Look – a new book by Peter Schiff!!
Peter Schiff: The Real Crash
I first came to national attention back in 2008 and 2009 when the housing and credit markets imploded. I became known as the guy that other market “experts” laughed at when I warned of trouble brewing in the seemingly indestructible American economy. After the wheels ground to a halt in mid-2008, people noticed that my book Crash Proof, originally released in early 2007, read like a detailed preview of many of the events that eventually unfolded.
Three years later I am now catching heat from many who assume that my predictions actually fell short. They argue that I was able to anticipate the crash but that I severely underestimated the resiliency of the American economy. They admit that we took an “unexpected” blow to the chin, and that it left a lingering bruise, but they argue that we never hit the canvas like I predicted we would.
However, they mistakenly assumed that the crash I was warning about was solely a housing led credit bubble. While that was part of it, I never saw it ending there. The crash that most concerned me was the one that would result from the government’s response to the initial crisis. My concern was not that our economy would succumb to the disease that I had diagnosed, but instead would be taken down by the “cure” that the government unleashed to combat it.
When the government’s delaying tactic, which involves continuous borrowing and money printing is no longer tenable, the dollar could collapse, interest rates and consumer prices could soar and the U.S. economy could implode. That’s the real crash that I was warning about, and the one we all need to be worried about now.
This is the subject of my new book “The Real Crash: America’s Coming Bankruptcy, How to Save Yourself and Your Country.” For now it is just a prophecy but as with my first book, it soon may be regarded as history. Unfortunately, the policies of both the Bush and Obama administrations, and the Ben Bernanke led Federal Reserve, have vastly raised the chances that my catastrophic view will come to pass. However, it’s not all gloom and doom — I devote a large majority of the book to solutions. The real crash may be inevitable, but what we do in response is not. We can follow on the path that I recommend back to prosperity, or we can continue on our current course which I believe will lead to economic ruin.