🔴 BREAKING NEWS!! Fed creating an inflation episode. Other currencies will collapse with the dollar

What this episode is about

The Federal Reserve recently concluded a meeting where it maintained interest rates at historic lows, signaling a highly dovish stance, with Chairman Powell stating they aren't even considering future rate hikes. This approach could lead to increased inflation and potential currency instability, particularly impacting the dollar and other global currencies.

Key takeaways

• The Fed's not just holding rates; they're not even contemplating rate hikes—an unprecedented monetary Hail Mary.
• With rates at rock bottom, Powell's words hint at a desperate central bank racing toward economic oblivion.
• Dollar's dive reflects the Fed's no-thought approach to rates; gold's rise seems inevitable once reality sinks in.
• The Fed's strategy resembles a chemistry experiment gone rogue—mixing monetary policies without considering the explosive alternatives.
• Powell's disinterest in foresight signals danger; a rate hike isn't just unlikely, it's an unthinkable nightmare for the economy.

Who speaks in this episode?

• Peter Schiff (Host) · 1 h 4 min speaking
• Jerome Powell (Guest) · 3 min speaking

What is discussed, and when

1. 0:00 – 10:00: Peter Schiff, Gold, Phillips Curve, ExpressVPN
2. 10:00 – 20:00: Stimulus, Gold, Free Market, Dow Jones
3. 20:00 – 30:00: NASDAQ, ExpressVPN, Stimulus, Dow Jones
4. 30:00 – 40:00: Muhammad El-Erian
5. 40:00 – 50:00: Peter Schiff, Black Lives Matter
6. 50:00 – 1:00:00: Phillips Curve, Black Lives Matter, Social Programs
7. 1:00:00 – 1:07:53: Peter Schiff, Black Lives Matter, Social Programs

Notable quotes from "🔴 BREAKING NEWS!! Fed creating an inflation episode. Other currencies will collapse with the dollar"

• Never was right but now that fowl is palo is saying that well the fed no longer believes in the phillips curve that you know we're going to tolerate and then he corrected himself we'll not really tolerate we're going to enjoy.

  about Phillips Curve · at 7:21

• Month but i think we're going to start to see going forward a noticeable pickup even in the way the government measures consumer prices but again the federal reserve is going to do absolutely nothing about it and i kind of think it's ironic.

  about CPI · at 9:42

• Keep on buying them well what the fed is telling congress is pass another stimulus another trillion another 2 trillion we will monetize any debt that you want to sell to finance any government spending bill.

  about Stimulus · at 11:18

• People to work that's what happens in the socialist economy we want the free market to put people to work we want people doing productive work and they will do it so long as the government stays out of the way.

  about Free Market · at 13:30

• In the stock market but then it sold off and the dow jones ended up down 282 points just over one percent you know the weakest stocks on the day were the financials well fargo led the way down it was down.

  about Dow Jones · at 19:33

• Market so you have the dow was down s p was down a lot of stocks were down but the nasdaq continues to rise up another 0.67 percent today a new record high we closed at 10 020…

  about NASDAQ · at 22:46

• As quickly as you can is get out of cash right don't hold on to it you know send your money open up an account with europe pacific capital we can invest that cash we can get you into good quality stocks i have several good portfolio.

  about Peter Schiff · at 46:04

• The most recent i guess ridiculous aspect of the whole you know america's racist black lives matter movement right now is the idea that we need to defund the police right you have a movement now particularly like in.

  about Black Lives Matter · at 55:02

Who and what is mentioned in this episode?

People

• Peter Schiff — Person · Host / primary commentator · 3 mentions · first at 0:15
  Narrates and frames the entire episode: critiques Fed policy, predicts inflation/dollar decline, and recommends gold/foreign equities; also reads the sponsor ad.
• Muhammad El-Erian — Person · Referenced expert / market commentator · 1 mention · first at 31:55
  Cited for describing a "can't lose" investor psychology (win-win due to Fed backstop), which the host uses to illustrate bubble mentality and hidden currency risk.
  Feedback he gets and the people he talks to is that there is now a can't lose attitude among investors who are betting on this recovery this v-shape recovery right that.

Companies & orgs

• Hertz — Company · Example of speculative mania in bankrupt equities · 10 mentions
  Used to show retail speculation detached from fundamentals: despite bankruptcy, the stock surged due to Robinhood traders, while sophisticated holders exited.
• Black Lives Matter — Company · Referenced political movement / critique target · 3 mentions · first at 47:37
  Appears in a segment arguing about racism narratives, wealth inequality, and "defund the police"; the host criticizes the movement's framing and policy implications.

Products & tech

• Gold — Product · Core investment hedge / recommended asset · 2 mentions · first at 3:52
  Presented as the beneficiary of Fed policy and dollar decline, and as a future monetary reserve asset via "remonetization" as fiat currencies weaken.
  Central banks around the world reprice the us dollar with gold right we're gonna be using gold again as the primary monetary reserve not u.s dollars the dollar is going to be in free fall.

Concepts & topics

• Stimulus — Concept · Core topic / fiscal consequence of Fed policy · 3 mentions · first at 11:23
  The host argues Fed bond buying and zero rates give Congress a green light for more stimulus, accelerating deficits and national debt growth.
• NASDAQ — Concept · Market indicator / bubble proxy · 4 mentions · first at 22:51
  Contrasted with broader weakness: NASDAQ hits record highs driven by momentum and high-multiple tech, framed as "fantasy land" vulnerable to a crash.
• Phillips Curve — Concept · Debated economic theory · 2 mentions · first at 7:23
  Powell is described as rejecting the unemployment-inflation tradeoff; the host agrees the curve is false but argues inflation will surge due to money printing anyway.
• CPI — Concept · Measurement reference / disputed indicator · 6 mentions
  Used to argue official inflation measures understate true inflation; Powell cites low CPI inflation as justification for policy stance.
• Free Market — Concept · Normative framework / policy contrast · 1 mention · first at 13:34
  Used to argue jobs should be created by markets rather than government/Fed intervention; appears in critique of Powell's comments on government responsibility for employment.
• Dow Jones — Concept · Market benchmark / reaction indicator · 2 mentions · first at 19:36
  Used to describe market reaction post-Fed: Dow down 282 points while NASDAQ rises, supporting the host's narrative of divergence and fragility.
• Social Programs — Concept · Policy proposal in policing segment · 2 mentions · first at 55:33
  Discussed as the proposed destination of funds if police are defunded; the host argues this would be harmful if taxes remain high while security is privatized.
  Allow the private sector to do it but what a town like minneapolis wants to do is they want to stop spending money on the police but still spend it on social programs so imagine you're living in minneapolis you own a home in minneapolis.

