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

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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

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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

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  • 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 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.

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  • 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.

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