🔴 BREAKING NEWS!! Dictionaries changed the definition of inflation

What this episode is about

The main topic discusses recent changes to dictionary definitions of inflation and reflects on Peter Schiff's experience as a guest on Joe Rogan's show. Additionally, it touches on the current stock market trends, particularly focusing on Netflix's earnings report, which, despite exceeding expectations, raised concerns that negatively impacted stock futures.

Key takeaways

• Peter Schiff's podcast debut on Rogan: a hit, but frequent interruptions turned fans into thumb-down warriors.
• Netflix's stock plummets 10% after earnings. Even pandemic darlings aren't immune to harsh reality checks.
• Bond investors beware: Peter Schiff argues inflation will turn your 'safe' assets into liabilities faster than you think.
• Despite market chaos, Schiff still believes gold reigns supreme. Spoiler: Netflix isn’t exactly a ‘gold standard’ investment.
• Joe Rogan's guests often polarize, but Schiff's over-talk suggests he's more interested in monologuing than dialogue.

Who speaks in this episode?

• Peter Schiff (Host) · 1 h 6 min speaking
• Joe Rogan (Host) · 3 min speaking

What is discussed, and when

1. 0:00 – 10:00: Joe Rogan, Peter Schiff, Gold, ExpressVPN
2. 10:00 – 20:00: Joe Rogan, Puerto Rico
3. 20:00 – 30:00: ExpressVPN, Joe Rogan, Nature Journal of Medicine
4. 30:00 – 40:00: Joe Rogan
5. 40:00 – 50:00: Peter Schiff, Joe Rogan
6. 50:00 – 1:00:00: Joe Rogan
7. 1:00:00 – 1:09:30: Joe Rogan, Shift Gold

Notable quotes from "🔴 BREAKING NEWS!! Dictionaries changed the definition of inflation"

• I want to welcome all of the new listeners to the peter chef show podcast who are now listening to me because they heard me for the first time.

  about Peter Schiff · at 0:09

• Off to a bad start or i got off to a bad start in the podcast because joe asked me about puerto rico and one of the first things he asked me was what's the coven situation down there in puerto rico and for some reason i didn't hear covet.

  about Puerto Rico · at 13:08

• Was just going about my way thinking everything was going well but i noticed that one point that joe made i kind of brushed over it because i kind of didn't think that situation would exist and it probably.

  about Joe Rogan · at 15:48

• Workers they just pursued their own self-interest and as adam smith described in wealth of nations they're led by this invisible hand of the profit motive but in helping themselves they helped all these poor.

  about Nature Journal of Medicine · at 27:52

• You're getting social security inflation is going to tax it right so the only way to avoid this is to not own dollars so you've got to own assets outside the us that are not dollar denominated that generate income that isn't in.

  about Gold · at 1:05:01

• Out gold money if you have you know you can get some money there go there but if you want physical delivery talk to shift gold that's how you save it's unfortunate that we have to save in gold because when you're saving gold you're not.

  about Shift Gold · at 1:08:29

Who and what is mentioned in this episode?

People

• Peter Schiff — Person · Main speaker / podcast host · 2 mentions · first at 0:30
  He hosts the episode, recaps his recent Joe Rogan appearance, explains the interruption issue, and expands on his free-market arguments and inflation views.
• Joe Rogan — Person · Referenced host / prior interview counterpart · 18 mentions · first at 0:19
  Schiff’s main topic is his appearance on The Joe Rogan Experience, including the remote-recording dynamics and Rogan’s questions about solutions and economics.

Books & papers

• Nature Journal of Medicine — Book · Referenced work · 1 mention · first at 27:55
  Referenced to explain economic principles and the invisible hand concept.

Companies & orgs

• Shift Gold — Company · Business focus · 1 mention · first at 1:08:27
  Mentioned as a company where listeners can buy physical gold, related to the discussion on saving in gold.

Products & tech

• Gold — Product · Recommendation · 1 mention · first at 1:55
  Recommended as a safe investment during economic uncertainty caused by COVID-19 and monetary policies.

Places & events

• Puerto Rico — Place · Setting · 2 mentions · first at 13:12
  Mentioned in the context of discussing the COVID-19 situation and weather.

Sponsors

• ExpressVPN — Product · Sponsor · 4 mentions · first at 0:33
  Promoted as a sponsor of the podcast, emphasizing internet privacy and security.
  On the joe rogan experience yesterday oh and also before i forget i want to thank my newest and only sponsor of the peter schiff show podcast expressvpn and i want to thank expressvpn for.

Full transcript with timestamps

0:09 i want to welcome all of the new listeners to the peter chef show podcast who are now listening to me because they heard me for the first time on the joe rogan experience yesterday oh and also before i forget i want to thank my newest and only sponsor of the peter schiff show podcast expressvpn and i want to thank expressvpn for supporting the peter schiff show podcast and you probably don't think much about internet privacy on your home network but expressvpn will secure your privacy and protect your information visit expressvpn.com forward slash gold and you can get three months free with a one-year subscription and i want to you know spend uh most of this podcast or probably all this podcast really going over uh the experience i had with joe rogan on the podcast there really hasn't been a lot of market action over the last few days so i really don't need to talk much about the stock market although there

1:17 may be some fireworks tomorrow we'll see after the close today netflix came out reported earnings it looks like they had better than expected earnings and of course everybody expected good earnings netflix is one of the favorite go-to coveted stocks because everybody is staying at home they're not going to work they're not going to the movies so they're staying home and they're watching netflix so it's been one of the darlings of the coveted trades of course if people were really thinking about the implications of kovid and all the money that we're printing because we think that's the cure for kovid they really would be buying gold and gold stocks they wouldn't be buying stocks like netflix but anyway though netflix reported better than expected earnings they warned about trouble ahead and i'm looking at the stock now trading down about 10 percent uh in after hours and that is dragging down

2:14 the futures i'm looking at dow index futures down about 200 points that's about 0.7 a little over 0.7 nasdaq futures because netflix is in the nasdaq uh down even more down about 150 points so now you're getting closer to one and a half percent so we'll see we could have a a bigger down day tomorrow and if i end up doing a podcast tomorrow one reason i might do it is if we do have uh a particularly big day down in the stock market but who knows but of course it is early the futures only just started trading it's a long time before tomorrow's open and you know with the type of volatility we have in this market and all the money printing and all the the hope and speculation i mean i wouldn't be surprised if the future is completely reversed and we could be you know up uh a couple hundred down points or one and a half percent on nasdaq they may completely ignore the earnings warning out of netflix and

