He was right.

Peter Schiff is not perfect but he called the economic debacle that was looming quite nicely. This clip is from 2006 which is just a year or so before The Great Recession. Note that the economist sheeple he debates in this clip can't see the forest from the trees.

Don't give a junkie more drugs, don't give a debt junkie more debt

"We had less debt cumulatively (two years ago), and more people employed. Today, we have more risk in the system, and a smaller tax base," Taleb said.

~Nassim Taleb, professor and author of the bestselling book "The Black Swan."