Synopses & Reviews
New York Times
bestselling financial author and economist, Peter Schiff, warns of the inevitable bankruptcy facing America and lays out not only how we got here, but what we can do about it.
In The Real Crash, Peter Schiff details the issues facing our current economy and predicts that if changes are not made, the worse crash is still to come. Schiff argues that the America's excess consumption is to blame, and that the government is exacerbating the situation by creating bailouts and stimulus plans that are merely blowing the bubble back up instead of revamping the broken system. Schiff's prescription is this: we need to consume less and save more while companies invest for the long-term and the government tightens its belt. Perhaps most shockingly, Schiff declares that the only good solution is the one that no politician, debt commission, or TV talking head is proposing: America needs to acknowledge the reality, default and declare bankruptcy and begin reforming our broken system from the ground up.
"As the subtitle suggests, this treatise on looming national disaster disdains understatement and nuance. Schiff, a financial commentator, investment broker, and former candidate for the U.S. senate, extends the message of his 2007 title Crash Proof by painting the starkest of financial pictures: 'We're already bankrupt, it's time we declared it.' Grit teeth and tackle problems now, he says, or suffer hyperinflation and total collapse. His prescriptions for dismantling profligate government sound like Ron Paul (for whom Schiff was an economic advisor): kill the income tax, slowly phase out Social Security and Medicare, end all college tuition subsidies, and eliminate the 'moral hazard' of federal deposit insurance. The shock value of these dramatic proposals, however, reverberates even as the supporting evidence seems largely inadequate. Some observations are unassailable, such as his reminder that college loans have economic costs. Others involve lurid overstatement: 'Thanks to the income tax, you really don't have rights anymore.' Historical amnesia also enters in we must ensure 'sound money' by returning to the gold standard. Schiff concludes with investment suggestions on coping with the assumed future breakdown, working in references to his earlier books. Readers enamored of apocalyptic prophecies will find his views congenial; skeptics may find food for thought if not for panic. Agent: Lynn Sonberg, Sonberg Book Associates." Publishers Weekly Copyright PWxyz, LLC. All rights reserved.
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.
Table of Contents
IntroductionPart 1: Where We Are and Where We Are Headed
1. Where We Are and Where We Are Headed
2. How We Got Here: Government is the Problem
3. The Problem 2.0: We've Learned Nothing and Things Are Getting Worse
Part 2: The Solutions
4. Jobs, Jobs, Jobs: Government Can Improve Employment Only by Getting Out of the Way
5. How to Fix the Financial Industry: Deregulate
6. Sound Money: Return to the Gold Standard
7. Tax Reform: For Starters, End the Income Tax
8. Tear Up the "Third Rails": End Social Security and Medicare
9. Fixing Higher Ed: Time to Drop out of College?
10. Health Care: Repealing ObamaCare is Just the Beginning
11. Putting Government in Its Place
12. America Is Bankrupt: Time to Admit It
13. Investing for the Crash
Appendix 1: Letters to Investors
Appendix 2: A Brief History of Money in America