3:13 buy the stock anyway so who knows anything could happen but if something big happens i will definitely be talking about it but today i kind of want to really focus more on the rogan podcast a couple of points uh that i think i should clarify and you know i didn't get a lot of uh feedback not all of it was negative but i got some positive feedback but i also got some questions and some of them you know i tried to answer when they were coming in on my social media accounts of course i can't answer them all but there's some that i want to answer on today's podcast because i think a lot of people uh would benefit from hearing the answers and there's also a couple of points that i i think i should have made on the podcast that i'm just going to make now for the benefit of the people who heard the podcast and now you know they're listening to this one but i want to start out by you know addressing the elephant in the living

4:08 room and that was my rather annoying tendency to constantly not only interrupt joe rogan but to talk over him to actually talk while he was talking and i noticed you know the comments on the podcast itself and i'm getting a lot of thumbs down on that podcast i mean more than i normally get right i get a lot more thumbs down uh when i do joe rogan again this was the fourth time i did it a lot of people don't think i'm gonna come back because of this problem believe me i've already discussed it with joe joe's not upset at me and there will be a fifth appearance at some point on the joe rogan experience just don't know when it'll most likely be in person uh and that's the way i prefer to do it but you know we're living in this coveted reality right now and i'll get into all that uh but uh the the the problem was all that interruption and and first of all you know i hope that a lot of people

5:06 that might otherwise have benefited from what i had to say didn't get so turned off uh during the first uh you know 15 20 minutes that they actually didn't listen to the entirety of the podcast but as i was saying i normally get a lot of thumbs down because i'm a very polarizing guy you know i say a lot of things that are going to piss off uh you know people that have a different political perspective more so than most of his uh guests so i normally get a lot of thumbs down but i get way more thumbs up than i get thumbs down uh but the ratio i think on this last one is more like two to one or a little bit more whereas i'm normally maybe seven to one thumbs up uh this time it's you know it's more evenly split so a lot of people uh didn't like the video and i don't blame a lot of people for not liking it given the fact that i was interrupting so much but i just want to explain why that happened

6:01 because i wasn't trying to be rude and a lot of people have figured this out but a lot of people don't seem to get it and they just think well you know he's a conservative he's just this rich guy that doesn't give a about anybody and that's obvious because he he didn't care about joe well first of all joe's pretty rich too himself now that you know now that he's got this spotify deal so i'm not the only one that that has money right joe's got some money too uh but it's not about being rude and it's not about people who are rich or rude i mean maybe people have a perception look there are rude people who are rich and there are rude people who are poor right i mean you could be rude regardless of your you know your status as far as uh you know wealth or or income but what happened is first of all i was gonna be in studio in la that was the initial plan i was going to freedom fest in las vegas

6:52 in july and the whole setup on the joe rogan podcast was worked around my trip to vegas i was going to be there anyway and i reached out to joe because he had mentioned that you know he wanted to get me on the podcast i heard it on one of his other podcasts my name came up and i i contacted joe hey great i'd love to come on i'm going to be out in vegas in july here are my dates can we work something out like while i'm there and i was just gonna fly you know the same day from vegas right to an airport right near him uh and do the podcast and go back and finish up the conference that i was gonna be in in vegas well anyway the vegas conference got cancelled because covet broke out in vegas and then they clamped down again and they they shut down the events and so it got cancelled and so then i contacted joe and said you know i don't have to be in vegas anymore so my schedule is open why don't we just wait a few weeks you

7:49 know they were shutting down stuff in la2 uh in connecticut they just announced these quarantines if you're coming back from a state that has a lot of coveted cases you're supposed to quarantine yourself for a couple of weeks and i'm like you know why go out now when all this is going on i mean i'm not that concerned personally about getting covered i don't want to get it uh but you know i'm 57 i'm not a spring chicken my 79 year old mother lives with me uh and you know certainly i wouldn't want uh her to get covered so i told joe yeah why don't we just postpone it uh let's wait a few weeks see how it plays out and then just pick a time anytime that's convenient for you i'll just make a special trip i'll come out to la and i'll do the podcast and of course i wanted to go to la when everything isn't shut down because i can spend a few days there i used to live there i have friends there so

8:41 you know i you know can make a little bit of a trip out of it but joe just really wanted to have it he didn't want to postpone it he just thought it was an important topic he said look let's just do it remotely uh no problem and so that's what i ended up agreeing to do and you know i didn't really appreciate the problem that we were going to have with the format because i guess you know i've done skype before but i've been doing a lot of stuff on zoom recently in fact i did a zoom interview earlier today and it was great uh and the difference between skype and zoom is when you're doing zoom if two people are talking at the same time both people hear the other person talking so you know that you're talking over each other and then one person can shut up and let the other person talk well that's not how it was working on uh skype so whenever i started to talk my earpiece cut off joe's sound went out

9:39 so i couldn't hear a word joe was saying despite the fact that he was talking at the same time i was now the way i had my studio set up i had a monitor over to my left where i could actually see joe rogan and it was kind of far away and you know i you know i'm a little near side i didn't have my glasses on so it's a little blurry but i could still see it but it was in the on the left straight ahead i have my studio camera because i have a studio in my house in in connecticut where i do tv hits i have a satellite hookup and so i have a camera with a monitor they call it a confidence monitor where you just see yourself and so when i look straight ahead at the camera i only see myself i don't see joe rogan at all he's not even in my in my line of vision right even in my peripheral vision i i couldn't see him so what happens is i'm listening to joe and when i think he's done talking because all of a sudden i hear a pause

10:36 maybe he's just taking his breath but he wants to finish his thought i was hearing a pause and then i would jump in because i would hear something that he said and i'd immediately want to react to it or comment on it and i would start doing it without knowing that he was going to continue talking and so it looked like i'm deliberately uh speaking over him i'm not and there's actually even a delay too and that made it worse now joe mentioned something about it early on that we were talking over each other and i didn't really get the the mechanics of how that was working so much but then he never mentioned it again and so i just had no idea that this was going on you know and i couldn't see any frustrating looks on on joe's face because i couldn't see his face when we were talking so i didn't get eye contact body language so i'm just talking away and i just assume joe is you know is listening and of

11:27 course you know part of it is my fault i mean i you know i'm in my mindset you know i'm in my studio and normally when you get these interviews you know you're on with fox business or whatever and i get five minutes and i'm sharing the mic with three other people i'm very quick to jump in as soon as i hear an opening and obviously i didn't have to do that i had three hours although those three hours went by so fast i was actually surprised when he was like hey we've almost been doing three hours um but i obviously didn't have to do that uh in this setting but i guess you know subconsciously i mean i'm just trained to like oh i hear a pause and and let me just go for it and and so it came across as me being really rude but believe me if i would have loved to have heard more of what joe had to say and again i i should have tried to involve him more in what i was saying uh so that we had more of a conversation

