My colleague Zac Bissonnette shared this before and I have brought it back for a reprieve because there are many people that have not seen it and it is incredible to witness the "experts" ridiculing someone to the degree they did. It's one thing to put your foot in your mouth, but it is entirely a different matter to insist on putting the second one in there with it in public!

Among the many things he identifies as problems are an economy that was 70% dependent on the consumer based on a false sense of wealth that would reach its limits and have to revert back to saving more and that in turn would stop feeding the false economy.

He discusses the unsustainable earnings of the banking industry and the leverage that would come back to haunt them and the housing demand that was not increasing but actually decreasing and foretold of the inevitable collapse we were going to see.

One thing I have always had right was my banging the drum for lower debt, higher savings, and of the utmost importance, a focus on productivity to offset the currency float and maintain job growth.

When you watch the video, and you see how extremely wrong Schiff's detractors were, you won't believe your ears!

If you have the time you might also want to read my post from last year Serious Money: Stimulate productivity not consumption

Perhaps I should be looking into the current views of "my new pal Peter" (don't worry Warren your still on the list) and find out what he is contemplating now. By the way I must give credit to two of our readers who had similar thoughts to Schiff and that would be William Linblad and Mr. noital who has not graced our comment section lately.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money.