Peter D. Schiff - How an Economy Grows and Why It Crashes

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ACKNOWLEDGMENTS

The central allegorical model of this book is borrowed from How an Economy Grows and Why It Doesnt, published in 1985, by Irwin A. Schiff, who generously bequeathed the idea to his offspring.

The authors also wish to thank the contributions of Brendan Leach who was able to illustrate quickly and creatively and give visual dimension to our sense of humor; and the staff at John Wiley & Sons, particularly Kelly OConnor, whose help was vital in putting this material together in a coherent and entertaining package. We also would like to thank Mike Finger at Euro Pacific Capital who provided much philosophical and aesthetic feedback. Lastly we should thank all of those who have supported Irwin over the years with their thoughts and letters. It means a lot to him.

ABOUT THE AUTHORS

PETER D. SCHIFF is the popular author of the bestselling books Crash Proof and The Little Book of Bull Moves in Bear Markets, both published by John Wiley & Sons. He is a seasoned Wall Street prognosticator known for predicting the economic crisis of 2008. Schiff began his career at Shearson Lehman and joined Euro Pacific Capitala broker-dealer with expertise in foreign markets and securitiesin 1996, becoming president of the firm in 2000. He is frequently quoted in major publications such as the Wall Street Journal, Barrons, the Financial Times, and the New York Times, and has been on Squawk Box, Closing Bell, Fox News, and other programs. In 2009, he announced his candidacy for the U.S. Senate in his Home state of Connecticut. He lives in Weston, CT with his wife Martha and his son Spencer. For more, visit Peter Schiffs official book site at www.peterschiffonline.com.

ANDREW J. SCHIFF is the Communications Director of Euro Pacific Capital and long-time spokesperson and writer for the firm. An expert in media relations and financial communications, Andrew has spoken at numerous conferences and has appeared on television where he has helped articulate the themes of free market capitalism and limited government. He lives in Brooklyn, NY with his wife Paxton and their two children, Ethan and Eliza. In his spare time he reads history, looks at architecture, and plays the mandolin.

ABOUT THE ILLUSTRATOR

BRENDAN LEACH is a New York City based illustrator and comics creator whose work has been published in Time Out New York, Time Out New York Kids, The L magazine, SVA Visual Arts Journal, Paracinema Magazine, Smoke Signal, and Rabid Rabbit. He received a masters degree from the School of Visual Arts in New York City. His work can be found at iknowashortcut.com. He lives in Brooklyn, New York.

CHAPTER

AN IDEA IS BORN

Once upon a time there were three menAble, Baker, and Charliewho lived alone on an island. Far from a tropical paradise, the island was a rough place with no luxuries. In particular, food options were extremely limited. The menu consisted of just one item: fish.

Fortunately, the island was surrounded by an abundant population of strangely homogeneous fish, any one of which was large enough to feed one human being for one day. However, this was an isolated place where none of mankinds many advancements in fish-catching technology had arrived. The best these guys could do was jump in and grab the slimy buggers by hand.

Using this inefficient technique, each could catch one fish per day, which was just enough to survive to the next day. This activity amounted to the sum total of their island economy. Wake, fish, eat, sleep. Not much of a life, but hey, it beats the alternative.

And so, in this super-simple, sushi-based island society there are.

No savings!

No credit!

No investment!

Everything that is produced is consumed! There is nothing saved for a rainy day, and there is nothing left to lend.

Although our island dwellers lived in a primitive society, it didnt mean that they were stupid or lacked ambition. Like all humans, Able, Baker, and Charlie wanted to improve their living standards. But in order to do this, they had to be able to catch more than one fish apiece per day, which was the minimum they needed to survive. Unfortunately, given the limitations of their bare hands and the agility of fish, the three were stuck at subsistence level.

One night, looking up into the star-studded sky, Able began pondering the meaning of his life. Is this all there is? There must be more to life than this.

You see, Able wanted to do something besides fishing by hand. Hed love to make some better, more fashion-forward palm-leaf clothing, he wanted a place to shelter himself from monsoons, and ultimately, of course, he wanted to direct feature films. But with his daily toil so devoted to fishing, how could these dreams ever come true?

His mental wheels started turning and suddenly an idea for a fish catcher was borna device that could vastly expand the reach of the human hand while severely reducing a fishs ability to escape after the initial grab. With such a contraption, perhaps more fish could be caught in less time! With his newfound time, perhaps he could start to make better clothes, build a shelter, and put the finishing touches on his screenplay.

As the device took shape in his mind, the orchestral music began to swell, and suddenly he conceived of a future free from daily fish drudgery.

He decided to call his device a net, and he set about finding materials to build one.

The next day, Baker and Charlie noticed that Able wasnt fishing. Instead, he was standing in the sand, making string out of palm bark. What gives? asked Baker. Are you on a diet or something? If you keep sitting there tying those strings, youre gonna go hungry.

Able explained, I have been inspired to create a device that will unlock oceans of fishing possibilities. When Im finished, Ill spend less time fishing, and Ill never go hungry again.

Charlie rolled his eyes and wondered if his friend had finally lost his mind. This is madness, I tell you madness. When it doesnt work, dont come crying for a piece of my fish. Just because Im sane doesnt mean Im gonna pay for your crazy.

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