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Peter calls a recession "necessary medicine", to put the US economy back on course.

The Fox host tries to float the idea that all the recent media talk about a recession is worsening the situation, as Americans become more aware and cautious about what is happening.

Peter has another point of view, he says the main reason for a recession is, Americans are broke!  They borrowed and spent like there was no tomorrow, and now the chickens are coming home to roost.

Thank goodness someone like Peter Schiff is able to get on these shows and state the obvious.  Too bad more people weren't paying attention a couple years ago.

Which brings up a related point, I wonder if people here in Canada are paying attention? 

We're on the verge of an economic collapse, not just a recession.

This means the economic foundations of America need to be rebuilt, which is going to cause a lot of tough problems in the short term.

This is the beginning of the end for the US. Consumption is not a god-given right of americans, it can go elsewhere.

These are some of the ideas tossed around by Peter Schiff. 

As usual, other panel members try to talk over Peter Schiff, interrupt him and label him as hysterical.

But as Peter, overly smug but accurately replies, his recent track record on these things is a lot better than his detractors.

Promo piece for Peter's book.

Peter Schiff has been laying this all out for awhile, why does anyone act as if the current US economic situation is a surprise?

Peter talks with a caller about the possibility that a credit contraction necessarily produces deflation similar to the Great Depression.

Peter differentiates between deflation in terms of value of goods compared to the price of gold and inflation in US dollar terms because the prices of items in a global market will still be going up in terms of US dollars.

Peter argues that the US is more comparable to Argentina (hyperinflation), rather than Japan, where there has always been a high savings rate.