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Peter Schiff said: "We had a dot com bubble, we had a housing bubble, you can't rely on a consumer economy, you have to produce!"

Oil has gone from $28 a barrel to $99 a barrel in the 5 years since January 2004.  Eerily, this kind of price action is seen somewhere else - yes, real estate.  However, unlike oil, there are still plenty of houses out there, and more are being built all the time. 

One panelist passes off this price action in oil as a mania.  Peter Schiff disagrees, and drops the "i" word, yes that's inflation, pure and simple. 

And what happens as the Yuan appreciates and oil gets cheaper for the Chinese while it gets more expensive for Americans as the dollar drops further?

Don't forget $100 dollar a barrel oil doesn't cost nearly as much as $100 dollar oil would have cost a year ago.  And what if commodity pricing switches to Euros or gold?  Doesn't that weaken the US economy further, as unused dollars flood home?

Some good stuff in this round table video.