Economic collapse is a drastic reduction in economic activity and production of goods and services to the point where the economy (local, national, global) is no longer able to support the individuals that depend on it.
Predictions about the United States economyPeter Schiff, who predicted the Crash of 2008, asks,
"Since 2012, what has happened with our economy? The stock market continues its illusory gains, the Fed 'tapers'" quantitative easing "while some jobs return, and yet the fundamental threats 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" via Treasury Bills, "and to burden every American with obligations that are impossible to repay." Mr. Schiff "reveals that the road we're on will lead to an abrupt devaluation of our currency and an economic crash that will upend our power, our political system, and our way of life."
- The 2013 government shutdown
- The national debt crisis
- How the solution of quantitative easing 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 market and real estate market economic bubbles
- How Detroit's and other US cities bankruptcies mirror our national situation: too many promises, not enough revenue
Mr. Schiff asserts that "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."
In the six years following Mr. Schiff's prediction, the United States economy has grown rather than experienced an economic collapse.
Bibliography - Further Reading
- Schiff, Peter D., The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country. Hardcover: 464 pages. Publisher: St. Martin's Press; Second Edition, Revised edition (April 8, 2014). ISBN 1250046564. ISBN 978-1250046567.
- Snyder, Michael, The Beginning Of The End, The Economic Collapse Blog. Paperback: 442 pages. Publisher: CreateSpace Independent Publishing Platform (May 15, 2013). ISBN 1484871308, ISBN 978-1484871300.
- Snyder, Michael, TheEconomicCollapseBlog Financial Market Collapse, The Economic Collapse Blog, 2015.
- "Peter D. Schiff is an American investment broker, author, and financial commentator, and was a candidate in the 2010 Republican primary for the United States Senate seat from Connecticut. He frequently appears as a guest on CNBC and Fox News, and is the host of the radio show and podcast The Peter Schiff Show. He is the author of the New York Times bestselling Crash Proof and Crash Proof 2.0, as well as The Little Book of Bull Moves in Bear Markets, which was also a Business Week bestseller." Schiff, Peter D., The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country. Accessed February 21, 2015
- Schiff, Peter D., The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country'