Peter Schiff, CEO of Euro Pacific Capital, is warning investors to be prepared for a very rude awakening after the Federal Reserve’s monetary high finally wears off.

"We've had a huge dose of this monetary heroin and it takes a while for that high to wear off," he told CNBC. "We've just postponed the pain."

And while overwhelming market and investor speculation has the central bank pondering a rate hike, he warns that quite the opposite could loom on the horizon.

"I think they're going to do another round of quantitative easing," added Schiff. "We are addicted to zero percent rates," he said.

Regardless of the Fed’s next monetary move, he still sees the stock and real-estates bubbles popping in the future and sparking a deep recession.

"When the dollar finally does collapse based on our failure to raise rates and our launching QE4, it's going to be that kind of inflation and currency crisis that will ultimately force the Fed's hand," he said. "That's when we're going to be in some real trouble."

Schiff isn’t the only prominent pundit to see economic omens.

Former White House Budget Director and Newsmax Finance Insider David Stockman warns that stocks and bonds will soon crash and urged investors to brace for a “huge, nasty morning after.”

"The markets are going to be in for a huge, nasty morning after as people begin to look at where we really are," the White House budget chief in the Reagan administration told CNBC.

He described the market as "a coiled spring that is going to break loose one of these days and there is going to be some pretty drastic, and even violent, adjustment."

Stockman said the market seems to crash “every eight years," he said. "We had one in 2000 and everyone said, 'This time was different.' Then we saw a massive catastrophic decline. Eight years later, we had the same thing," Stockman said.

"Now we've had the weakest recovery in post-war history and what has happened? The Fed has simply reflated the bubble to an even more gigantic proportion," he said.

In addition, legendary Vanguard Group founder Jack Bogle warns that there is an "awful lot" to fear in the current stock market and investors have few “good options.”

"This is a hard time to invest because there aren't a lot of good options to stocks, and bond yields are extremely low," he told CNBC.

He said the Federal Reserve’s continued insistence on low interest rates has only artificially boosted stock prices.

"That's a scary thing because it can't stay that way forever," he said. "So, I do advocate a cautious approach to investing."

"I've been through, I think, four 50 percent declines, at least three, and we get over them and march on," he said. "It's a good idea to not pay too much attention to the stock market and think about the long-term productivity of business," he said.

Last but not least, Nobel Laureate Economist Robert Shiller says that the world’s economy remains mired in “a vicious circle of despair” seven years after the 2008 global financial crisis.

“Fear causes individuals to restrain their spending and firms to withhold investments; as a result, the economy weakens, confirming their fear and leading them to restrain spending further,” wrote Shiller, a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center for Finance.

“The downturn deepens, and a vicious circle of despair takes hold. Though the 2008 financial crisis has passed, we remain stuck in the emotional cycle that it set in motion,” he wrote in his Project Syndicate blog.

Related Stories:

• Peter Schiff: 'Real Move of Dollar Is Going to Be Crash'
• Euro Pacific's Schiff: Economy, Stock Market Not as Strong as Enthusiasts Claim