The S&P 500 closed down more than 2.4% Monday and the broad market index posted its worst April start since 1929.  This slide in the markets caused the worst start since the Great Depression, sparking fears we are on the same path.

The Dow Jones industrial average fell 1.9 percent (or 458 points) as China's retaliatory tariffs against United States agricultural goods stoked fears of a global trade war. Dow stocks with large international markets now exposed to global tariffs such as Boeing and 3M, led the decliners.

[And markets are accelerating back lower today]

Many market analysts have predicted we will live through another Great Depression, and Peter Schiff says this next one will be far worse than one our ancestors lived through. 

"The bad news is, we are going to live through another Great Depression and it's going to be very different. This will be in many ways, much much worse, than what people had to endure during the Great Depression," Schiff says.

"This is going to be a dollar crisis."

"The Fed thinks they create economic growth…by [saying] 'let's jack up the stock market and then the economy's going to grow and people are going to go out and spend more money.,'" says Schiff. 

"It's actually doing damage. If you create a bunch of phony wealth, and people end up spending money that they otherwise would have saved, you are undermining economic growth."