12:18 dynamic going on so it was more of a you know a conversation and an interview which i tend to dominate and people who know me i mean that's kind of i'm very enthusiastic and you know i know i'm trying to take advantage of this big platform and i'm trying to get all this information out there and trying to you know affect people and influence people especially since you know there's so much bad information out there and i know he's got a lot of liberals that listen to him and so i'm really trying to connect with those people and i that's why i'm pissed off that i turned so many of them off potentially right off the bat because they're already predisposed not to like me right because i'm a conservative because i'm successful or wealthy and so i just you know confirmed their their suspicions or their prejudices against me by appearing rude and not to care about what what joe had to say you know as a matter of fact we even got

13:08 off to a bad start or i got off to a bad start in the podcast because joe asked me about puerto rico and one of the first things he asked me was what's the coven situation down there in puerto rico and for some reason i didn't hear covet so all i heard was what's the situation down there in puerto rico which is why i said well it's summer it's it's kind of warm because you know i didn't really know he asked me the situation and so i just talked about the weather because that's the only situation that i could think of i i didn't hear coven had i heard it i would have given a different answer uh and you know he i guess you know really couldn't talk when i was talking so he couldn't really correct me but right off the bat people were thinking that like i didn't care what joe rogan had to say i didn't want to answer his question i just wanted to talk about the weather in puerto rico and i never got to the

14:01 covet situation well i didn't know that he asked about it because for whatever reason i didn't hear it so i just answered the question that i thought he asked but in any event that is what happened uh and you know it won't happen again because a i know that i i now i know about this and what i need to do and in the future if i'm with anybody on skype and if anybody else is in that situation what i have to do is when i think it's my turn to talk i just have to wait a couple of seconds to make sure that the other person has finished their thought or their question before i comment on it or answer it although i think if joe does it again i think i mean i think he's going to use zoom i pointed out the benefits of zoom over over skype but this is why he likes to do him in person and again if you're a new listener to my podcast and you think that's how i am i have there's three of these other joe rogan experiences that i did

14:53 in studio in la and you'll see it's much different there really is no interrupting i mean yes i tend to dominate the conversation i mean that's just something i tend to do uh so i probably talk more uh than joe which is maybe not typical of uh the experience but nothing like today uh you know nothing like uh you know the way i was speaking over him and and and interrupting and so one thing that i thought about when i was watching uh the the experience uh myself and of course you know that's when i found out about the interrupting and i i was just as annoyed i was more annoyed than anybody it you know it made it hard for me uh to see to see us you know talking over each other and then to see for the first time some of the frustration that that joe was having i wish joe would have just said something like hey peter shut up you know let me talk or you know let me know because after he talked about it the

15:47 first time he never mentioned it again i was just going about my way thinking everything was going well but i noticed that one point that joe made i kind of brushed over it uh because i kind of didn't think that situation would exist and it probably wouldn't but it really was a good opportunity to explain how capitalism works and i didn't really take the opportunity so i'm going to take the opportunity now and so joe came up with an idea about a fictitious town that only had one employer and a lot of relatively poor people lived in the town to the point where they were so poor that they couldn't move right they were stuck in this town with just one employer and because this one employer kind of was a monopolist because he was the only employer he did he wasn't in competition with other employers so he could pay really low wages which these poor guys that were trapped in this town had no no choice but to accept right

16:48 that was the situation now of course i was like well that that situation is impossible so why even you know worry about it which is true it's not possible but let's say it happened i'm going to explain now why it's not going to stay that way so even if there were such a town it wouldn't exist for long and let's first of all assume that in that town there is no minimum wage law which of course i don't like the minimum wage law but if there was a minimum wage law then at least you know you would say well they they have to pay the minimum wage if they want to hire somebody they can't pay less because it wouldn't be legal uh so they would have to pay minimum wage and of course let's assume there's no welfare uh because obviously i have to pay people more than welfare right because if welfare's available i'm trying to pay people less to work than they would earn on welfare i'm not going to have any takers

17:42 right and and you know just to even digress a little bit you know because i did bring up the point that uh you know a lot of people were choosing not to work because they could get these extended unemployment benefits six hundred dollars now from the federal government on top of their regular unemployment so a lot of people are earning 700 800 900 a week or not earning receiving uh not working and i pointed out that that's a powerful incentive and i did notice some comments people were saying ah there's no way that people are uh you know gonna deliberately not work just for six hundred dollars a week i'm like what are you kidding i mean yes maybe if you earn uh two thousand dollars a week or five thousand dollars a week yeah you know you'd rather have that job than that 600 check but if you're working and getting 400 a week right and you're getting 600 a week not to work um yeah that is a

18:39 powerful incentive because you actually end up paying to work right if you're getting six hundred dollars actually if you're getting 600 you're probably getting 7 800 because you're getting your local benefit and if you return to work you're only going to earn 400 you're actually paying 300 a week to get your job who the hell is going to pay to have a job that that that that turns employment upside down you get a job to make money not to lose money no one's going to pay their boss so that they could work you want to get paid to work because working is not fun i mean most people that have jobs that only pay 400 a week these are not the most uh stimulating enjoyable jobs it's kind of like i can't wait till quitting time right you want to get home so you can do something fun uh and you wish you didn't have to work but you know you need the money and so you're stuck working well if you can get the money

19:31 without working it makes sense for people to do that right so in this town where there's one employer if there was welfare obviously he's got to pay considerably more than welfare or people are just going to opt for welfare so let's assume there's a town total free market town peter shift type of town there's no minimum wage there's no welfare there's just a bunch of poor people and they're at the mercy of this greedy entrepreneur who is taking advantage of the fact that he is the only employer in this town and he is paying people starvation wages i mean not i mean he doesn't want them to starve so he's paying them the bare minimum so they can just show up and work every day right and this is a lousy situation now of course normally if there was an employer who was trying to pay really low wages the workers would leave they would get up and move they would you know go on the internet and they

20:25 would see where the better jobs are where the higher wages are and they would just go over there right uh because these higher wages would act as a magnet attracting a labor right because that's what labor wants right if you're an individual you're selling your labor and you want to sell it to the highest bidder and if the highest bidder is in another town that's where you're going to go and that's how the market works because if there is a town where the wages are very high it's because there's not enough workers there's a shortage of workers and so that is a the free market's way of getting rid of that shortage the high wages send a message to workers come here come here you're needed over here because the wages are higher and so people go over there and then gradually if enough people come into the towns that are that are paying high wages now the supply of workers will go up and the wages will come down to

21:17 a a market level but what joe was saying is these guys are so poor they can't leave they don't even have enough money for a bus ticket right they're stuck in this one employer town okay well employers businesses they got money they're not stuck they they're mobile so let's say i am a small businessman or any businessman and i notice there's this one town where the wages are really low right i can hire people dirt cheap if i open up an office or some type of location in this town that's what's going to happen because high wages are a magnet for workers low wages are a magnet for employers they want to take advantage of this low cost because labor is a production cost and that they may need and if they can get labor cheap then that's going to help their profits in fact that one employer that's exploiting all these workers because he's the only job in town right and and and in fact he's not actually exploiting them

