'Dr. Doom' Zeroes In On Inflation

With oil at $100 a barrel and stagflation in the air, Dr. Doom is at it again.

Peter Schiff called dot-com mania a stock market bubble early in the 1990s. He predicted the U.S. housing blow-up years ago. He called the 2003 deflation scare bogus, he recommended oil at $30 and he's been bullish for at least a decade on gold and other commodities that are hitting record highs.

Now, with Wall Street clamoring for lower interest rates to prevent a meltdown in the world's financial markets, Schiff -- who earned his nickname and antipathy from Wall Street peers for his dire prognostications -- is playing the contrarian again. He says the Federal Reserve should raise rates dramatically to prevent a catastrophic outbreak of inflation. If he's right this time around, we're all in trouble. ...