BN.com Gift Guide
Customer Reviews for

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

Average Rating 4
( 26 )
Rating Distribution

5 Star

(14)

4 Star

(4)

3 Star

(1)

2 Star

(2)

1 Star

(5)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

Most Helpful Favorable Review

9 out of 11 people found this review helpful.

Since the housing and financial crash of 2008 America's recovery

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...
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 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 we 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. When a bubble pops the market needs to correct itself; however, over the past 20 years, the Fed has not really allowed this correction to take place, as every time a bubble pops the Fed has lowered the interest rate even further, causing more money to enter the system and a new bubble to form. First it was dot-com stocks, then it was housing, and now it is government spending. For Schiff, though, the sheer size of the debt, and the fact that it is running away faster and faster everyday (and has no realistic chance of ever being repaid) will sooner or later turn investors away from considering the American dollar a valuable reserve--at which point it will lose its status as the world's reserve, and investors will stop investing in it.

At this point, the American government will have but two options. It can either declare bankruptcy, or it can print the money it needs to pay its debt,, thus causing hyper-inflation. In either case, an enormous crash will result.

At this point we will be forced to start over. For Schiff, this may not be such a bad thing, for, according to him, we have simply put ourselves in an unsustainable position, and the sooner we start over the better. At that time, Schiff argues, we can finally get back to the small government and free-market forces that America's founding fathers designed the country around. While much of the book is focused around how we can do this now, before the crash hits (in such areas as banking & finance, taxation, healthcare, education, the military, immigration and the war on drugs et. al.), you get the feeling that Schiff thinks that the crash is actually inevitable, and that these reforms will have to take place after The Real Crash.

A full executive-style summary of the book will be available at newbooksinbrief dot wordpress dot com on or before Monday, June 4.

posted by popscipopulizer on May 27, 2012

Was this review helpful? Yes  No   Report this review

Most Helpful Critical Review

5 out of 11 people found this review helpful.

Yes, the recovery is artificial. Yes, it is more than likely t

Yes, the recovery is artificial.
Yes, it is more than likely that we are headed as a country off a steeper cliff than we have ever experienced, but the author's suggestions to fix the situation are no better than what has already been done by Obama, Bush, Clinton, etc...
Yes, the recovery is artificial.
Yes, it is more than likely that we are headed as a country off a steeper cliff than we have ever experienced, but the author's suggestions to fix the situation are no better than what has already been done by Obama, Bush, Clinton, etc. Less regulation?? wasn't it less regulation in the form of repealing Glass-Steagall that helped get us into this mess in the first place? I don't understand how Mr. Schiff can expect the public to believe that less regulation, lower wages, and the elimination of the FDIC would somehow protect them from investment banks doing exactly the same things they have been through 2008 and today. Whether its part of a political platform, manifesto, or his version of the social contract, it appears that he is counting on the American public to willingly choose this road to recovery. That sounds like too hard a pill to swallow.

posted by r1ck on June 6, 2012

Was this review helpful? Yes  No   Report this review
Sort by: Showing all of 9 Customer Reviews
Page 1 of 1
  • Posted May 27, 2012

    Since the housing and financial crash of 2008 America's recovery

    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 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 we 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. When a bubble pops the market needs to correct itself; however, over the past 20 years, the Fed has not really allowed this correction to take place, as every time a bubble pops the Fed has lowered the interest rate even further, causing more money to enter the system and a new bubble to form. First it was dot-com stocks, then it was housing, and now it is government spending. For Schiff, though, the sheer size of the debt, and the fact that it is running away faster and faster everyday (and has no realistic chance of ever being repaid) will sooner or later turn investors away from considering the American dollar a valuable reserve--at which point it will lose its status as the world's reserve, and investors will stop investing in it.

    At this point, the American government will have but two options. It can either declare bankruptcy, or it can print the money it needs to pay its debt,, thus causing hyper-inflation. In either case, an enormous crash will result.

    At this point we will be forced to start over. For Schiff, this may not be such a bad thing, for, according to him, we have simply put ourselves in an unsustainable position, and the sooner we start over the better. At that time, Schiff argues, we can finally get back to the small government and free-market forces that America's founding fathers designed the country around. While much of the book is focused around how we can do this now, before the crash hits (in such areas as banking & finance, taxation, healthcare, education, the military, immigration and the war on drugs et. al.), you get the feeling that Schiff thinks that the crash is actually inevitable, and that these reforms will have to take place after The Real Crash.

    A full executive-style summary of the book will be available at newbooksinbrief dot wordpress dot com on or before Monday, June 4.

    9 out of 11 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted June 9, 2012

    Schiff's history shows he understands; how correct are his predictions?

    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 recognized (note no Krugman-type Keynesians understood, because their economics ideas don't allow for such realities).

    If you read books/articles by all of the "predictors" of the 2008 crash, you will find that none of them think it has been resolved. The problems weren't about a few regulations; they are about inherently spending more than what we produce. Their solutions, though, are all somewhat different.

