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

Peter D. Schiff

Language: English

Pages: 464

ISBN: 1250046564

Format: PDF / Kindle (mobi) / ePub


Peter D. Schiff has fully revised and updated his provocative New York Times, Wall Street Journal, and USA Today bestseller The Real Crash. First published in 2012, The Real Crash 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.
Since 2012, what has happened with our economy? The stock market continues its illusory gains, the Fed "tapers" while some jobs return, and yet the fundamental threat to our way of life has only grown worse-- much, much worse. The United States government nearly defaulted on its debts and the solution was to raise the debt limit-- to spend yet more money, to go even deeper in hock to China, and to burden every American with obligations that are impossible to repay.
With incisive analysis and expert financial understanding, Peter D. Schiff reveals that the road we're on will lead to an abrupt devaluation of our currency and a crash that will upend our power, our political system, and our way of life. This new edition of The Real Crash includes more than 35,000 new words of text, which cover:
-The 2013 government shutdown, the debt crisis, and how the solution only dug a deeper hole
-The IRS political auditing scandal and why the average American should care
-What will happen when the government stops inflating the stock and real estate market bubbles
-How Detroit's bankruptcy mirrors our national situation: too many promises, not enough revenue
To avoid complete collapse, America must drastically reduce government spending, and regulations that drain businesses and suppress economic growth, eliminate costly and unnecessary agencies, stop foreign military escapades, and cut entitlements of all kinds for all classes of people. And, with wisdom born from having predicted the Crash of 2008, Peter D. Schiff explains how to protect yourself, your family, your money, and your country from the even greater crash that lies ahead.

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Competition can be more local than at the state level. Take public education: why should towns send their money up to the state capital just to have it returned, with strings attached, for schooling? Why not let cities and towns fend for themselves wherever possible—not just in education, but also in road building, liquor laws, zoning, and more. It’s easier to move from one town or city to another, allowing for even more experimentation. Again, it boils down to this: if you have to have

screws it up. The real reform of our government will come only when politicians are forced to change. Right now, there’s no accountability for bad governance because we just keep borrowing, inflating, and consuming. That’s going to change some day, and the sooner it does, the better. 11 America Is Bankrupt: Time to Admit It EVERYONE KNOWS OUR NATIONAL DEBT is huge. It’s so large that it’s hard to comprehend the size. Both parties say they want to reduce the debt, but neither party

lengthened and complicated the sales process, which severely limited the number of investors that came on board. Since there was only a short time window to put this trade on, many who might otherwise have invested before it shut were prevented from doing so. SEC rules also forced me to cap the number of investors I could include in this fund. This cap made it impractical for me to allow smaller investors to participate. Every small investor I allowed in—say someone wanting to put up $5,000 to

taxing. While some politicians seem to like taxes, especially taxes on the rich, most lawmakers with any political ambition shy away from tax hikes whenever possible The reason is simple: voters don’t like paying higher taxes. Second, government can get the money through borrowing. The U.S. Treasury sells bonds and bills and other types of debt. The buyer is now walking around with an IOU, and the Treasury now has cash. This is much easier politically, but it still has downsides: Interest and

artificially low interest rates, a lot of people borrowed money that they could not pay back in order to pay inflated prices for houses they could not afford. All told, Americans are laboring under about $13 trillion in mortgage debt. But it’s not in the past. After a brief period of paying down debt and increasing savings, thanks to the Fed, American families are once again borrowing more than they’re saving. Total consumer debt is $2.5 trillion, while credit card debt is $789 billion. That’s

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