Sponsors

• ExpressVPN — Company · Sponsor / advertised product · 5 mentions · first at 0:09
  Appears in pre-roll and mid-roll ad reads; the host recommends it for privacy and geo-unblocking content.
  Today's podcast is brought to you by expressvpn so thank expressvpn for supporting the peter schiff show podcast you probably don't think much about internet privacy on your home.

Full transcript with timestamps

0:09 today's podcast is brought to you by expressvpn so thank expressvpn for supporting the peter schiff show podcast you probably don't think much about internet privacy on your home network but expressvpn will secure your privacy and protect your information so visit expressvpn.com gold and you can get an extra three months free on a one year package earlier today the federal reserve concluded its most recent two-day meeting and as widely expected they did not raise interest rates they left them at 0 to 0.25 they didn't cut them to negative although nobody was actually expecting the fed to go there yet but i think what few people probably anticipated was perhaps the most dovish statement that i've ever heard a fed chairman make and basically it was in the q a that you know whenever they come out with an official statement powell always has a press conference and again this is a break with tradition

1:19 because they didn't have a press conference after every meeting they used to do it every quarter and powell decided to be more transparent so he's doing it after every meeting and of course now it's a zoom conference so you get to see all the little people in their windows asking the fed chairman some good questions in fact the best question was the last question and i will talk about it later uh but i want to focus on this topic right now which was in response to a question really about what the fed was going to do under certain circumstances or if the fed actually i don't even remember the exact question uh because i was so shocked by the answer that i think i you know i kind of lost track of uh what question powell was answering i just realized that but anyway it had to do with rate hikes or you know when they might come or something like that and then what powell said was that the fed

2:19 is not even thinking about thinking about raising interest rates at this point so not only is the fed not thinking about raising rates they're not even thinking about thinking about raising rates which means a rate hike is nowhere on the horizon in fact in their official statement they said the fed was committed to leaving interest rates at zero and continuing its bond buying program into the year 2022 but the fact that they're not even thinking about thinking about raising interest rates really shows me that what the fed is doing now really amounts to nothing but a monetary hail mary i mean the fed is desperate they know that everything is going to fall apart and so they just got interest rates at zero and they don't care what happens it's like they've got their pedal to the metal and they're going full speed ahead and they've just closed their eyes they don't even care what's on the road

3:15 because it doesn't matter even if they go over a cliff and crash and burn it doesn't matter because they're going to die anyway i mean that's basically what they're saying i mean i can't even believe that the markets can hear that comment and that the dollar didn't get hammered even more than it already was or that gold didn't go up even higher than it already was i mean it was probably up maybe about 20 bucks or a little less uh when that statement was made i think it closed up about 24 17 39ish but really if people understood uh that statement gold would be a lot higher and i have a feeling that as people chew on that overnight gold is going a lot higher and the u.s dollar is going a lot lower in fact the dollar index was down again today we closed above 96 but we did get through uh 96 earlier in the day we got down to 95.71 so this is a new low for the move we haven't taken out the march

4:18 low yet before we ran all the way up to 103 but we've now dropped from 103 down to below 96 on the dollar index but i have a feeling that this losing streak is going to continue especially when people really dissect what a pal just said about not even thinking about thinking about raising interest rates because that is such an uh incompetent and arrogant statement all at once because what you want is for your central bank to be thinking about what the scenarios might be that would require you know an earlier than expected rate hike like they're actually watching the data and they're gonna you know see what happens and you know maybe we ease too much and so what are the signs that we need to look for that says we have to dial this back that we have to withdraw this liquidity that we know we added too much that we've got to raise rates or you know we've got to start shrinking our balance sheet but they're not

5:18 thinking about those things at all and i think because they realize if they thought about it they'd realize that we're screwed they'd realize that there's no way that they could raise interest rates it's impossible without crashing the economy and so since there's no way they can do it they're not even going to think about thinking about it they're just going to hope for the best right this is a complete experiment right they're like little kids with a chemistry set and they're throwing all the chemicals together and they're just hoping for the best they have no idea but they don't really care because they know the alternative is unthinkable right the the actual raising interest rates would now do so much damage this bubble that they can't even think about thinking about it and so it's off the table so that means anybody who is thinking okay when might the fed raise rates you know that was kind of supporting the dollar

6:09 or that was kind of keeping a lid on gold because people didn't know when the fed might hike well now you know they're never going to hike because they're not even thinking about thinking about hiking i mean how can you hike when you're not even thinking about thinking about it you have to at least be thinking about something before you can do it right but they're not even deliberating they're not even trying to bring up scenarios uh under which they may be forced to raise interest rates right they have no contingency plan right they have no plans if inflation gets out of hand there's no plans to do anything about it because they can't do anything about it in fact one of the points that powell stressed several times right during his press conference was that you know we had really really low unemployment for a long time right before this covert recession started the unemployment rate was what four

7:00 percent or less than that and we didn't have any inflation or at least the way uh the government measures it with the cpi right we had inflation just not uh measurably more than two percent per year and so powell was saying well we now know that there is no trade-off between unemployment and uh inflation which of course there never was right but now that fowl is palo is saying that well the fed no longer believes in the phillips curve uh that you know we're going to tolerate and then he corrected himself we'll not really tolerate we're going to enjoy low inflation i mean rather we're going to enjoy low levels of unemployment and not think that we need to raise rates but wait a minute we don't have low unemployment we have high unemployment we have double digit unemployment so what powell was saying is that he is not going to watch the unemployment rate fall and be at all tempted to raise

7:54 interest rates because according to powell we got to four percent unemployment and we had no inflation problem so why should i care i'm going to wait until the 16 unemployment we have now whatever it is i'm gonna wait all the way until it comes down to four percent or lower before we start thinking about thinking about raising rates because we already learned a lesson that low unemployment doesn't cause inflation which is true it doesn't what causes inflation is the fed's money printing that's the inflation but the fed has now got a false sense of confidence that because they dodged that bullet that they're going to dodge it again but as i said in a prior podcast we dodged a bullet only to step into a landmine that's what's going to happen we're not going to get lucky again we're going to have massive inflation in fact we're going to have the opposite last time we had low unemployment and low inflation and what powell thinks

8:53 we're going to have is low unemployment and low inflation again we're not we're going to have high unemployment and high inflation the jobs are not going to come back but the inflation is that's what's going to happen this is going to be stagflation something that the fed doesn't even have on its radar is exactly where we're headed and you can see that now in in the the foreign exchange market you can see that now in the price of gold gold's going up the dollar is going down and the price declines that we initially saw uh during uh covid right as everybody locked down and all the demand temporarily went away well now we're starting to see the price hikes even though we got the cpi today this morning and we still didn't show anything i think it was down 1 10th the official number for the prior month but i think we're going to start to see going forward a noticeable pickup even in the way the

