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Hindsight is 20/20: Peter Schiff and the economic crisis (predicted)

Updated on December 21, 2011

Sometimes the truth can only be seen in retrospect.

There was a time when the world (the Church) believed that the sun revolved around the earth. They were sure. So sure, in fact, that Galileo was placed under house arrest by the Roman Inquisition for heresy when he presented the idea of heliocentrism. The only reason his life was spared being that he was a childhood friend of the current Pope. Today we know the truth.

There was a time when people knew the earth was flat. They didn't think it was flat or believe that maybe it was flat, they KNEW. Then Columbus sailed the ocean blue, and instead of falling off the end of the earth, he discovered the West Indies... and... Today we know the truth.

There was another time, when people believed they could enslave other people, solely based on the color of their skin. They even found a way to legitimize it in their religion. People fought and died... either in support or protest of this belief. It took over a hundred years, but today we know the truth.

And all throughout history, only until recently, our solar system was made up of nine planets. Advances in technology have proved otherwise, and we are now less one planet Pluto. It was fun while it lasted. But today we know the truth...

The Sky Is Falling!

 Fast forward to 2006. All was well with the American economy. The average household income was way up, the stock market was up, the job market was back in full swing, and houses were going up in value like nobody's business (it was in fact, a very lucrative business, indeed).

Times were economically sound. You couldn't tell different. Any economist worth his salt was forecasting a bright, prosperous future. Yes, it was all "lollipops and rainbows" as my wife likes to say.

But one man knew the truth.

There might be others who also saw what was coming, but I only know of this guy, so here you go. His name is Peter Schiff. I'll spare you the biography and other pertinant details of his life and career since this hub is about the American collective thought process, and not Mr. Schiff. Below is a video which pretty much show's exactly what happened.

 Peter Schiff predicted everything that has happened with our economy. He was laughed at. Literally. They thought he was crazy. They thought the ARM loans would be a blip on the radar. They thought the economic forecast would be bright and sunny for years and years to come! Today we know the truth.


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    • Lgali profile image

      Lgali 9 years ago

      very good hub

    • ParadigmShift... profile image

      ParadigmShift... 9 years ago from San Jose, CA

      Actually, if you look him up on youtube, he already has some predictions for this year. Also, here in the States, there are more loans going adjustable this year than there were last year, so you can do the math on the foreclosures...

    • Amanda Severn profile image

      Amanda Severn 9 years ago from UK

      I had a similar conversation at a friend's party a year ago. Our UK property prices had just begun to nudge down, and it was fairly obvious within the property business that there were more falls to follow. I ventured to predict a total fall of 30-40% and was completely shouted down. Sometimes when people are in good financial shape, they can't see that others are struggling, or maybe it just suits them not to see that. Unfortunately my prediction might be a little on the light side as house in my area are already down 15-20% over the last year, and the banks are still not lending sufficiently to get things moving again. Jobs are going quickly even here in the so-called affluent South (I live in Sussex) and I worry that things will get much worse before they get better. I'd like to hear Peter Schiff's views about what's coming next!

    • ParadigmShift... profile image

      ParadigmShift... 9 years ago from San Jose, CA

      I'm thinking Ben Stein lost alot of his money (along with his credibility) with the Lehman Bother stock!! The only "blip on the radar" was his money.

    • Anna Marie Bowman profile image

      Anna Marie Bowman 9 years ago from Florida

      No, that show isn't even on anymore...come on, focus, Chris...only a couple of days till the Jeopardy test!

    • Christoph Reilly profile image

      Christoph Reilly 9 years ago from St. Louis

      Yea. Maybe we can Win Ben Stein's Money!

    • Anna Marie Bowman profile image

      Anna Marie Bowman 9 years ago from Florida

      WOW!!! I think I am going to take advice from this guy!

    • ParadigmShift... profile image

      ParadigmShift... 9 years ago from San Jose, CA

      Seriously! I would especially love to see Ben Stein.

      That wasn't one of my hubs, but it sounds like it's worth a read!

    • Christoph Reilly profile image

      Christoph Reilly 9 years ago from St. Louis

      Wow. He really hit the nail on the head. I would love to see all those opp!osing morons on a show today while they are shown that clip. Wonder what excuse they would come up with!

      Great stuff!

      (Did I read on one of your hubs about the car bumper sticker that read, "This vehicle is equipped with a Paradigm Shift?")


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