Here's a video from 2006 where Peter Schiff predicts the current crisis. It's funny to hear the other guy telling Peter how stupidly wrong he is. Guess who looks stupid now!
Peter's latest newsletter makes the following chilling prediction, some of which is already coming true:
"The government will now attempt to keep bad loans from failing and real estate prices from falling. Rather then allowing market forces to rein in excess borrowing and replenish savings, it will encourage even more borrowing and drain what is left of our savings pool. Rather than allowing our economy to return to one based on legitimate production, it will continue to encourage reckless consumption."
"In the end, by refusing to allow market forces to work their cure, our economy will inevitably die from the disease. Our economy will now face death by hyperinflation, which will cause a complete loss of confidence in the dollar and result in prices and interest rates skyrocketing out of sight. The evaporation of our national wealth will lead to civil unrest, food and energy shortages, and the possible imposition of martial law. If such a scenario unfolds, what is left of our Constitution will surely be completely shredded."
Let's hope that this time he's wrong.