9:48 government measures consumer prices but again the federal reserve is going to do absolutely nothing about it and i kind of think it's ironic too that later in the day i got the news that the national debt just went through 26 trillion dollars it's added the last trillion dollars in just over a month in fact it's added two trillion dollars in two months and two days so we're adding about a trillion dollars every 32 days right one month in one day to add a trillion dollars in debt you know it took until 1986 before the national debt got to 2 trillion right so it took 210 years to run up the first tr two trillion dollar national debt and it took us two months in two days to run up the last two trillion dollars of debt uh but this is going to continue now i do think the pace is going to slow down i mean there's no way that we can stay on this pace but you know uh the powell just basically raised uh

10:51 waved a red flag at a bull today the equivalent when he's telling the government hey don't worry about the economy i don't care what the data is i don't care if it's a v or a w whatever we're keeping rates at zero no matter what right i mean we're just going for broke uh literally when it comes to uh zero percent interest rates and quantitative easing we're going to keep on buying bonds no matter how many bonds the treasury is trying to sell we've got your back we're going to keep on buying them well what the fed is telling congress is pass another stimulus another trillion another 2 trillion we will monetize any debt that you want to sell to finance any government spending bill that you want which means we're going to get more we're going to get another stimulus based on this green light i mean who's going to stand against free money especially in an election year right when the republicans are

11:45 vying for the democrats the cu can buy the most votes and since nobody has to raise anybody's taxes the federal reserve is simply going to print all the money well this is going to usher in even more stimulus and so yeah i mean we're going to keep getting the national debt rising although i can't see that we could continue the pace of a trillion dollars a month i mean we can't possibly add 12 trillion dollars per year to the national debt at least not yet but i do think that uh once the democrats have the white house in both houses of congress that may be the case that may in fact happen because if government is this reckless with republicans in charge if there's no opposition to deficits and deficits from republicans then why should we expect to have any uh opposition from democrats we shouldn't but i wanted to talk about a few of the other comments that that that powell made in the uh the q a that followed his uh

12:45 official statement one of the comments that he made is he talked about all the people who through no fault of their own you know the cove at 19 were out of work they lost their jobs and it was the government's uh responsibility to put those people back to work now first of all what are the reasons that a lot of people lost their jobs was because the government ordered that the businesses shut down so it was the government that destroyed the jobs so let's not forget about that but these were the local governments these are state and local governments it's not the federal government's job to try to put people to work that the states are throwing out of work right it's the state's job to allow these businesses to reopen but then it's not about the government putting people to work that's what happens in the socialist economy we want the free market to put people to work we want people doing productive

13:38 work and they will do it so long as the government stays out of the way it's not the government's job to create jobs it's the government's jobs to get out of the way so the free market can create the job but powell seems to think that the government and the federal reserve are supposed to create jobs which they're not but even if they were supposed to they can't you know one of the other ironic statements that powell made is you know they were talking about inflation and the fed's failure to hit its target right and and powell was like you know we have to remain humble about our ability to create inflation or something like that i mean the one area where the fed doesn't need to have humility is creating inflation because that's the only thing the fed can do and it's creating massive inflation in fact i think the fed is now creating inflation for the history books i mean we're going to go through

14:31 what will be historically one of the greatest episodes of inflation the world has ever seen courtesy of the fed so the fed is great at creating inflation what it's lousy at creating is economic growth in jobs it can't do that at all but for some reason powell is confident in the fed's ability to do that right he's very arrogant when it comes to his ability to do something he can't do and he's humble about the fed's ability to do the only thing that it can do which is uh create inflation but i think the the best question he got was the last one and i'm not sure who asked it but it was a great question right and so this is what some guy asked jerome powell he talked about the stock market and i'm going to get to the stock market in a minute but he said you know the stock market has gone way up since you launched this new policy every single stock in the s p 500 has gone up he said mr powell are you worried is the

15:31 fed worried that you are creating another asset bubble that is going to pop and that when it pops it's going to compromise the recovery are you also worried about a misallocation in resources that might result from a stock market bubble and that that misallocation of resources might actually leave the economy worse off excellent question and then he followed up by saying aren't you also worried about uh wealth inequality aren't you worried about that by pushing up asset prices you are further uh widening the divide of wealth and making the wealth inequality greater so that's an excellent question because the answer is obvious right the fed is creating an asset bubble it is misallocating resources it is widening uh the wealth gap and it is going to undermine the recovery not even a recovery it is going to leave the economy worse off uh than it was before the fed is doing everything wrong

16:38 and it should be worried precisely about these problems but powell gets this question and i'm like okay i got to hear this answer and basically i'm waiting for him to answer the question and he keeps on talking and talking and this was the last question and by the time he was done talking he didn't address any one of these points he refused to answer this question he just went off on a tangent that kind of sounded like he was somewhat related to the question but in no way did he answer any of the question and so basically by you know skirting uh the question and dodging it and not answering it it's obvious what the answer is he just didn't want to give it and the answer is either no we're not worried right because we don't care right we're not worried about creating acid bubbles because we don't care that we're creating acid bubbles because we have no choice because if we didn't then we'd have to

17:32 you know face the music sooner rather than later so either the fed isn't worried now if they are worried about it then they're never going to say that right the fed is never going to admit that they're worried about creating an asset bubble they should be worried right but they don't want to admit that they're worried so either they're just not answering the question because they don't want to tell the truth or they're not answering the question because the truth is even worse than a lie because if they're not worried about it that's even worse than being worried about it but you can't say you're worried about it because then why aren't you doing something about it and if you're worried about it why what are the consequences right they don't want to even acknowledge what those consequences are so they can't even answer this question but really the answer is no they couldn't give a damn right about

18:20 acid bubbles they don't give a damn about misallocation of resources or widening the wealth divide they don't care about any of that because remember they got the monetary pedal to the metal and their eyes are closed and they're not going to adjust their path no matter what it doesn't even matter what happens because they've already decided that they have no choice but to keep interest rates at zero and to keep on putting money because the minute they stop our hell is going to break loose so what difference does it make right it doesn't matter if we drive over the edge of that cliff because we're blindfolded we don't see it coming because if we don't have the pedal to the metal we're all going to die anyway so what difference does it make that is what they're saying and since they're saying that and if you understand that and i think more people will come to understand that as people you know pay a little

19:07 attention uh to what was just said you're gonna see more and more people uh you know getting out of the dollar and more people buying gold which brings me to the market reaction to the fed's comments and you know there was a lot of jockeying around uh leading into the the the fed minutes and then of course we had a lot of volatility and at one point you know had a big rise in the the stock market uh but then it sold off and the dow jones ended up down 282 points just over one percent you know the weakest stocks on the day uh were the financials well fargo led the way down it was down nine percent but i think the whole index remember i've talked about the the regional bank index it was down 6.7 on the day so you know all of the banks got clobbered but the news on wells fargo and this is really telling because there's going to be a lot of other companies that are going to be in the same predicament as wells fargo but wells

