Topic: 1970s

Peter Schiff predicts a period of "dragflation" that will be far more severe than the stagflation of the 1970s. He argues that the Federal Reserve cannot fight inflation without collapsing the entire insolvent banking system. The segment highlights the shift in American culture from the rugged individualism of the 1930s to a modern "entitlement" society that is unprepared for economic hardship.

Reflecting on the economic turmoil of the 1970s, Gerald Celente describes how he used his understanding of geopolitical trends to make a fortune in the gold futures market. He realized that the "island of stability" rhetoric regarding Iran was false and bet on rising gold and oil prices. This success allowed him to quit his government job and establish himself as a full-time trend forecaster.