22:28 because if he's the only job then it's a good thing that they're there the guy's there because if he wasn't there there'd be no jobs so he's the only chance they have but you know he's paying what the market will bear but because he's getting uh his labor cheaper than other businesses he's making higher profits right he's got big profits because he's got these low labor costs and then the same thing other companies see this guy making these huge profits and they want in on the action they want some profits too so businesses that are mobile they come into town to hire all these cheap workers well now all of a sudden there's not one employer there's two and now there's a little competition and so now the wages could go up a little bit but maybe they're still low and now a third employer comes in and a fourth and all of a sudden there's all these companies that were in search of higher profits

23:25 and because they wanted higher profits they moved into a town that has low wages see they're not coming there because they're benevolent because they care about these workers and they're low wages and they want to help them out no they want to help themselves they want to take advantage of the situation so they come into town but in pursuing their own self-interest now they're helping to bid up wages in this town and what's going to happen is new businesses are going to keep coming to this town and bidding up labor until the differential goes away until the people in this town are now earning the same amount of money as the people everywhere else and now there is no uh break there are no excess profits being earned by employers they're earning normal profits and this is the beauty of the free market this is how resources are allocated this is how labor is allocated right businesses people pursue their own self-interest

24:20 and the irony of it is you have all these businesses that are coming to this town because the labor is so cheap but now because all these businesses came to the town the labor is no longer cheap right they actually uh solved the problem but they destroyed the reason they moved there in the first place but of course once they get there you know and they've they've set up shop and they've made some fixed costs they're not going to leave when labor costs become normal because they're normal they would have to pay those wages anywhere but that's how you know shortages and sure and surpluses are cured in a free market right if there's a shortage of something any product uh that sends a signal to businesses producers hey we need more of this stuff make more of it because the price is really high so make more and so when you make more of it and you invest resources into producing more of this product where

25:15 there's a high price the fact that you increase the supply of that product automatically brings down the price so now you're not going to make as much money as you thought because the fact that you're there and other companies are there producing more brings down the price but that's the free market's way of delivering more of what the public wants the way producers know that that to make more is because the price is high and there's more profits there's more incentive for them to produce more alternatively if the price of something is really low and people aren't able to generate a profit making it they have to stop producing businesses have to find something else to make that the public actually wants and use resources uh to to satisfy those needs and so as production declines well now supply goes down and then price could eventually go up to where those businesses that remain in this smaller industry because there's

26:09 not as much demand now they can exist profitably but now we've rearranged resources more efficiently none of this is orchestrated by anybody it's not a central planner so under this scenario that joe rogan described where we had this town with one employer and a bunch of poor people we've now solved the problem right wages have now risen uh they're now not in poverty they make more money they have a higher standard of living the problem has been solved but government didn't do a thing there was no government program to solve it it was solved all on its own i mean if government had gotten involved the problem never would have been solved in fact the problem might have gotten worse and in fact the only way that that employer could have continued to underpay his workers uh would have been to get government to protect his monopoly by passing laws that made it harder or impossible for these other companies

27:11 to move into town either by erecting other barriers to entry taxes licenses anything that would raise the cost of coming into the market to the point that other businesses would say yeah there's a lot of cheap workers there but we can't come because it's going to cost us so much money because of these regulations that the regulatory burden will offset the benefit of low wages right but the only way that can happen is if you bring in government if government is not involved the free market solves all these problems all by itself without any government uh programs or any central plan or trying to do it and without any of the businessmen actually having to care about the workers they just pursued their own self-interest and as adam smith described in wealth of nations they're led by this invisible hand uh of the profit motive but in helping themselves they helped all these poor guys uh that were working for low wages

28:09 because they couldn't leave and there was only one employer now again those of you who are stuck at home and uh you know are on the internet you're not at work you're probably not thinking too much about your internet privacy but you really need to do that if you're just firing up your incognito mode on your browser and you assume that everything you're doing is private you're wrong it's not everything you're doing all the sites you visit are going to be known by your internet service provider there's a history of everything you're doing you don't have any real privacy unless you're browsing the way i do with expressvpn expressvpn make sure your isp internet service provider can't see the sites you're visiting instead your connection is rerouted through the expressvpn secure server expressvpn serves as an ip address that's shared among thousands of users that means everything you do is anonymized and can't be traced back

29:05 to you expressvpn also encrypts 100 of your data with best-in-class encryption so your information is always protected so you can browse with confidence and privacy so protect your online activity today with the vpn that i trust to secure my privacy visit my special link expressvpn.com gold and get an extra three months when you sign up for a one-year package that's expressvpn.com gold expressvpn.comgold to learn more now one of the points or really questions that joe rogan asked a few times actually during the three hour podcast was peter what are your solutions what do you do right if you were uh the president or if you were if you had the president's ear what would you advise president trump to do about about the problem right he's looking for my solution and in fact you know i saw a lot of comments you know people were saying peter yes you're talking about all the problems but i don't hear any solutions

30:11 what are your solutions right because a lot of people expect me to have a solution like a politician has some government program or some policy that is supposedly going to solve the problem but i actually don't have that type of solution to these problems in fact there really isn't even a solution in that sense i mean think about it this way what if the government kept punching you in the arm i mean repeatedly punching you and punching you in the arm and now you have a problem right your arm is hurting it's sore uh and and it's being continuously punched and you're like okay peter what is the solution to the problem of my arm being sore and my arm hurting and you know i guess somebody might say but we need a program maybe we can we can find a way of putting some cream on your arm or maybe you can take some pills and your arm won't feel so bad or maybe you can exercise a little more and build up

31:14 your strength right but really ignoring the fact that the government is punching the guy in the arm right so i'm not saying hey i've got a i've got a government solution i've got a remedy i've got a program to make the guy's arm stop hurting my idea is hey government stop punching the guy in the arm see my solution is that the government just stopped punching you now my solution doesn't solve the problem of your arm hurting because assuming the government stops punching you your arm's still going to hurt it's still sore because it's been punched so many times right but my point is if the government stops punching you in the arm your arm could heal right eventually the pain will go away it's not going to go away right away it may i know uh but it will go away if you stop inflicting additional damage the body will naturally heal itself right that's the same thing with the economy see i am pointing out the problems

32:13 that the government is causing right your arm is not hurting you because of something that's wrong with you your arm is hurting because of the government punching it right you know you're complaining oh god my arm is killing me why is my and you're ignoring the fact that you're getting punched so i'm just pointing out the punches and where they're coming from and hey let's just stop it right and let the economy heal the economy free market capitalism will solve these problems we don't need a government program just like i i just described how the problems in that small town got solved by capitalism and people pursuing their own self-interest a lot of these problems all these economic problems that we have will be solved by a free market and the freer the market the quicker they'll be solved right and so that's the point i'm trying to make you can't expect me to say oh you know i've got this magical