20:11 fargo announced a major stock sale they're going to be selling stock into the market and they're going to be using the proceeds of these stock sales to pay down their debt now of course the irony of it is the reason they have all this debt is because they borrowed money to buy back stock right and now they have to sell the stock that they borrowed money to buy in order to repay the loans the problem is the stock is half the price if you look at where wells fargo stock was trading since early 2015 it was basically a sixty dollar stock until this most recent you know covert recession started and cut wells fargo in half and so now it's just under thirty dollars and so they're going to be selling back for half of what they paid to buy it and in the meantime they had to pay interest on the money they use to borrow the stock that's been cut in half and of course we don't even know that they're going to

21:10 get 50 cents on the dollar because they haven't sold yet the share price of wells fargo is likely to continue to go down in anticipation of these stock sales driving the price down even lower and driving the losses to wells fargo higher see this is the opposite of a share buyback where the company borrows money to buy stocks now they're selling stock to repay the money they borrowed and i said this was going to happen on my podcast years and years ago i said eventually all these companies that are borrowing money to buy back stock are one day gonna have to sell back stock at much lower prices to try to repay the debts and the problem might be the stocks might fall by so much that they won't be able to raise enough money to pay back their debts and they'll end up going bankrupt and this is going to happen to a lot of other companies that were levering up and overpaying for their stocks especially if interest rates really run

22:07 up in fact had the federal reserve not been in the market buying corporate bonds right now a lot of companies would already be in the predicament that wells fargo was in right now they will be there eventually this is going to be uh the the rule not the exception you're going to have a lot more companies selling stock at huge losses that means a lot of shareholder value will have been destroyed because they would have overpaid for their stock when they bought it and who knows eventually they might have to sell it at you know below value you know bargain basement prices you know in order to repay this debt so this is bad news for the real uh market so you have the dow was down s p was down a lot of stocks were down but the nasdaq continues to rise up another 0.67 percent today a new record high we closed at 10 020 this is the first close above 10 000. yesterday we peaked above it but we didn't close there

23:08 this is the first close ever above ten thousand the high was ten thousand eight six spot eight nine uh so the the nasdaq says continuing to power higher you know the fang stocks leading the way um people think this is a hedge right people are getting out of the companies that have real earnings and real pes to buy the companies that are trading at ridiculous pe's because for them earnings don't even matter i mean once you get into crazy territory when it comes to pes what difference does it make so when you have a lot of established businesses that have realistic pes assigned to their earnings and their earnings are collapsing the share prices are going down because at least those stock prices have some relation to their earnings but when you move into you know the fantasy land of the nasdaq and you have a lot of stock prices that are completely devoid of their earnings right they're trading at 100 times

24:07 earnings 200 times earnings or they have no earnings at all and they're just trading on hope well when you're trading on hope and when you're so far apart when from fundamentally then what differs to make even if the earnings are going down it doesn't matter because the earnings never matter in the first place people are buying these stocks simply based on momentum and so the momentum mindless buying continues in in those names so even as the real stock market is going down right the fantasy market of some of these nasdaq stocks is going up look what happened to the russell 2000 today it got clobbered today down 2.6 because these are real businesses that have to have more realistic valuations otherwise investors won't buy the stocks uh so that's where you're starting to see uh the weakness uh but the nasdaq can continue to defy gravity but how long is that going to continue obviously not indefinitely there is going to be a

25:04 crash in that market and it's going to be coming at some point it's going to be it's going to blindside people when it comes but i think it's going to be vicious being stuck at home these days you probably don't think much about internet privacy on your home network fire up incognito mode and your browser and no one can see what you're doing right wrong even in incognito mode your online activity can still be traced even if you clear your browsing history your internet service provider can still see every single website you visited that's why you need to use expressvpn expressvpn make sure your isp internet service provider can't see what site you visit instead your internet connection is routed through expressvpn's secure servers each vpn server has an ip address that's shared among thousands of users that means everything you do is anonymized and cannot be traced back to you expressvpn also encrypts 100 of your

26:05 data with best-in-class encryption so your information is always protected in fact i experienced an added benefit of expressvpn the other day i was in puerto rico on my computer i wanted to view some content but i couldn't access from my area so i fired up the express vpn i've got the small icon always on my computer and i just clicked on it and the next thing i knew i was now browsing from a location in florida as opposed to puerto rico and now the content that wasn't available to me in puerto rico instantly became available to me in orlando and i couldn't have done it unless i had the expressvpn so protect your online activity today with a vpn that i trust to secure my privacy visit my special link at expressvpn.com gold and you can get an extra three months free on a one year package that's express ex p r e s s vpn dot slash expressvpn.com to learn more you know you can see all the evidence of the speculation going on in

27:14 fact one of the uh the um aspects that is getting a lot of discussion is the trading in the stock of bankrupt companies you have a lot of small investors using their robin hood app you know in fact a lot of people were taking the stimulus money and using it to you know speculate on stocks on on robinhood where you can buy very small quantities of stock online and a lot of unsophisticated investors are just buying stocks and one of the types of stocks they're doing is buying companies that have filed for bankruptcy now a lot of these speculators don't really understand that the common stockholder oftentimes in bankruptcy gets completely wiped out but even though the stock has a symbol and it's trading it ultimately can have no value but you know what do these guys care because they're going to buy it anyway it doesn't matter what the fundamental value is they just want to buy what's going up and

28:12 hertz went up and interestingly enough carl icahn a famed billionaire investor was the biggest shareholder in hertz and he bought it about four years ago and he got out of the stock he sold out for 72 cents right he lost about 2 billion this was an 80 stock back in 2014 i think that's about the time where carl icahn bought it right so he wrote it down from 80 uh to 72 cents and then blew out his entire position at 72 cents now why did he do that why did he wait until 72 cents and then sell and why didn't he sell when it was higher well i guess he still had some hope that the situation was going to turn around but once they filed for bankruptcy he realized that it was a hopeless situation i mean probably nobody knows the books in the balance sheet better than carl icahn considering how large an investor he is how smart a guy he is how many analysts he has probably dedicated to following hertz right

29:20 and hertz's analysts came to carl and basically said it's a lost cause there's nothing left for the stockholders the bondholders are probably even gonna take a haircut here so even they're gonna lose money so it's a lost cause it's going to zero and so so carl icon was like well 72 cents is better than zero i mean that's still millions and millions of dollars based on how many shares he had and he was like why should i let that money go to waste i mean if i saw a few million dollars on the street wouldn't i bend over to pick it up sure and that's what he was thinking about he just saw a few million dollars lying on the street it wasn't going to be there for long and so he decided to pick it up but then you've got these kids these young people on robin hood who bid the price of the stock up from the 72 cents where carl got out it got up to 6.25 6.25 for a stock that is worthless now today hertz crashed uh 40 percent

