There will be a Precipitous Drop in the value of the Dollar

Ludwig: So you see Treasury auctions starting to go poorly? What are we talking about here? 

Peter Schiff : That, or the Federal Reserve is going to be the only buyer for Treasurys. But there will be a precipitous drop in the value of the dollar; prices are going to skyrocket for pretty much everything; and maybe the government will impose price controls on food products and energy, and everybody is going to be standing in long lines just to get the basic necessities of life.
Take a look at Greece today. Look at all the government employees protesting. It will look like that, except not as civil. - in seeking alpha


Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.