33:10 solution no that's what politicians are selling and and it's a bunch of snake oil and you know that doesn't mean i don't have sympathy because joe rogan kept talking about you know these businesses that are hurting people that are hurting this is horrible right people don't have income or that you know for three or four months you can't expect people to go four months without a paycheck and you know something once upon a time the average american could go four months without a paycheck that really isn't that long i mean in a world where everybody lives paycheck to paycheck middle class americans it's hard to imagine a world where the average american has a year or two of of living expenses just sitting in the bank but that was the way it was for americans before the government destroyed you know their savings and and created this perverse system uh that got everybody all levered up with all this consumer debt and

34:04 businesses all levered up i mean this is a creation of government america didn't change the government changed our tax laws changed uh the federal reserve changed and created this this problem but i recognize that people are suffering i just know why they're suffering they're suffering because of bad monetary policy bad fiscal policy so the solution isn't more of that right had we done what i wanted to do following the 2008 financial crisis as heartless as that would have sounded back then to just let real estate prices fall let the stock market fall let banks fail let the bad actors be punished and lose money the decline that corr the contraction in 08 that great recession would have been greater but we would have come out of it a much stronger economy and we would be in a much better position financially to whether this storm this coveted storm we would have had a rainy day fund we wouldn't have borrowed all this money we

35:06 would have cleaned house on the economy we would have got rid of a lot of the debt so we would have come into this crisis in in much better shape but we've covered it as crisis flat broke the government has no money the government has debt and now you have all these people that have no money looking to the government that has no money but they just assume the government has money because they have a printing press well would it make any difference if every individual american had a printing press so they could print money that doesn't do anything you know i jokingly i i put out a tweet one time uh not too long ago and i said hey i have a great stimulus plan just let everybody add six zeros to every dollar bill they own and then they'll all be millionaires right that's just gonna instantly solve the problem it's not gonna solve the problem because businesses are just gonna add six zeros to the price of everything they're

35:55 selling nobody's gonna be better off if we just have more money the only way we're going to be better off is if we have more stuff and the only way we get more stuff is if we have more freedom and less government but everything we're trying to do right now in the name of compassion is going to backfire and it's going to impose massive pain on everybody especially the people who are trying to help yes they may get a short-term benefit today from this government help but they're going to get a longer term uh punishment that is going to more than offset this short-term gain the long-term pain is going to you know be much bigger than the short-term gain except people don't know that yet i know it that's why i want to do things that are in the long-term best interest of everybody in particular the more vulnerable the poor the middle class it may seem heartless to people that don't get it but once you understand it then it's the

36:53 most compassionate position that you can have and i'm not you know just taking the position on a philosophical uh you know libertarian you know uh theft is wrong taxation is theft and it is but i'm actually talking about it from a point of view is not only is it wrong morally but it does damage economically all of this well-intentioned you know good doing is doing damage i mean you you know you can feel good about it all you want and think that you've helped out the situation but you've actually hurt the situation you've actually made the problems worse so i care about people i just recognize that pretending the government has money because it has a printing press and just mailing it out we can't do that we have to let the economy restructure we have to let businesses fail and if it means that people who are waiters and bartenders are working in movie theaters they may have to do something else we

37:47 have no idea when demand for those businesses will return and if it will ever return to the prior level and i think we were in a bubble anyway americans were spending too much that's why we were so broke that's why we have no savings so there was too much retail sales americans were shopping too much we had too many stores we needed to get rid of them covid might have just accelerated that process but that means the people who used to work in those stores who where those the labor is no longer needed in those areas they need to go someplace else trying to keep them entrenched by paying their bosses not to let them go and to stay in business this is doing severe damage uh to the structure of the us economy which is ultimately going to to hurt everybody you know one comment in particular and this was on my instagram oh and by the way before i forget you know i just started instagram uh last week

38:44 and so now i have about 10 000 uh followers a lot of them came i think i i had about 3 500 to 4 000 before joe rogan so all of a sudden i've got maybe 6 000 more uh since coming on joe rogan but i really want to encourage people to follow me on instagram and you know i wasn't on instagram for a long long time because in my mind it was just a bunch of kids sharing photos of each other right on instagram and you know i didn't you know who wants to see a photograph of me there are a lot of younger better looking uh people than me uh who people want to look at so i just didn't you know know why and i know you know sometimes you know you post you know family pictures but i mean you know i who no one needs to see uh you know my family members i mean people who are following me uh you know don't need to see pictures of my kids and and stuff like that or you know what i'm doing on my vacation time but what i really didn't

39:38 know what was going on on instagram and i know this now because of my wife who is really pressuring me to uh to do instagram is these little insta stories these short videos that are very easy to make and post and to me it's almost like a video twitter because i've been tweeting a lot like i get a thought in my head and then i tweet it out right uh well what i want to start doing is when i get one of these thoughts i want to record it on a short video and instagram it out on my on my channel and i think that there'll be a lot of people a lot of younger people who are already on instagram that you know that where this might be a good way to get to them they're very visual uh and you know i know i had a lot of success with occupy wall street which of course was a two hour video which is not you know going to be instagrammed out but i think if i can have some concise thoughts where i just you know you can see me

40:35 articulating the thought rather than just reading my tweet you just you know see me and hear me uh you know saying something that's on my mind i think it could be a very good medium for me i think it could be easy for my followers to share like little snippets of what i have to say that might wet somebody's appetite uh for a larger portion and then they might end up you know listening to my podcast or or something like that so you know if you are following me on twitter i have over a quarter million twitter followers i've got i forget how many not quite 200 000 on facebook i've got you know almost 350 000 youtube subscribers so i've got a pretty good i mean nothing like joe rogan i mean i'm a peon next to him although i guess a lot of us are peon uh when you compare yourselves to uh the best uh but you know it's not insignificant i've got a decent following uh so why doesn't everybody follow me on

41:27 instagram too uh and in fact i actually applied they still have a verification process so maybe i'll actually get verified on instagram i haven't been able to do that on on twitter so everybody who's listening to this podcast just go to instagram and just go to peter schiff i mean it's my name uh and so it's easy to find me they said i got about 10 000 followers now hopefully more by the time you you follow me and even if you don't have an instagram account just go sign up just sign up specifically so you can follow me because i think you'll enjoy uh the content that i'm gonna put up and i'm gonna put up more as i have more followers right right now there's not that many people there so it's not as you know valuable use of my time but the more people who are following me the more valuable it will be for me to use that that medium uh so just sign up and then you know it's a good way to share