30:18 but it's still at 2.52 cents it's still many many times higher than where carl icon bailed out right but it's still ultability who do you think is smarter carl icon are these kids the stocks going to zero carl is happy that he got rid of the stock at 72 cents now obviously there's some kid that doesn't know what he's doing that bought the stock at a dollar who thought he was a genius when it was at six dollars now he wasn't a genius but he was pretty lucky if he sold but what if he's still holding onto it he still thinks he's smart because the stock's two and a half bucks and he bought it for a dollar well if he continues to hold on to this thing how smart is he gonna feel when it's at zero and he's lost everything because somebody is going to be left holding the bag because the only way this guy can get out at two dollars and fifty two cents is if somebody else is dumb enough to buy a bankrupt company

31:11 that's going to zero at two dollars and fifty two cents the reality is right now there's somebody who is that dumb but pretty soon the supply of idiots is going to run out either that or they're just going to de-list the stock and people won't be able to buy it because it won't be trading but then the people who have it won't be able to sell it because there won't be a market but that and that's where we're headed but the broader issue here is this is just evidence of the crazy speculative mania that currently exists in in the stock market and it's not just you know kids on robinhood who are you know affected by this this is professional investors uh hedge fund managers guys that are managing big pensions and endowments you know i saw muhammad elarian of pimko who's a pretty good i mean again he's one of the guys that comes on cnbc that you know based on what he says he he you know he understands probably a

32:08 lot more than he lets on right because everybody has to dumb it down uh for the cnbc audience right you know they don't want to have uh what happened to me happen to them right if you lay it out you know uh they're not going to want you on right they want you to uh dumb it down for prime time and not really be overly bearish even if uh that's what you believe and so i think el aryan you know is more bearish than his public persona based on the comments that he makes and what are the comments that he made and he wasn't saying that this is how he felt but he was commenting on the fact that this is how he thinks people in the industry feel based on the feedback he gets and the people he talks to is that there is now a can't lose attitude among investors who are betting on this recovery this v-shape recovery right that if you're betting on the economy recovering and you are buying stocks out of that optimism that you can't lose

33:07 and the reason you can't lose is this if you're right and the economy does rebound really strong and that strong rebound does translate into improved corporate earnings well then you win by being an investor in the stock market right but if you're wrong and we don't have a v-shape recovery we just have a prolonged recession you still win because under that scenario the federal reserve just prints even more money they keep interest rates at zero even longer hey maybe they even go to negative interest rates they do even more qe and because the fed prints even more money if the economy doesn't recover then it's going to print if it does then you still win so it's a win-win no matter what happens you win by buying stocks so just buy them because you can't lose and again that is the attitude that you get in a bubble when people throw caution to the wind because they don't think they can lose

34:05 well what they don't understand even if they're right and i believe they are right in their premise that if the economy doesn't recover the fed's going to print even more money i mean they're going to print money regardless because even if we do quote-unquote recover the phony recovery is only a function of the money printing if the money printing stops the phony recovery stops too so that's never going to stop but if the phony recovery loses steam then they're going to print even more money to try to get going again so i believe that investors are right to understand that but where they're wrong is in thinking that this means that they can't lose because they could lose a lot because they don't understand how much they can lose because of all the money printing they don't understand that the dollar is going to crash right and when the dollar crashes they get wiped out their profits don't matter if the dollar

35:00 itself collapses you know look at the look at the bond market people were buying us treasuries um in march 10 years the yield got down to 40 basis points 0.4 um well since its peak in march the us dollar has lost about seven percent of its value seven percent imagine foreigners were buying us treasuries and they were they were willing to accept 40 basis points in yield that means that after uh 10 years they would have earned 4 percent right 40 basis points 10 times is four percent so if they bought a us treasury and they held it to maturity for ten years they stood to gain four percent well if they are foreign they've already lost seven percent that's almost the whole that's almost twice in fact let's say that the dollar is down eight percent in another week right maybe less the dollar drops eight percent if all you were going to get by holding the bond for 10 years was 4 and you've lost eight percent in

36:12 two months you've lost two times the income that you would have gained holding the bond for an entire decade and you've already lost twice that amount and it's been two months and think about this if the dollar has lost seven eight percent of its value in two months how much more of its value will it lose if you hold that ten-year treasury to maturity worse yet what about the idiot who bought the 30-year treasury what's the dollar going to be worth in 30 years now look the dollar isn't the only currency that's going to go down so let's say you're a european and you you bought u.s treasuries right and let's say over the next 10 years the dollar loses 50 against the euro and i think it would be lucky if the dollar only lost 50 percent i think it's going to lose more but let's say you buy treasuries and the dollar loses 50 percent and you get back 50 cents on the euro your losses are going to be a lot more

37:15 than 50 in real terms because there's going to be a lot of inflation in the euro zone over the next decade so the euro is also going to lose purchasing power it's just that the dollar is going to lose purchasing power even faster even more purchasing power will be lost so the real losses to a foreigner who invests in u.s treasuries are not just the foreign exchange losses between the euro and the dollar and the other currency in the dollar it's going to be their own domestic inflation which you have to add on top of it so bond investors everywhere are going to get killed but particularly bond investors in the united states but at some point and at some point soon the world's investors are going to wake up to this reality right they're not going to want to buy any u.s treasuries the losses are too big when you have the federal reserve saying we don't care we're never raising rates we're going to keep on printing money

38:13 when the budget deficits are exploding the national debt is exploding the dollar is a bottomless pit nobody is going to want to you know loan money to the u.s government to get paid back in 10 years let alone you know 10 10 months 10 minutes uh so the consequence of all the money the fed has to print in order to bail out the economy are catastrophic and so that is going to result in real losses that wall street is overlooking they think it's a freebie they think it's get out of jail free the economy doesn't recover we print money no problem that's a big problem it worked in the past because everybody thought it was temporary everybody thought it was emergency one-time thing that would never happen again nobody is going to think that now so investors who think they can't lose are going to find out the hard way exactly how much money they're going to lose and you know i know there are a lot of

39:09 people too out there although maybe not a lot a handful actually of other advisors out there who kind of say a lot of the same things as me who talk about all the problems in the economy that talk about the debt the stock market bubble all this stuff but then when it comes to investment advice they tell people to hold on to their dollars to stay in cash to stay in u.s treasuries because they think this whole thing is going to end with deflation or that maybe we'll have massive inflation eventually but we're going to have this big bout of deflation first and so what you need to do is give them your money so they can invest it for you in treasuries and cash and then they're going to know exactly when to commit that money maybe into gold stocks or foreign stocks once the deflation uh you know has run its course and now it's time for the inflation i think that is a very dangerous strategy i think if you are in an