    Schiff understands we have to get back to the norm: we as a society have to live on less than what we make to recover. How to do this as a "gentle landing" or "peel off the bandaid" is the source for debate. His ideas are thoughtful and most probably realistic in the economic sense. Unfortunately, I doubt they are politically palatable because politicians won't admit the trouble we are in until it is too late. So while I agree with his message, I look at the book primarily for how I might handle things as an individual.

    The only thing I question when reading his book is his outlook on China. It is more positive than I hear from other analysts, and I don't know if anyone can be certain about the data coming from China. It seems to me a lot of his predictions (particularly inflation) would change if China is not as strong as he thinks. Therefore, my main criticism of the book is that I would like to see him discuss how things would work out "differently" if China isn't as healthy as he thinks it is.

    In short, I think this is an important book in understanding the economy and trying to decide where to place your own investments and protect yourself.

    7 out of 7 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted June 4, 2012

    You have two choices, do what is right for america or do what is right for the government

    If the wealth of america can be summarized as the wealth of all its citizens summed up and divided by the number of citizens, then the most patriotic thing you can do to maintain a strong america is maintaining a strong, collaborative, honest you. Protecting your wealth, and engaging in fair trade with others is what we all need to be doing. Forget what the government says is right for you, and forget what the government says is right for your country. I dont need to go into all the details of why the government right now cannot be trusted. If you want to keep trusting your own government, thats noble of you and good luck with that. I will continue to parse each statement from the government as standalone as if it came from anyone else.

    This book is great, Peter will be proven right again, and given that this book is selling well, hopefully there will be enough people left after the depression to get jobs and real economic growth again.

    Also, usually a one star rating = no read.

    6 out of 6 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted May 22, 2012

    THIS BOOK IS AMAZING!!! Peter Schiff CLEARLY breaks down what w

    THIS BOOK IS AMAZING!!! Peter Schiff CLEARLY breaks down what will happen if we continue down this economic road. He provides excellent solutions that anybody can execute at any level. Unlike all the banksters and and cable news channels, Schiff predicted the mortgage crisis when everybody called him crazy. Google 'Peter Schiff Was Right' and you will clearly see why Schiff is a genius!!!

    6 out of 8 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted June 6, 2012

    Yes, the recovery is artificial. Yes, it is more than likely t

    Yes, the recovery is artificial.
    Yes, it is more than likely that we are headed as a country off a steeper cliff than we have ever experienced, but the author's suggestions to fix the situation are no better than what has already been done by Obama, Bush, Clinton, etc. Less regulation?? wasn't it less regulation in the form of repealing Glass-Steagall that helped get us into this mess in the first place? I don't understand how Mr. Schiff can expect the public to believe that less regulation, lower wages, and the elimination of the FDIC would somehow protect them from investment banks doing exactly the same things they have been through 2008 and today. Whether its part of a political platform, manifesto, or his version of the social contract, it appears that he is counting on the American public to willingly choose this road to recovery. That sounds like too hard a pill to swallow.

    5 out of 11 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 3, 2014

    First of all, I read  the book 4 times during a flight from Japa

    First of all, I read  the book 4 times during a flight from Japan to the States because of a business trip. Giving this book one star is way too much for what it was supposed to be worth. Peter Schiff (agree or disagree with his ideals) made excellent points on why the government is how it is and he also made exceptional proposals on how one can protect themselves in a personal standpoint and as a tax payer of the U.S. With that said, what was wrong with the book? Honestly, there were ABSOLUTELY not a single pop-up page where something exciting would jump out while I turn the page. There was also not a single page with fun illustrations to observe. There was not a "fun page" where one can solve puzzles and/or connect the dots to form some kind of cute animal. All in all, if you are looking for a book that does not contain fun pages to keep you interested, do not get this. one star. 

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 22, 2012

    What a nut. This guy simply does not understand our financial sy

    What a nut. This guy simply does not understand our financial system, he does not understand what it takes to exit a severe recession and restore growth,and he does not understand why the world continues to view the U.S. as the ultimate safe haven (seen the interest rates on our 10 and 30 year bonds). Declare bankruptcy as country? You've got to be kidding. That would indeed be catastrophic. Yes, we have too much debt. After Clinton era surpluses and economic growth, the GOP policies under Bush left us with huge deficits and a collapsing economy -- and it'll be a long climb out of that hole. But this guy's policies would just dig the hole much, much deeper.

    2 out of 27 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted June 4, 2013

    Sensationalist, simplistic, manipulative garbage. People seem to

    Sensationalist, simplistic, manipulative garbage. People seem to enjoy how easy Schiff is to understand. The reason he is easy to understand is that he doesn't present the full picture, which is complex. Best avoided.

    1 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted June 18, 2012

    No text was provided for this review.

    No text was provided for this review.

    0 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
Sort by: Showing all of 9 Customer Reviews
Page 1 of 1