Peter Schiff was Right

For the past 2 years or longer this guy has been saying the same thing and being laughed at. Unfortunately he was right. We have had too much borrowing and not enough production and saving. When our economy is 70% consumption it's obvious that our disease is debt. I especially like his quote, that "...we should embrace recession because the disease is all this debt finance consumption... The cure is that we stop the spending and start saving and producing ... sometimes the medicine is bitter but needed"

Video Here

PS: just because Peter is the son of jailed Tax Evader, Irwin Schiff, does not make his views incorrect or less prescient.