42:20 just when i when i put something out just share it around and hopefully some of this stuff can go viral on instagram uh but anyway the reason i brought up instagram right is this comment so this woman made a comment and it was a negative comment and she said you know i'm just all i care about is wealth i'm just out there trying to protect wealth right i'm a bad guy because you know i want less government because i want to protect wealth right because now all of a sudden wealth is a dirty word right because people talk about all this wealth that people have as if that's why some people are poor because you have these rich people who are hogging everything and therefore everybody else is poor and so wealth is like a bad thing and so me trying to protect wealth is i'm just trying to protect the rich people who have wealth and i don't really care about other people and what this woman didn't get and look

43:11 i don't blame her i'm not saying you know that she's a bad person she's just misguided she just doesn't understand that i hope she listens to this podcast and gets this because wealth is not bad wealth is the most important thing in a free market economy without wealth there's nothing accumulation of wealth is really uh the secret sauce of what what gets everything going in in the free market the more wealth you accumulate right the higher the standard of living of everybody because the way you grow wealth is not to hog it not to be stingy with it when you hog your wealth it it doesn't grow right and the only way that you can grow wealth is to make it available to everybody to the public how do you make your wealth available to the public right you invest in businesses right you loan it out to get a return either you use the wealth yourself to expand your own business and to invest in capital equipment

44:20 or you loan it out to somebody else or you put it in the bank and the bank loans it out and they pay you some interest i mean nobody's just burying their wealth in under their mattress and of course when you're talking about wealth you're talking about the capital stock you're talking about businesses you're talking about factories capital equipment the more wealth we have the higher our living standard we can't produce anything without wealth if we didn't have any wealth we'd all be poor we'd all be you know hunting and gathering and just living a subsistent life remember in my uh in my book how an economy grows and and why it crashes what was the first piece of wealth on that island because it's abel baker and charlie and if you don't have the book you can go pick it up on on amazon and but you had these three guys that fished by hand nobody had any wealth all they did is fish by hand and they

45:14 could only catch one fish a day each and then abel had an idea he came up with a concept of a net he went without fishing for a day so he sacrificed and instead of fishing he built the net had no idea if it would work or not it ended up working and now he was able to catch two fish a day that net was the first wealth of the island that piece of capital equipment represented wealth and what did abel do with his wealth he used it to help baker and charlie catch more fish by renting them his net so that they could catch more fish too had he kept the wealth to himself he would have had that one net but he never would have accumulated all the extra fish which now meant he didn't have to fish at all now he can start doing all sorts of other things so wealth is key wealth is important of course i want to protect wealth because i want to protect prosperity i want to protect economic growth rising living standards

46:13 yes of course i don't believe in theft so i think private property should be protected but wealth is not evil and when one person is wealthy that doesn't mean that somebody else is poor other people's wealth improves you you're not hurt right you're not made poorer because somebody else gets rich they're getting rich by enriching everybody that's how they got rich and if they want to get richer they're going to enable you to accumulate more right they're going to use their wealth to produce products that make your life better right because they invest in the factories that produce them or they set up the businesses that are going to provide you with services that improve your life in the process of providing goods and services they're going to create employment opportunities that are going to allow other people's lives to improve and of course they're going to use their wealth for charitable purposes right and so

47:06 there's nothing but good is going to uh from this wealth and so anything that destroys wealth destroys prosperity and destroys opportunity so it's not because i'm just a greedy selfless person that only cares about rich people that i want to preserve wealth it's because i understand the benefits that wealth has for poorer people or middle class people and of course a lot of people think hey wouldn't we be better off if we just took all that wealth from rich people and just divvied it up and gave all the poor people a little money no yes you know for them for a week or a month yes that might they would be better because they'd take that money and they'd go buy something and that you know they they they would experience some temporary uh enjoyment because they can buy some more stuff but what happens when the money runs out right the stuff is used up that's it but now the wealth is gone so

47:58 when you when you redistribute wealth all you're doing is trading long-term gain and prosperity for some temporary fun as you squander the wealth that somebody accumulated and of course once you set the precedent of confiscating wealth and divvying it up you destroy the incentives for other people to create wealth and it's the creation of additional wealth that really lifts all the economic boats so you know i want everybody to have a better life but to some people that don't get it it sounds like you're selfish that's why i want to educate people to understand that it's the do-gooders it's the altruists it's the socialist the guys that pretend they care that couldn't give a damn right it's libertarians free market people right they actually care but the bottom line about capitalism is it doesn't even matter you can be a greedy son of a and you're still going to improve people's lives even if you don't even want to do

48:56 that even if all you want to do is get rich yourself you can't do that without helping other people yeah sure there are the outliers the criminals yes there are some people that want to steal and they should be in jail uh theft fraud all that stuff is illegal but the vast majority of greedy people who couldn't give a damn are still law abiding they don't want to risk going to jail so they earn their money they don't steal it and they can't earn it without enriching the lives of everybody else that they're doing business with whether it's their customers or their employees i want to finish up though by commenting on another uh message i got on instagram from a guy who was saying oh peter you know you got all these facts wrong like right off the bat you you got your facts wrong and so i wanted to address this because i didn't get my facts wrong i think this guy who's criticizing me just doesn't

49:48 understand uh the facts that i was really trying to uh present so first of all he said hey peter the economy was good before covet it wasn't bad like you said in the fourth quarter of 2019 all the gdp projections were strong and everything was good well that's partially my fault because i misspoke i did not mean the fourth quarter of 2019. i actually meant the fourth quarter of 2018. i just misspoke which happens from time to time i just got the year wrong but if you actually listen to what i said i talked about what happened i said that's when the fed uh had to stop hiking rates and that's what's laid the foundation for a return to quantitative easing right that that didn't happen in q4 2019 that happened in q4 of 2018.

50:38 that's when the wheels came off the bus that's when uh the fed's rate hikes uh finally took the toll and the air started coming out of the bubble the stock market was crashing the economy was tanking we were headed for recession in q4 of 2018 and that's when the fed did exactly what i had been forecasting they would do in fact when i was on joe rogan a couple years ago i said then the fed was going to go back to zero the fed was going to do qe4 and now it happened i didn't know that covid might be the catalyst but i knew it would be something if it wasn't coveted something would have done it in fact the fed went back to qe in early 2019 when the repo market blew up because rates had already moved too high but they stopped hiking rates in q4 of 2018 they rescued uh the economy uh from the deflating bubble they rescued the stock market they they ended quantitative tightening went back to quantitative easing and they started

51:36 cutting rates i mean they cut rates three times in 2019 before you know covet even came around in february march of 2020 so i was right that the economy started falling apart uh prior to covid yes they had managed to goose it back up a bit by the time covet hit but that was only because of all the artificial stimulus but again it was a phony economy my point was trump was saying the economy was great it wasn't it was a bubble the fed reflated this deflating bubble uh we were extremely vulnerable to covet 19 because we were living beyond our means it was all a bubble people were living paycheck to ped check corporations were levered to the hilt the government was already massively in debt and then we have a problem right had the government pay down debt after 2008 had individuals paid down debt had we let a lot of this debt get liquidated we'd have a lot more savings in society and we could weather the storm and even