40:08 account that has a lot of cash uh that has a lot of cash equivalent or u.s treasuries and you're waiting for the deflation great pugman to show up uh you're going to be waiting for a long time because that pumpkin is never going to arrive we're going straight to inflation we're not passing go you're not going to collect 200 if you're waiting for deflation so my advice is if you believe what i'm saying right if you believe that there's going to be a consequence to this that this bubble is gonna pop uh that the dollar is gonna crash uh then you gotta get out of dollars now you can't try to finesse this thing you can't try to hope uh that you're gonna get out of the dollar i mean you had this brief dollar rally back in march uh and the dollar index went up but it wasn't that big a rally it i mean considering what was going on there wasn't that big this so-called flight to the dollar and the dollar has already lost 100

41:09 of what it gained uh when people were theoretically rushing to buy it when everybody said there was a dollar shortage there is no dollar shortage there's a dollar clut there's a surplus in fact the idea that there was a dollar shortage a couple of months ago that's what emboldened the fed to print so many dollars and give them to the u.s government to spend because the markets were saying we want dollars so the fed was okay here they are well now the world is loaded up with dollars even more than they had before and they don't want them they don't need them it's not just our budget deficits that are exploding it's our trade deficits that are exploding so the real risk is owning uh dollars you know people who think well i need to get out of the market i don't want to take the risk you can't just get out of the market because if you get out of the market and you get into the dollar you're in actually a worse position you

42:01 know i think people over the long run people who own stocks are going to lose less money the people that own dollars even if they own u.s stocks i mean u.s stocks are certainly overvalued in gold but are they overvalued in dollars well if the dollar goes to zero let's say we have hyperinflation are u.s stocks overvalued no because if you're gonna price them in dollars and the dollar is worthless then every stock is infinite right the price is infinity in terms of a worthless currency so from that perspective the u.s stock market is not overvalued it's the dollar that's overvalued but i don't think the u.s stock market is going to be the best hedge for a collapsing dollar i think foreign stocks are a much better hedge than domestic stocks i think gold stocks will probably prove to be the best hedge of all but what is not a hedge is holding the dollar itself what is not a hedge is holding u.s

42:57 treasuries or muni bonds or corporate bonds so if you're in the camp that i am correct and the u.s economy is headed for a collapse the worst thing you could do is hold on to cash because you're likely to be the biggest collateral damage because remember i talked about the inflation tax right the inflation tax is the way the government is now funding itself in fact right now when you look at the numbers it's now 55 cents from every dollar the us government spends is being borrowed only 45 cents of every dollar is being raised legitimately through taxation 55 cents is being borrowed but since it's all being borrowed from the federal reserve that means that 55 cents out of every federal dollar spent is being printed right so 45 of federal spending is being financed with taxation and the other 55 percent is being financed with inflation but inflation is just another tax that's all it is right

44:03 with a legitimate tax like an income tax the government takes your money and gives it to somebody else that didn't earn it so they take away your money and now somebody else has that money and they buy something with it you can't buy something with it because you don't have the money anymore somebody else does right well when they tax you through inflation it's really the same dynamic it just looks a little different instead of taking your money they don't take any of your money they just print up new money and give it to whoever is going to get the government check so now somebody gets money that they didn't earn just like through a transfer the fed prints the money and gives it to them but that doesn't mean there's more stuff to buy right the person who's just getting a check from the government he didn't contribute anything to the economy he didn't put any product production in he didn't

44:52 provide services or produce goods he just got a check and now he's going to spend it he's going to try to take out stuff but he didn't put anything in so where is it coming from because the federal reserve doesn't create any stuff it just creates money to buy stuff so what happens is the new money that the fed creates and gives to somebody to spend all that does is destroy the value of all the money that already exists so now the federal government didn't tax me but all the things that i want to buy go up in price and so now i can't buy as much stuff even though i have the same amount of money i'm buying less stuff it's the same way as if the government had taken some of my money and so now i had less money available so i can buy less stuff now i have the same amount of money but all the stuff is more expensive so i can still buy less stuff so instead of my money being transferred by the

45:46 government it's my purchasing power that's being transferred so it's the inflation tax and it is going to clobber anybody who's holding on to u.s dollars so if you think you're going to ride this out in cash you're not you're going to get clobbered by the inflation tax so what you want to do as quickly as you can is get out of cash right don't hold on to it you know send your money open up an account with europe pacific capital we can invest that cash we can get you into good quality stocks i have several uh good portfolio managers cfas who are analyzing these stocks helping us pick the best quality companies around the world that you can invest in that pay good dividends and picking the best gold stocks that you could buy uh to cash in on the huge increase in the price of gold that is going to accompany not only this inflation but the remonetization of gold as central banks around the world

46:44 reprice the us dollar with gold right we're gonna be using gold again as the primary monetary reserve not u.s dollars the dollar is going to be in free fall and the world is going to need an alternative and it's not going to be the euro it's not going to be the yen it's not going to be r b none of those fiat currencies make any sense either even though they're better than the dollar they're not nearly as good as gold and the dollar never would have been the reserve currency but for the fact that it was redeemable in bold it was convertible into gold none of those other currencies currently are the only thing they can do is is own the gold itself and that's what's coming but even before uh pal's conference i was watching on cnbc and they were interviewing a guy i don't remember his name he was an african-american guy and of course you know they're bringing a lot of african-americans on to talk about uh you know black lives

47:40 matter and racism and what we're going to do about wealth inequality the idea is that wealth inequality is because of racism even though racism has absolutely nothing to do with wealth inequality we do have welfare equality i will acknowledge that we have it but it's not because of racism it's because of other factors that nobody uh wants to deal with everybody wants to ignore and just say it's because of racism because that's the political expedient a scapegoat to blame it on and of course if you blame it on racism well the solution is just more government and more money and more money to the charities that are gonna stamp out racism uh so nobody wants to acknowledge uh the real problems and i i spent some time doing that on some other podcasts but i wanted to just uh bring up this particular guy because of what he was proposing because they were talking about the fed right and what can the fed do to help bring

48:35 about uh less income inequality i mean the guy talked about the fact that i think the average uh african american a family has maybe one tenth the net worth of the average white family and of course this is all skewed by the billionaires right because if you look at all the billionaires right that's where all the big net worth is uh but you know there are plenty of white americans that have no net worth i mean blacks aren't the only people that are living on credit cards and are you know paycheck to paycheck you have a lot of white people who are just as broke as a lot of these black families so the numbers are really skewed by the zuckerbergs and the buffets uh and and these guys that have so much money right uh but when he gets back to you know what can the fed do right what can the fed do about it the real answer should well the fed can't do anything about it that's not the fed's job

49:23 uh to address income inequality that's not part of their mandate right so there's really nothing the fed can do about that issue even if it was the result of racism which it's not i mean there's nothing the fed's going to do about that but this guy had a solution he said that what the fed can do is to let inflation be higher right not be so quick to raise interest rates to when inflation starts to pick up to just let inflation be higher so that we can have more economic growth and we can create more jobs so in other words this guy believes that the best thing the fed could do for african americans is to have more inflation right if we could just have a higher cost of living that's going to help african americans because we're going to have a stronger economy that's going to create more jobs i mean that's complete nonsense you're not going to create a stronger economy by creating more inflation you're

