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Peter Schiff's Economic Crash Prediction in 2006

Nov 28, 2008

Here's a gloomy economic prediction in August of 2006 (over two years ago) during an interview of economist Peter Schiff. The moderator laughed at him and even made a one-penny bet with him that economic collapse would not happen. The moderator lost the bet, of course. This is a 5-minute news clip, which is quite interesting.

http://finance.yahoo.com/tech-ticker/article/134633/Crisis-Only-Just-Beginning:-Right-About-the-Crash,-Peter-Schiff-Sees-More-Pain-Ahead

Here's a quotation that goes back even further in history. . .

"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance."

Cicero, 55 B.C.

It seems that monetary policy has always been a problem, and people never learn.


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Dr. Stephen Jones


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