I caught Peter Schiff's show live tonight, and you can tell from the tone of his voice he is extremely worried about the current state of affairs.

I have gone back and listened to his past shows, videos, and read his columns since roughly 2002, and I can honestly say I have never seen him make one error in his macro views of the economy. He never claims to be able to time things perfectly, but sooner or later, everything he has forecasted has turned out.

He was so explicit today, going so far as to say that with this bailout, he is sure that his worst-case scenario is going to come true. That is, hyperinflation, the dollar going to zero. He also mentioned the civil unrest and martial law that this would bring about.

"This guarantees the destruction of our currency."

I think it would be wise to keep the accuracy of his macro views in mind when dealing with the gyrations of a sometimes irrational market.

Hysteria