50:19 actually going to create a weaker economy see this guy still believes in the phillips curve he thinks that if there's a trade-off between employment and inflation and that somehow if we have more inflation uh we'll create more jobs that's nonsense we're not going to create more jobs and the jobs don't create inflation right but what the fed is going to do is undermine the real economy and hurt african americans i mean not only is a reckless fed uh going to uh undermine economic growth but this guy was complaining about wealth and equality well one of the reasons we have so much wealth inequality is because we have an asset bubble because the federal reserve has done exactly what this guy wants them to do because they've kept interest rates too low for too long they siphoned money out of the real economy that's not going to uh productive use that might create good jobs for african americans instead

51:16 it's financing speculation on wall street that is not creating many jobs at all for african americans but it's lining the pockets of the white guys that are already rich right so these rich white people are getting richer because of these fed policies how is that going to narrow uh the the the the wealth gap it's gonna exacerbate it this guy doesn't understand that part of the reason that the gap is so wide is because the fed is doing exactly what he wants them to do more of and if you think about it what is the worst thing that can happen economically to african americans is a higher cost of living right if you're talking about african americans on average right tend to be less affluent right they have lower incomes as a group well the lower your income is uh the more sensitive you are to the price of things right the more uh food prices for example are going to impact your quality of life so

52:16 the people who have the most to lose from higher inflation are poor people people living uh you know paycheck to paycheck people who are wage earners right who earn a living and now they have to go buy stuff with their wages and if you make the prices of the goods and services that they need to buy more expensive you've you've made their life worse so what this guy wants the federal reserve to do would actually hit hardest the african-american community right it's not going to improve their incomes but it is going to increase their cost of living and even if they're nominal wages go up right their cost of living is going to go up even more so their real wages are going to decline and as if that wasn't bad enough too the other thing that this guy was advocating that could be done to help african americans was increase the minimum wage right so he wants more inflation and a higher minimum wage

53:12 which will actually make the inflation problem even worse by artificially inflating labor costs but what the minimum wage also will do is deny more african americans the opportunity to get a job in the first place because the higher you make that minimum wage the higher you make the first rung of the job ladder and so the higher that rung is the fewer people can reach it right the people who are most affected uh by the minimum wage are the lower skilled unskilled workers and again they are over represented in the african-american community based on the numbers right and so the minimum wage hurts everybody white people hispanics right all ethnic groups are impacted by the minimum wage but it disproportionately impacts african americans so if you want to help african americans get rid of minimum wage yet this guy wants to raise it even more so everything that he's advocating that congress do everything that he

54:12 wants the federal reserve to do to help african americans is going to hurt african americans more than it does the general uh uh a population but it's going to hurt everybody it's just going to hurt african americans worse and then of course when that happens when these policies you know make the situation worse well now they can claim it's all racism oh we got even more racist than we were before now we need even more money now we need to step up our efforts to stamp out racism because african-american unemployment has gone up even more the wealth gap is even wider and they're not going to realize that it's because of the minimum wage hikes it's because of all the extra inflation and other things that's what's driving the problems it's got nothing to do with racism i just want to finish up this podcast too by talking about the most recent i guess ridiculous aspect of the whole you know america's racist black lives

55:10 matter movement right now is the idea that we need to defund the police right you have a movement now particularly like in minneapolis where this whole thing started that because the police are racist we need to get rid of the police right because they're racist so we just got to abolish the police department defund the police department and then let's use the money that we used to pay the police and let's just you know use it for social programs right uh that will benefit uh you know the inner cities and we'll just get rid of the police i mean of all the asinine ideas and this thing is kind of going mainstream i mean people again are afraid to oppose it because i think i said another podcast i mean once you play the race card everybody folds because now if you if you don't want to defund the police well then you're a racist right if you if you disagree with anything that the mob wants to do

56:02 the mere fact that you've disagreed with it means that you're a racist right in fact i hear people saying now that if you deny that you're a racist then you're a racist right the denial of being a racist is proof that you're a racist well then everybody's a racist because either you say you are a racist or you're not right if you admit to being a racist well then you're a racist if you deny you're a racist well then you're even a bigger racist right so everybody's a racist and if you don't want to defund their fleece well then you must be a racist too because the police are racist now again i'm sure there's some policemen who are racist i mean there's racists all you know all over the place so why wouldn't they be in the police department uh are is do policemen on average you know are there more racist proportion on a police department i don't know but i would imagine that the percentage

56:48 is very low but certainly all of the problems uh that we're seeing are not the result of racist police but hey they want to defund the police but what would actually happen if they did that what would happen if some of these cities actually abolished the police department right and in fact i was watching an interview on cnn and they had one of the council members from um minneapolis who voted to defund the police and the lady asked her hey you know what's gonna happen if you know somebody's house gets robbed and uh you know they you know who are they gonna call you know in the middle of night somebody's robbing their house if there's no police who do you call right and so the lady said well you know i guess that's gonna be a problem but you know white people are gonna have to learn to deal with it right because you know right now the police don't help african americans we can't call the police when

57:43 we're being robbed so now i guess white people are going to be in the same predicament right it's like a trade-off we're going to have to make the police are so bad they're so racist and they're suing so much harm that even though they're doing some good for some people well that's just part of the privilege right white people have the privilege of a police department that protects them and black people don't have that privilege and so we need to get rid of the police department and then and then everybody will be the same now nobody will have the protection of the police i mean this is what this woman was saying but what would actually happen if cities like uh minneapolis were to defund the police right and there may be some other cities that do that right well first of all the whole nation is not going to do that right every uh city is not going to get rid of their police i mean there are plenty of

58:28 people who want uh the police department to protect their property right i mean people don't want criminals just running rampant in their community so they're going to want to have a police force but let's say you have some of these cities that decide that they don't want to have any police well what's going to happen well that's going to be a huge win for the communities that still have police because if you're a criminal if you want to start committing robberies or you want to commit rape or all kinds of crime where do you want to go do you want to go to the towns that still have a police department or do you want to go to the towns that have no police clearly you're choosing the towns without police right if you want to commit robbery the fact that there's no police that's a big win for you so all of these towns that want to defund the police are going to have a crime wave right criminals are going to be coming from

59:14 all over the country to the cities that no longer have police and so what's going to happen a lot more crime a lot more people are probably going to get killed right so a lot more black lives are going to be lost because we don't have police that are lost because we have police in fact if you look at the number of unarmed african-americans that police shoot right the number of black it's tiny there's hardly any compared to the number of african-americans who are killed uh by the civilians not by the police and most of the civilians who are killing african-americans are themselves african-americans that's where uh almost all of the deaths are occurring from guns it's has nothing to do with the police right and so if they get rid of the police then those deaths are going to increase dramatically which shows you that it's not about black black lives mattering because if black lives matter you'd want the police

