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

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

Hardback

By (author) Peter D. Schiff

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  • Publisher: St Martin's Press
  • Format: Hardback | 352 pages
  • Dimensions: 163mm x 236mm x 30mm | 544g
  • Publication date: 5 August 2012
  • Publication City/Country: New York
  • ISBN 10: 1250004470
  • ISBN 13: 9781250004475
  • Sales rank: 55,072

Product description

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 demonstrates how the infusion of billions of dollars of stimulus money has only dug a deeper hole: the United States government simply spends too much and does not collect enough money to pay its debts, and in the end, Americans from all walks of life will face a crushing consequence. We're in hock to China, we can't afford the homes we own, and the entire premise of our currency---backed by the full faith and credit of the United States---is false. Our system is broken, Schiff says, and there are only two paths forward. The one we're on now leads to a currency and sovereign debt crisis that will utterly destroy our economy and impoverish the vast majority of our citizens. However, if we change course, the road ahead will be a bit rockier at first, but the final destination will be far more appealing. If we want to avoid complete collapse, we must drastically reduce government spending---eliminate entire agencies, end costly foreign military escapades and focus only on national defence---and stop student loan or mortgage interest deductions, as well as drug wars and bank-and-business bailouts. We must also do what no politician or pundit has proposed: America should declare bankruptcy, restructure its debts, and reform our system from the ground up.

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Author information

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.

Review quote

"Peter Schiff sounded the alarm about the housing bubble created by the Federal Reserve and predicted the bubble's inevitable collapse, yet he was ignored by mainstream economists and ridiculed by the media. In The Real Crash he is at it again, illustrating how the financial crisis of 2008 is nothing compared to what is coming down the road. Peter Schiff is right again. I hope more people listen this time." - Ron Paul; Congressman (TX-14) and three time Presidential Candidate