offers solutions and explains why he advocates those solutions. For example:

--Gun control makes us LESS safe, because criminals will be armed and law-abiding citizens won’t. Although kids are accidentally killed by guns, it’s not as many as the number of people who accidentally drown or die in car accidents. "Are we going to outlaw pools, beaches, and kids in cars, too? Many crimes are thwarted by gun owners and others never occur because...more
John Backus
The book starts off with a great discussion about economic issues facing the US. It seems Schiff attributes almost all of his disagreements with US policy to economic collapse. While this is completely logical for most of the book (his arguments against government jobs, regulation, fiat, etc. are very good) it seemed like Schiff just wanted to cover all of his political stances by the end of the book (I have no clue why stances on abortion went into a book about an economic collapse). Overall gr...more
Brandon Perry
Wonderful eye opening book. There's a lot of information in here and a lot to soak in. But overall I enjoyed it and feel as if I learned more about how a free market works and as well how government gets in the way of a working free market. Reading some of the other reviews I can agree that not every solution I believed in, but can see the points the author was trying to recommend. Also once I started playing some of the solutions in my mind I could start seeing ways that they could actually wor...more
John
I have been following Peter Schiff for years. For a long time prior to the financial meltdown in 2008, he was one of the few voices of sanity in the media, constantly warning people about the impending housing bust and the even greater threat brought about by the Federal Reserve's determination to print trillions of dollars out of thin air. He was often derided by this contemporaries but he stuck to his guns and was proved right.

In this book, he offers a vision of what the US needs to do to refo...more
Kevin Halter
Wow.
I wanted to like this book, I really did, but there were times that I wanted to throw it down and just walk away.
Peter Schiff was okay when the subject was economics, debt, national deficit, etc. but when he started talking about the environment, education, legalizing drugs and prostitution I became frustrated (mainly by the books inability to respond to my mental arguments) by the deficiency in the exploration of the socio and moral repercussions for some of the changes he was arguing for,...more
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Peter David Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the United States Senate seat from Connecticut.

Schiff is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City....more
More about Peter D. Schiff...
How an Economy Grows and Why It Crashes Crash Proof: How to Profit From the Coming Economic Collapse Crash Proof 2.0: How to Profit from the Economic Collapse The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market Is Down The Little Book of Bull Moves: How to Keep Your Portfolio Up When the Market Is Up, Down, or Sideways

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