1:00:08 you'd want the police in those communities that have a lot of crime protecting black lives it's the people who want to defund the police that don't care about black lives because clearly a lot more black lives are going to be lost if there's no police now the irony of it is if you're going to defund the police what you need to do is refund the public the money right if you're no longer going to be you know paying for police with tax money and you get rid of the police well you got to return the tax dollars to the residents right a lot of times the the police budget comes out of local property taxes right a good chunk of your property tax goes for your local police department and part of that trade-off is hey the police are protecting my property right i have a property in this town and i pay money so the police will protect me so i i can make a call in the middle of night if somebody breaks into my house

1:01:00 and the police are going to come right that's part of the what you get for your property taxes well if they eliminate the police they got to cut your property taxes you're not getting the police anymore so you got to get your money back so that now you can protect yourself right if the police aren't going to protect you you can't be defenseless so what do you need to do you need to arm yourself you need to buy your own gun uh maybe you need to hire a private security guard which is what would happen right if there were no police people aren't going to just be defenseless so communities will organize and they will have private security forces protecting their property protecting their neighborhoods and so that's fine if the government wants to stop doing it allow the private sector to do it but what a town like minneapolis wants to do is they want to stop spending money on the police but still

1:01:50 spend it on social programs so imagine you're living in minneapolis you own a home in minneapolis and they tell you no more police but you're still going to have to pay these high property taxes because we're just going to take your property taxes and instead of giving it to the police to protect your property we're just going to use it for these social programs i mean what's going to happen people are going to move out of minneapolis they're going to try to sell their property i mean no one's going to want to buy but who's going to buy a property and pay property taxes when none of your property taxes are going to a police department and but you're still paying high property taxes taking that money and they're and they're giving it uh you know for in welfare programs meanwhile you're going to be living in a place where crime is rampant there's no police and you don't have the money to protect yourself

1:02:35 i mean so these towns would really be shooting themselves in the foot actually in the head if they were to defund the police but as asinine as this idea is it's actually gaining a lot of traction and you know the irony of it is the police are government right this is government you have all these people who are socialists they believe in big government what is the police it's government that's what it is and so why do they like government so much except the police department right they like all other aspects of government but they want to get rid of the police department there's a lot of other departments that we should be getting rid of in fact look at the the congress now is going to be proposing some type of legislation for police reform this is not congress's business let the states let the towns and the cities reform their own police departments this is not a federal issue you know what the federal government

1:03:32 should reform the fbi how about the irs you know they want to make it easier and i haven't seen the text of some of these bills but they want to make it easier to um to sue the police if they do something wrong what about sue and the irs agents you know right now they're immune the federal government has written laws where you can't sue the government you can't sue irsa just no matter what they do how about changing that how about the federal government letting taxpayers sue irs agents that violate their rights that probably happens with a lot more regularity than in the police department but that is the irony you have all these people that love government so much that hate the police right they the only thing they want to privatize is the police department well they don't really want to privatize it they just want to get rid of it right but they put their faith in government uh except when it comes to the police the

1:04:22 police are government right so if you if you love government then you can't hate the police right because what these uh socialists really want is a police state that's what they want they want the government uh to use force to take things from other people they they actually want legalized theft maybe that's why they they don't like the police because what they want to do is steal but of course they're never going to reflect upon the inconsistency and all the things that they believe because they don't really believe in anything this is all a political narrative this is all about getting power getting political power and doing things that they couldn't do if they didn't have the cover of racism right this is much better than environmentalism all that now has taken a back seat uh the green new deal nobody is going to be talking about global warming anymore that's not a threat the threat is not global

1:05:20 warming the threat is racism right racism is pernicious it's on the present it's everywhere and everywhere in the united states it's responsible for all the problems that exist and so we just need to stamp it out and we can all we need to do is elect democrats uh to congress we have to have progressive democrats and we have to have a democratic president and we have to give all sorts of money to all of these uh charities that are dedicated to eradicating racism and now all these corporations and i can't believe my inbox is full every day i get all these emails from companies that are telling me they're apologizing uh for how they've treated blacks and they're gonna atone for that and they're gonna make huge changes and they're telling me which charities they're donating money to and how the whole country is now uh changing everything right and this this is all part of an agenda that uh you had certain uh people pushing and

1:06:16 they weren't able to make all this progress and now they're making tremendous progress under the guise of racism and so that that's the only agenda they have it's it's not really about eradicating racism it's about lining their own pockets and by the way if you're wondering why i didn't do the live podcast today on youtube and why i am not doing video remember i came down to uh connecticut over the weekend so the last time i did a podcast i was in puerto rico and when i got down to connecticut today when i went to record the podcast we discovered that we're missing some equipment that we needed to order uh to get the studio down here working so that we can do a live stream uh with video on youtube of the podcasts and so while we are waiting for the new equipment to come in and to set up my equipment i am going back to the old format so it may take another week or two before we get this new equipment

1:07:17 down here in connecticut and so we can go back to the more newer format which includes the live podcasts and the video content so for now we're just going to be going back to the audio version of the peter schiff show but don't worry uh my pretty face will be back soon enough when the new equipment arrives and is installed again the shipments may be a bit delayed uh in this post-covered world but we're working as quickly as we can to get it all set up bye for now

Questions about this episode

Who speaks in "🔴 BREAKING NEWS!! Fed creating an inflation episode. Other currencies will collapse with the dollar"?

Peter Schiff (Host), Jerome Powell (Guest).

What is "🔴 BREAKING NEWS!! Fed creating an inflation episode. Other currencies will collapse with the dollar" about?

The Federal Reserve recently concluded a meeting where it maintained interest rates at historic lows, signaling a highly dovish stance, with Chairman Powell stating they aren't even considering future rate hikes. This approach could lead to increased inflation and potential currency instability, particularly impacting the dollar and other global currencies.

What is mentioned in this GLOBAL NEWS PODCAST episode?

13 people, works and ideas are mentioned, including Peter Schiff, Stimulus, Gold, Hertz, NASDAQ, Phillips Curve. Each one on this page links to its own page with every episode that mentions it.

How long is "🔴 BREAKING NEWS!! Fed creating an inflation episode. Other currencies will collapse with the dollar"?

The episode runs 1 h 8 min; the transcript is about 12,419 words in 72 timestamped sections.

More from GLOBAL NEWS PODCAST

• All analyzed episodes
• Books mentioned on GLOBAL NEWS PODCAST
• People mentioned on GLOBAL NEWS PODCAST
• Topics mentioned on GLOBAL NEWS PODCAST