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The Real Crash (Audiobook) by Peter Schiff |

People who bought this also bought However, "the real crash" will come about if this warning is not heeded, where creditors lose faith in repayment of debts and interest rates rise to compensate for additional risk to creditors. Therein lies a viscous cycle which presumably likely be solved by excessive money printing and hyperinflation.

Capitalism is dead in America America is synonymous the real crash peter schiff free-market capitalism. However, as Schiff sees it, America was capitalist during previous, more prosperous times but it has gradually turned its back on capitalism.

Therefore, peoples discontent with the current state of affairs in America is misplaced. Savings and investment in America has been replaced with borrowing and consumption.

PMTrend Blog - 'The Real Crash' Book Review

Schiff says this consumerism is unsustainable and that government policy encourages this behavior. Government intervention and its perverse effects Schiff believes that government intervention is the source of many economic problems with America.

In the late 90s, early s, we the real crash peter schiff an Asian financial crisis, a tech bubble in the s, and September In order to stimulate the economy the government the government intervened to try to prop up the economy.

Firstly, the Federal Reserve chairman Alan Greenspan lowered interest rates too low. The government through its policies encouraged a housing bubble to develop.

The Real Crash: Peter D. Schiff: : Books

In both cases, the results were disastrous, as evidence by the financial crisis and subsequent bailouts. Since the crisis, Schiff argues we have learnt nothing from the real crash peter schiff crisis and simply kicked the can down the road.

Jobs - Government versus Private Schiff is particularly scathing of government job creation as the cost per job is very high and the productivity is very low, relative to the private sector.


The government has policies, such as the "hiring penalty" of federal and state laws and regulations and the "hiring tax" the payroll tax. Schiff argues that unemployment would the real crash peter schiff be as high as it is if wages were allowed to fall. For some people, the government should abolish the minimum wage, as he argues some entry level jobs would not make it worthwhile for the employer to hire at the minimum wage.

The Real Crash: America’s Coming Bankruptcy—and How to Save Yourself and Your Country

Financial regulation is not the solution In response to the financial crisis, the financial industry became more regulated. This was the real crash peter schiff essence because private sector did not identify nor manage risk well enough to withstand the housing bubble popping.

However, Schiff argues deposit the Federal Deposit Insurance Corporation FDIC and the deposit insurance creates moral hazard, as people do not take personal responsibility on researching the solvency of the bank they have their saving account with.

Schiff provides some personal experiences of regulations which he argues "don't actually improve consumer experience or financial security" [1]. Sound money The current monetary system relies on a central bank to set interest rates and endlessly inflate the currency. The shock value of these dramatic proposals, however, reverberates even as the supporting evidence seems largely inadequate.

Some observations are unassailable, such as the real crash peter schiff reminder that college loans have economic costs.

The Real Crash

Kind of makes sense to me. But most of his other proposals seem extreme. Or most likely, this book is a huge sales the real crash peter schiff for his mutual funds and precious metals sales and physical storage business masquerading as a book. Capitalism is not benevolent. Unfettered, unbridled capitalism can be brutal as it seeks the highest rate of return regardless of societal impacts or collateral damage.