52:31 if the government wanted to give aid uh to people it would have the money it would have the resources it doesn't have that all it has is a printing press i mean the government can't even borrow money in the private sector without driving interest rates up the reason the fed has to monetize all this debt is because the fed didn't do it and the u.s government had to borrow from private borrowers interest rates would go up but if interest rates go up everything collapses because everybody's got so much debt they can't afford higher interest rates you got to keep rates at zero so the only way to keep rates artificially low is for the fed to monetize the debt but that's just doing additional damage that's just creating more inflation right that's fueling the bubble and setting us up for a even bigger fall so i didn't get the fact wrong even though i misspoke uh my characterization of the u.s

53:23 economy pre-covered was dead-on right it's the people who think we had a great economy are the ones that got it wrong but the other point that he took issue with was when i was talking about inflation saying that we have this big inflation tax that the government is printing all this money and so prices are going to go up and those higher prices basically amount to a tax the government is taking our purchasing power and he said no we've got the lowest inflation ever look at the cpi there's no inflation so you're wrong well inflation is not the cpi inflation is the government explaining the money supply expanding my supply that's where the word inflation comes from right you're literally inflating right you're you inflate a balloon what happens when you inflate a balloon it expands right prices don't expand prices don't inflate they go up they go down but when you ex when you inflate a balloon

54:15 it expands when you deflate a balloon it contracts so inflation literally means the money supply expanding deflation means the money supply contraction contracting and in fact if you get an old dictionary you get an old webster dictionary that's exactly how the terms are defined eventually they changed it to inflation started to be defined as an expansion of the money supply that results in higher prices originally it was just an expansion of the money supply that was the definition of inflation then it was changed to an expansion of the money supply that results in higher prices now it's just an expansion of the money supply so they basically redefined inflation to mean one of the consequences of inflation and the government uh and economists you know had a big part in changing the definition of inflation so they can shift the blame because if you know inflation is an expansion of the money supply well we all know who's

55:10 to blame the government controls the money supply the federal reserve but if the government is successful in convincing people that inflation is rising prices well then they can blame it on greedy businessmen they can blame it on the arabs or china or you know labor unions depending on your perspective but they can blame everybody but themselves so that's what was the impetus to to confuse the public so that they don't understand inflation but the reason the cpi is still so low one of the reasons is it's rigged not that they're they're they're fudging it it's just that they reverse engineered it you know back in the 1980s they had this thing called the boskin commission or early 90s because people decided that the cpi had been overstating inflation i don't think it was but that's what they decided and they were gonna fix it yeah they fixed it by you know with a fix and the fix was in in that after they rejiggered the

56:08 computation now all of a sudden prices were rising lower which they thought was more accurate but again i've i've looked at this you know one of the youtube videos i did a few years ago that's up on my youtube channel uh where i did it i forgot three years ago four years ago i didn't actually was in 2013 so it's longer but i i compared uh the prices of magazines uh over a 10-year period from 2003 until 2013. and uh during that 10-year period according to the cpi the official cpi the price of newspapers and magazines was up by 30 percent that was what the government said that newspapers and magazines were 30 percent more expensive in 2013 than they were in 2003.

56:55 well i decided to check because it's really easy because you could just go online and you can see pictures of the covers of newspapers and magazines from 2003 and they put the price right there on the cover so what i did is i got i think the top 10 or 20 i don't remember the exact number magazines and newspapers widely circulated in the united states and i compared the prices in 2003 to 2013 and the real price increase over those 10 years was not 30 but about a hundred and thirty percent so the official cpi captured about what 25 of the actual price increase now how is it possible that newspapers and magazines could go up by 130 percent yet the cpi says they went up by 30 well i don't know you gotta obviously they had some kind of adjustments hedonics quality adjustments all kinds of subjective factors that went in there that somehow you know said that the quality improved to such an extent or

57:57 there was substitution and and the government magically made three quarters of the price increases go away so that's your cpi your cpi is not honest right like expecting an honest cpi from the government is like expecting you know honest crime statistics from the mafia right if you hired the mafia and you said hey you know see if there's if there's crime here and if see if we need more cops would you expect them to come back and say oh yeah we got a lot of crime we need more cops no no no they're going to be saying nope no crime at all last thing we need is more cops in fact we got too many cops right you could use them someplace else right i mean they're not going to be honest right talk about the fox guarding the hen house so getting cpi numbers from the government they have a vested interest in pretending it's lower so they can pretend the economy is growing remember if they underestimate

58:43 inflation they overestimate growth because the gdp numbers are deflated by the deflator and so if they can pretend there's less inflation they can pretend there's more economic growth than there actually is and then you know they don't have to give people on social security as big arrays uh because you know it's a way of cutting social security without the recipients realizing they've got to cut as you pretend that the consumer the cost of living is rising more slowly so there's all sorts of reasons that the government wants to lie to the public the federal reserve wants to lie about inflation because it wants to keep pretending it's too low so it can keep expanding the money supply so it can keep monetizing debt and keep interest rates artificially low they're saying the reason they're doing that is that there's not enough inflation well if the public realized there was more than enough inflation

59:30 they could no longer operate under that false pretense so they'd have to come up with some other excuse why they're doing this uh but pretending there's no inflation is the excuse and that is one of the things i got into on the rogan podcast about falling prices and why it's a lie that you know falling prices are bad and that rising prices are good but i don't want to get into that here because i'm you know i'm already running long on this podcast but the point i'm trying to address is this individual is wrong in saying that there's no inflation because by definition qe4 is inflation now he is correct in that according to the official measures of inflation we haven't really seen a surge in consumer prices but the operative word is yet we haven't seen it yet but we are about to you know when the fed did qe one two and three the prices that were most affected by inflation were asset prices the stock market went

1:00:33 up the real estate market and that was the design of it i mean the fed specifically said we're doing this to make asset prices go up because they believed in the wealth effect they thought if they could just goose the stock market and make the real estate market go up that people would feel wealthier and they'd spend more money which was the problem they spent money they didn't have they weren't wealthier just because stock prices go up or the price of your house goes up you're not any wealthier it's the same house in fact the house might be deteriorating the pre and if the if the price of a stock goes up but the earnings of the company don't go up and it's just got a higher multiple you're not richer that's all on paper it can evaporate overnight it's a fantasy to think you're wealthier because there's a higher price on an asset that hasn't improved in value if a company hasn't increased its plant equipment if it's

1:01:20 not earning more money it's no more valuable i don't care what the price says right and in fact a lot of these companies objectively they're not even earning enough money to replace their depreciating equipment so the companies are actually becoming less valuable as their share price is going up that is an accident waiting to happen that is a bubble right but the fed didn't care about that they just know that in the short run if they can create some phony wealth they can create some phony economic growth and that was the problem we had a phony economy when coveted hit and we had a real problem with the phony economy and the whole thing fell apart but what is going to happen is that soon the bottom is going to drop out of the dollar because of all the money that we're printing and all this inflation is not going to go into asset prices which you know people feel good they don't mind it if inflation makes them richer

