“We can enjoy cheaper gasoline, but unfortunately it’s probably a harbinger of another recession,” he told “America’s Forum” on Newsmax TV.

Oil prices have plunged to a five-year low. “They’re falling because the markets are anticipating a big drop in demand, as the world economy goes into recession, and that includes the United States,” Schiff said.

Unfortunately he’s wrong. Why? America has BEEN in a recession (we like to call it a depression) since 2001. There has been no recovery whatsoever except the stock market which is more an indication of dollar devaluation due to massive debt and money printing than actual wealth. It only appears to be free money because they lie about the inflation rate which is now pushing 30% for things like milk and beef.
The price of oil has fallen because American has fallen so much our oil consumption is half what it was just fifteen years ago. IS this normal for a growing country that doubles its population every 40 years? NOPE! IT’s a death spiral it’s a suicide trap you gotta get out when your young cause baby we were born to run.
Schiff is mostly right and his father is an American hero and patriot, but it would help if he kept his comments on the money and reality – “uhm, oil prices are falling because our nation is dying a severe death brought about by our insane marxist leaders and the utter collapse in manufacturing. If it weren’t for the wehrmact using up so much oil in our air craft carriers oil prices would have collapsed to near zero decades ago”
Well, we will wait and see. Just because most of your workers have died does not mean you have low Unemployment Mr. OZama. Let’s hope someone sees the truth and speaks out.