How an Economy Grows and Why It Crashes

How an Economy Grows and Why It Crashes

by Peter D. Schiff, Andrew J. Schiff


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Product Details

ISBN-13: 9780470526705
Publisher: Wiley
Publication date: 05/03/2010
Pages: 256
Sales rank: 213,701
Product dimensions: 6.00(w) x 9.10(h) x 0.90(d)

About the Author

Peter D. Schiff is CEO and Chief Global Strategist ofEuro Pacific Capital, an SEC-Registered Investment Advisor and afull-service broker/dealer, and Chairman of Euro Pacific PreciousMetals. He is a widely followed opponent of debt-fueled growthpolicies and known for his advocacy of emerging market andcommodity-focused investments in countries with positive economicand fiscal characteristics. Mr. Schiff has been quoted hundreds oftimes in leading news outlets around the world, including theWall Street Journal, Barron's, Die Zeit,Tokyo Shimbun, South China Morning Post,Investor's Business Daily, the Financial Times, theNew York Times, the Los Angeles Times, and theWashington Post. He appears regularly on CNBC, CNN, BBC, AlJazeera, Fox News, and Fox Business.

Andrew J. Schiff, a veteran media and marketingconsultant in the financial services industry, leads thecommunications and media effort at Euro Pacific Capital. Andrew hasworked closely with his brother Peter for nearly a decade, first asan outside consultant and then as a key member of the Euro Pacificteam. He has helped develop, refine, and target Euro Pacificstrategic communications for media and clients.

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Table of Contents

Disclosure viii

Author's Note ix

Introduction xi

Chapter 1 An Idea is Born 1

Chapter 2 Sharing The Wealth 13

Chapter 3 The Many Uses of Credit 27

Chapter 4 Economic Expansion 37

Chapter 5 Prosperity Loves Company 47

Chapter 6 Put it in the Vault 63

Chapter 7 Infrastructure and Trade 77

Chapter 8 A Republic is Born 91

Chapter 9 Government Gets Creative 101

Chapter 10 Shrinking Fish 119

Chapter 11 A Lifeline From Afar 129

Chapter 12 The Service Sector Steps Up 141

Chapter 13 Closing the Fish Window 153

Chapter 14 The Hut Glut 161

Chapter 15 The Hut Rut 177

Chapter 16 Stepping on the Gas 193

Chapter 17 The Fish Hit the Fan 209

Epilogue 223

Acknowledgments 229

About the Authors 231

About the Illustrator 233

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How an Economy Grows and Why It Crashes 4.4 out of 5 based on 0 ratings. 43 reviews.
Svetoslav-Elenkov More than 1 year ago
Very easy to read. It's enjoyable, and informative. Even if you understand austrian economics, you'll still get a kick out of reading this. I also recommend it as a gift or educational tool. As an author I appreciate the ability to balance the content of the book so anyone could enjoy it.
WSMtrumpet More than 1 year ago
Wonderful book. It makes economics very easy to understand to somebody of any age. It's a very eye-opening book by an expert on the subject.
RolfDobelli More than 1 year ago
Talk about economics for even a few minutes, and watch your listeners' eyes glaze over. But tell them a story that grabs their attention and makes them smile - then you can teach them anything. That's the tactic controversial Libertarian Irwin Schiff used to teach his sons - brokers Peter D. Schiff and Andrew J. Schiff - the basics of economics. The Schiff brothers have cleverly updated their dad's "fish story," first published in 1979, to show how decades of political and economic blunders have led to financial crisis. With cute cartoons and witty, though deliberately imprecise, characterizations, their picture book presents a fable about the ways that politics and human frailty can lead people to violate the rules of supply and demand - thus creating fishy fiscal headaches. Inserted "reality checks" relate the story's ideas to current events to explain the tale's metaphors to readers at all levels of financial sophistication. While some may disagree with the authors' libertarian views, others may recognize underlying realities in their allegory. getAbstract recommends this fine fable to anyone seeking a simple presentation of a complicated subject. To learn more about this book, check out the following link:
Anonymous More than 1 year ago
This book put the basics of economics into an easy to read, entertaining, and surprisingly humorous story of an island and how it's economy grew from three people fishing with their hands, to how the US's economy is now. Peter Schiff takes what most people view as a very complicated subject, and boils it down to a very simple and easy to read story. I knew very little about economics and loved the book just as much as my boyfriend did, who spends his spare time reading up on everything about economics and knows a lot. This book is eye opening, and really helps you get a grasp on how our economy got to be how it is now.
buchowl on LibraryThing 26 days ago
Peter Schiff is at it again. Yet this time instead of explaining how to invest in an uncertain economy he does something much more basic; he explains what an economy is and how it functions. And not in the snoozefest manner of economic professors (who, as a group, seem to have the same attribute as my college econ profs of being able to make the subject more confusing rather than less). Instead he uses the manner of a favorite first grade teacher of telling a story with line drawing and everything. Bear with me here. From anyone else this method might be insulting to one's intelligence but Schiff manages to pull it off without making his audience feel stupid. This book is not only imminently readable but also full of information; an alternate title could be "Everything You Thought You Knew About the Economy But Were Afraid to Ask". As Schiff tells the story he also puts it in context by sprinkling "Realty Check" boxes throughout and ends each chapter with a "Takeaway" summary to bring the points home. There is also a great deal of poking fun at pundits and politicians with thinly veiled name changes (naw, Peter, tell us how you really feel about TV personality Barry Codroe).This a book that every voting American should read (as a democracy requires an informed electorate) and also should be required reading for every elected official (why do I have a sneaking suspicion that Congress should have read this before passing the hastily passed financial reform bill). I have a child taking economics next year in high school - this will be summer reading for her so she has a solid grasp of the subject. Highly, highly recommended but only if you want to understand the US economy (or any economy for that matter) AND have a sense of humor.
GShuk on LibraryThing 26 days ago
This audio does a great job of simplifying some complicated economic topics using a story format. Unfortunately, he interjects his view of free enterprise good government bad within the story, and makes it sound as if it is the only option. Wish I read this book in high school with a teacher pointing out where the author takes liberties.
Anonymous 6 months ago
Schiff has a firm grasp on the basics and few people are better-equipped than him to explain the basics to the masses. I just wish he was a little more flexible in his beliefs, especially about gold and silver. He sometimes sounds like a broken clock... but this doesn't change the fact that this book is very good. Because it is.
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