Of course! However, if you only listen to the media you might have heard that this came out of left field. The video below is Peter Schiff (Economic advisor for Ron Paul) in 2006 predicting what is happening now. Of course when there is somebody predicting rough times for us there is somebody trying to make them look like a fool. In this case if is Art Laffer. Laffer is such a tool. "Monetary policy is spectacular."

http://www.youtube.com/watch?v=LfascZSTU4o

Here is another. But more recent.

http://www.youtube.com/watch?v=5Cg6e-peVXo&feature=related