A blast from the past, courtesy of Patterico

Peter Schiff, getting laughed at in 2006 for his belief that the housing market would crash in spectacular fashion.  My only additional commentary is to point out that there’s nothing really to help America when she falls – Greece has the rest of the Eurozone, Europe has America, smaller countries have larger countries; states have the U.S. government.  There’s no country out there with a big military who is friendly to us, who can cover for us as we spend less on R&D and more on servicing our debt.  There’s no big capitalist country out there to produce new drugs, new technologies, new anything to help keep the global economy chugging along.

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