Peter Schiff explains that this crisis is not "merely" a financial crisis like in 2008 but an economic crisis with much bigger repercussions:
The financial crisis of 2008 was a cake walk compared to this. All that happened in 2008 was real estate prices fell, borrowers defaulted, and lenders lost money. Today global commerce is grading to a halt. Production is shutting down. This crisis is economic, not merely financial.
