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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

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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 defense---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, default on its debts, and reform our system from the ground up. Persuasively argued and provocative, The Real Crash explains how we got into this mess, how we might get out of it, and what happens if we don’t. And, with wisdom born from having predicted the Crash of 2008, Peter Schiff explains how to protect yourself, your family, your money, and your country against what he predicts.
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 defense---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, default on its debts, and reform our system from the ground up. Persuasively argued and provocative, The Real Crash explains how we got into this mess, how we might get out of it, and what happens if we don’t. And, with wisdom born from having predicted the Crash of 2008, Peter Schiff explains how to protect yourself, your family, your money, and your country against what he predicts.

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Publish date: May 22, 2012
Added to Scribd: Apr 13, 2012
Copyright:Attribution Non-commercial

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11/04/2014

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he advice and strategies in this book constitute the opinions of the author and may notbe appropriate for your personal financial situation. You should therefore seek the adviceand services of a competent financial professional before utilizing any of the investmentstrategies advocated in this book.THE REAL CRASH. opyright 2012 by Peter D. chiff. ll rights reserved. Printed in theUnited tates of merica. For information, address t. Martin’s Press, 175 Fifth venue,New York, N.Y. 10010. www.stmartins.com ibrary of ongress ataloging-in-Publication Datachiff, Peter D., 1963– he real crash : merica’s coming bankruptcy— how to save yourself and yourcountry / Peter D. chiff.—1st ed.p. cm.IBN 978-1-250-00447-5 (hardcover) IBN 978-1-250-00835-0 (e-book) 1. United tates— conomic conditions—2009– 2. United tates— conomicpolicy—2009– 3. Debts, Public— United tates. 4. aving and investment— United tates. I. itle.106.84.35 2012330.973—dc232012007416First dition: May 201210 9 8 7 6 5 4 3 2 1
 
As I stated in the
introduction, the
real crash
I predicted in my firstbook is still coming.You see, before 2006, I had been predicting an economic catastrophe inthe United tates, with the burst of the housing bubble being the catalyst.Once that bubble burst and major banks went to the brink of failure, peoplebegan crediting me with “calling the crash.” But what we saw in 2008 and2009 wasn’t the crash. hat was the overture. Now we have to sit throughthe opera.he economic unpleasantness of those days was definitely
part
of thereal crash, but only because of the way our politicians responded— replacingone government-created bubble with another, thus putting our economy ateven greater risk.he same bubble machine that fueled the last two boom-bust cycles— the Federal eserve— is already back in high gear, and we must turn it off. heFed needs to stop fueling inflation and start sucking dollars back out of theeconomy. It also needs to let interest rates rise. When the Fed does these twothings, Washington’s free ride will end— it will no longer be able to borrowat near zero interest. s a result, ongress will have to slash spending, fixour entitlements, and generally shrink government.hese are the right things to do today— they were the right things todo ten years ago. But soon they will become inevitable. We will have nochoice.My past books predicted the crash. his book goes a step further and laysout the steps we need to take in order to make this crash as painless as pos-sible and to rebuild in the aftermath. We need to wind down entitlements,eliminate many government functions, and stop playing with the money
1Where We Are andWhere We Are Headed

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