I've never seen the schiff video but I don't pay much attention to the sponsored videos anyway because they always have an angle of some kind...trying to get you to buy something, like gold or some such thing.
My take on it stems from a purely technical point of view on charting and on psychology from my EW training in the past. The initial components of the breakdown appear just like they do on any standard price chart...weakening in certain areas, trend shifts, etc. But it happens on such a large scale that it doesn't register with the average Joe until it's too late...kinda of like the "forest for the trees" analogy applied to something remaining unseen.
I've got a feeling that whoever does win the 2016 presidential election is going to be the world's biggest scapegoat and will carry the blame for the US depression that's coming. Of course, each president as an individual really isn't to blame, no matter how good or bad they are. They're just a small fish in the sea. It's the establishment as a whole.
We live in a society driven by debt rather than manufacturing. When societies build up based on debt, it finally crashes and settles into a depression era or a "deflation" era. To get out of it, it takes a mass overhaul to get the country back to self-reliance and internal manufacturing rather than relying on imports from other countries. Each historical depression has been followed by some kind of great war...that's usually the only thing that galvanizes people and countries out of their hazy, rose-colored glasses approach and gets them moving in the right direction.
Unfortunately, I don't see anything different about the coming depression...the cause, results, and fix are going to be the same.
