crisis in Iraq hitting world economy

Iraq's largest oil refinery shut down Wednesday amid ongoing fighting between military forces and insurgents with the Islamic State in Iraq and Syria. The Beji refinery accounts for a quarter of the country's refining capacity, and the shutdown showcases how the economic effects of the crisis may quickly spiral. RT's Ameera David discusses the potential economic impacts of the fighting with Peter Schiff, president of Euro Pacific Capital.

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.