Peter Schiff did not start out as one of my regular "reading list" authors...in fact, he originally irritated me quite a bit. However, after listening to several interviews on Financial Sense as well as numerous traditional media channels/outlets, reading several of his books...and watching with my own eyes/ears his rather pessimistic prognostications come about...I changed my tune. As a college instructor and business writer, it's not easy to do a turn-about...on the other hand, watching what is taking place across this nation (and indeed the world) isn't "easy" either.
However, after he announced his decision to pursue politics I expected this new book to be an extended "positioning statement". Whether you like or dislike Schiff, here is why you should read this book...and buy an extra to share with someone you care about.
1. It's funny. Okay, perhaps "funny" isn't a major reason to purchase this book but there is a decidedly quirky humor underlying the writing that makes this very accessible to people that wouldn't normally enjoy reading a book about economics. Schiff does a great job keeping this accessible to every type of audience without insulting the intelligence of the reader...in fact, he takes great pains to "de-mystify" the veil of complexity that surrounds issues that should be taught to every informed citizen.
2. Irwin Schiff. The father of Peter Schiff...I've read a couple of his books out of pure curiosity. While I do not personally agree with the position taken by the senior Schiff, I was utterly shocked to learn that at age 82 he remains incarcerated. Considering the recent fiasco of financial misconduct, it speaks volumes as to the priorities of the government. This book builds upon a story...and philosophy...initiated many years ago. Agree or disagree, it takes a man of courage and strong conviction to live his beliefs. I suspect men such as this are quickly becoming an endangered species in their own right.
3. Food for thought - while fishing. This is a wonderful way to introduce kids to the basic tenets of economics, personal responsibility (gasp - for the few of you out there that still believe in such a thing) and other foundational ideas. It's one of those books that will grow with their own understanding. Adults will absolutely appreciate this allegorical tale. Those that are searching for ways to understand a tough topic will enjoy the easy to read comparisons. Those that already adhere to Schiff's point of view/philosophy will REALLY enjoy the humor. Critics will not only enjoy the ability to take pop shots and blow things out of proportion but are likely to find plenty of ammunition for future debate. No matter how you cut it...everyone wins!
In this world there have always been a select few "Cassandra's" who were destined to remain a lone voice crying in the wilderness while others remained unable or unwilling to listen. However, they play an important role in history by serving as a witness that there were choices...choices that were not taken but choices just the same. They serve as evidence that some people were aware of the problem and there were other options. Whether you agree or disagree...an earnest debate is always preferred to an ignorant mind.
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Reviews with images
Great job at explaining the foundation of economics and government intervention consequences.
Top reviews from other countries
Adrienne
Life changing read
Reviewed in Canada on July 15, 2021
Adrienne
Reviewed in Canada on July 15, 2021
The strength of this book comes in Schiff's natural story-telling skills. I am a huge fan of his podcast "The Peter Schiff Show," and just like his weekly podcasts this book is highly entertaining. Schiff sense of humour kept me chuckling when turning the pages and the clever cartoon illustrations just added more of his dark humour to the text. It was interesting to see the analogies between the trade relations between China and the United States. The trading deficient has been declining over the past few decades and America's reliance on foreign goods will hurt them in the end. Schiff's stories give the reader a dark foreboding of the future but there is still time for America to change their ways. The book ends with a hopeful note, not only for the reader where they learn different techniques to prepare for the inevitable housing crisis and economic recession (or depression) but also the steps the FED and politicians can do to stop things before it is too late.
As I read this book the CPI has just been released for the month of June and the inflation rate is "unexpectedly" higher than anticipated. The price of oil is skyrocketing, and basic consumer goods like food are steadily rising. How much longer will it be before we see an increase in the price of rent, electricity, and the basic necessity that American's need to pay on a monthly basis? I live in a foreign country (Canada), and even I can see the price of consumer goods doubling in grocery stores in comparison to last year. Schiff predicted these events would take place, long before Covid-19 packed a sizeable punch in the world economy. Now that the printing press is spinning, you can't help but wonder what will happen next, especially as the US national debt is increasing month by month in the year 2021. I think Peter Schiff sums it up the situation nicely with the following quote:
"If our government won’t impose financial discipline, then our creditors, most notably China and Japan, eventually must. Although there are many forms in which this discipline could be delivered, the most likely method is that they simply stop buying our debt."
Dark times lie ahead of us, but there is still a chance to make things right. I look forward to reading more of Peter Schiff's works. Highly recommend this book for anyone that is interested in finances, investing in gold, or the importance of free trade relations without heavy government involvement.
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CV
Something complext like economics & bueiness beatifully explained so a child could understand it
Reviewed in Germany on February 14, 2024