Schiff: Market corrections "guarantees major short-term pain"

In a very important opinion piece, Peter Schiff argues that the economy must shift from a service-based economy to a manufacturing-based economy:

Just like a Hollywood movie, each QE sequel gets progressively more ridiculous (my apologies to Johnny Depp). The government needs to admit its mistakes and write a completely different script. This time the story line must allow for a real restructuring. Real estate prices must fall further, and many financial institutions holding bad mortgages must fail. This means investors, creditors, and depositors will lose money. Labor and capital must be re-allocated away from services into goods production. That means jobs must be lost in government, retail sales, finance, health care, and education; and jobs must be created in technology, manufacturing, textiles, mining, energy, and agriculture. This guarantees major short-term pain. But breaking an addiction is not easy. Those who say it is are living in a fool's paradise.   

Peter Sciff, End Game