1:02:12 on paper but they don't like it when it makes them poorer in reality when it's not the stock market where they see the effects of inflation but the supermarket when it's food prices that are skyrocketing that's what's going to happen and it's going to happen quick i agree it hasn't happened yet right and i explained that the reason that hasn't happened yet is because the dollar is the reserve currency and we're exporting dollars and foreigners are holding them and they're using them to buy financial assets they're buying bonds they're buying stocks and and so uh the the dollars purchasing power is being supported and all the goods that we're not producing are coming in from china and other parts of the world so we're still getting goods to consume because our trading partners are willing to trade them for dollars because they want to invest those dollars in our financial assets well the dollar is going to crash

1:03:03 and nobody's going to want to hold dollars which means that if we want to import we're going to have to export and you know somebody made a comment too that what do you mean they're going to stop accepting dollars i don't mean that they won't accept them they won't hold them so it they're not going to invest the dollars that they earn they're going to turn around and sell them and if we haven't earned euros or yen or rmb because we've exported to them if we can't offset those transactions in the foreign exchange market the dollar is going to collapse right now those dollars aren't being sold they're being hoarded and as long as they're being hoarded in financial assets the exchange rate of the dollar isn't going down and so the dollar's purchasing power is holding up but once our trading partners don't want to hold those dollars they want to get rid of them then they sell them and there's no one

1:03:48 to take the other side of the trade so the dollar is going to plunge and that's when you're going to get hit by the inflation tax it's going to hit you over the head like a club it's going to clobber you overnight and all of a sudden your cost of living is going to skyrocket and that's when you're going to see and feel the effects of the inflation tax so i am looking forward to this tax being exacted he is oblivious he's just blindly looking in the rear view mirror of a highly rigged cpi and has no idea what's up ahead i am looking ahead and planning ahead and trying to help other people plan ahead as well and again the way that you avoid the inflation tax is by getting out of the dollar it's a tax on dollars and dollar denominated assets wherever they are whether they're in insurance policies cash value annuities pensions uh other fixed payments that you expect to have your bonds of course state uh you know

1:04:45 muni bonds corporate bonds uh treasuries you name it if it's got a coupon and a principal payment in dollars it's going to get taxed by inflation doesn't matter if it's in a retirement account pension uh and of course if you've got a government pension inflation is going to tax it you're getting social security inflation is going to tax it right so the only way to avoid this is to not own dollars so you've got to own assets outside the us that are not dollar denominated that generate income that isn't in dollars um you know you got to own gold or real resources and i know one person mentioned on instagram hey you know you keep talking about how inflation is going to wipe out people's savings and you just mentioned that nobody has any savings so what do we have to worry about and that is true a lot of people don't have savings but they have wages they have salaries right they have they have they have social security

1:05:36 benefits right all that's going to get wiped out uh by inflation too right all these government checks are not going to buy anything but there are some older people who who are live off their savings they're not rich but they may have a few hundred thousand saved or maybe a couple of million and they want to live out uh the next 10 year 20 years of their lives and maybe some of these savings are not in the form of cash but they're in the form of pensions or annuities inflation is going to wipe that out that is a big problem yes you know if you're young and you don't have any savings and that's one less problem but believe me uh wiping out savings that means that's wiping out wealth that means that's compromising economic growth for all the reasons that i laid out but this person also said i'm telling people that they need to save but i'm also saying inflation is going to wipe it out so that's

1:06:28 mutually exclusive no it's not because i'm not telling people to save dollars you would have to be a fool to save dollars that is the problem that's one of the reasons that nobody is saving dollars because it's so dumb to do it because of the way the fed has rigged the system but since savings are the mainstream of economic growth right savings in the form of wealth or whatever savings come out from under consumption and savings is what enables capital investment which increases productivity which leads to rising living standards what which lifts people out of poverty remember with abel baker and charlie his savings was the fact that he he he didn't consume for day he didn't eat fish he didn't go out he that that's what enabled him to to build the net and you know once they started catching fish and they didn't eat all their fish they saved some fish then they were able to eat fish in the future out of their

1:07:24 savings and now when they weren't fishing they were able to do other things and build other things that never existed before because they were spending all day fishing or they would have starved but once they had enough fish saved up because they were catching more fish than they can eat they were able to sustain themselves on their savings and grow the economy so it's unfortunate when you have a economic system that punishes savers then you know you've basically slit your own throat you've killed the goose that lays your golden eggs but what i'm telling people to do now don't save dollars right save real money buy some silver and save that get some gold your savings should be in the form of real money gold and silver which is something that the government can't tax because they can't print gold and silver you need a mine and it costs a lot of money to get out of the ground they can make all the gold all the paper

1:08:13 money they want it costs nothing they can put as many zeros as they want on a dollar bill and they're going to put a lot of them believe me so you want to own something scarce that the government can't create and that's gold and silver and if you don't have any you know check out my company shift gold uh check out gold money if you have you know you can get some money there go there but if you want physical delivery uh talk to shift gold that's how you save it's unfortunate that we have to save in gold because when you're saving gold you're not making a loan you're not helping the economy grow it's unfortunate that i have to encourage people to save in gold but it's the only way that you can preserve your savings and what my hope is and i did express this sentiment on the joe rogan is my goal is to preserve as much wealth as i can for as many americans as i can so after it the country collapses

1:09:04 if we eventually do the right thing we have wealth that hasn't been destroyed that we can repatriate to help rebuild this economy anyway thanks for listening and i hope the new people again who just started listening because of joe rogan hopefully you continue to listen and you tell your friends and they listen to

Questions about this episode

Who speaks in "🔴 BREAKING NEWS!! Dictionaries changed the definition of inflation"?

Peter Schiff (Host), Joe Rogan (Host).

What is "🔴 BREAKING NEWS!! Dictionaries changed the definition of inflation" about?

The main topic discusses recent changes to dictionary definitions of inflation and reflects on Peter Schiff's experience as a guest on Joe Rogan's show. Additionally, it touches on the current stock market trends, particularly focusing on Netflix's earnings report, which, despite exceeding expectations, raised concerns that negatively impacted stock futures.

What is mentioned in this GLOBAL NEWS PODCAST episode?

7 people, works and ideas are mentioned, including Peter Schiff, Joe Rogan, Gold, Nature Journal of Medicine, Shift Gold, Puerto Rico. Each one on this page links to its own page with every episode that mentions it.

How long is "🔴 BREAKING NEWS!! Dictionaries changed the definition of inflation"?

The episode runs 1 h 9 min; the transcript is about 13,175 words in 76 timestamped sections.

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