Transcript
🔴 BREAKING NEWS!! Gold system is the true monetary system, The Fed controls everything
From GLOBAL NEWS PODCAST · Episode page · Watch on YouTube
· 21 min · 4,268 words · 25 timestamped sections
This is the full, timestamped transcript of "🔴 BREAKING NEWS!! Gold system is the true monetary system, The Fed controls everything", an episode of GLOBAL NEWS PODCAST published September 23, 2020 (21 min, about 4,268 words). It mentions 19 people, works and ideas, including Federal Reserve, Peter Schiff, COVID-19, Gold, Silver.
What this episode is about
The discussion revolves around the recent rally in equities, particularly the S&P 500, driven by optimism about a potential COVID-19 vaccine and the Federal Reserve's commitment to unlimited monetary stimulus. Peter Schiff highlights concerns over the long-term implications of the Fed's policies, arguing that while the market may rise in nominal terms, the real value of assets is at risk due to potential inflation and currency devaluation.
Key takeaways
- Market euphoria? Sure, but remember: a vaccine is no silver bullet for economic bubbles.
- The Fed's money printer may be our friend today, but could be our worst enemy tomorrow.
- Forget returning to 'normal'—the pre-COVID bubble has burst, paving the way for a new economic era.
- Inflation isn't just a headline; it's the quiet thief that's already stealing your purchasing power.
- The dollar may be defying gravity now, but watch out: a crash could turn harmless clouds into storms.
Who speaks in this episode?
- Peter Schiff (Host) · 18 min speaking
- Unknown Host (Host) · 3 min speaking
What is discussed, and when
- – 5:00: Federal Reserve, Peter Schiff, Euro Pacific Capital, Moderna
- – 10:00: Federal Reserve, CPI, Cares Act, Heroes Act
- – 15:00: Sweden, Federal Reserve, Tea Party
- – 20:00: Silver, Peter Schiff, Gold, Sweden
Notable quotes from "🔴 BREAKING NEWS!! Gold system is the true monetary system, The Fed controls everything"
And urging congress to borrow and spend as much money as they want and that the fed is standing ready to monetize an infinite amount of government spending so i think people think that's good for the market.
about Federal Reserve · atCould we still see businesses return to normal right away just last week jcpenney one of the largest retailers in america filed for bankruptcy and that's joining a host of other big companies filing for chapter 11. so.
about JCPenney · atAnd of course you can't wait for that in fact fed former fed vice chair alan blinder was on television today saying that well he was concerned about the skyrocketing deficits but right now he's not seeing any signs in the bond.
about Alan Blinder · atEssential and you've countered that argument by saying that the cpi really isn't telling the whole story so how do you see it where is inflation really at right now well it's at an unprecedented level i mean inflation is.
about CPI · atPerformance if you look around the world take a look at sweden for example they've abandoned the close all shops model and instead they've allowed businesses to run but at the expense of public health sweden.
about Sweden · atWhen the the democrats have complete control and there's no tea party to lean against the spending you know obama had to deal with the tea party the tea party has long since gotten buried i mean.
about Tea Party · atThe safe haven assets that you're looking at well i think gold is a safe haven and i think so is silver at this point i think there's an incredible bargain in silver we may have seen the lows now silver got down to.
about Peter Schiff · atMoney into gold mining stocks both in the accounts that we manage in our mutual fund the euro pacific gold fund so i really think that's where the speculative money should be at this point.
about Euro Pacific Gold Fund · at
Who and what is mentioned in this episode?
People
- Peter Schiff — Person · Main guest · 2 mentions · first at
He provides the episode’s core macro/market thesis: Fed money printing will debase the dollar, drive inflation, and make gold/silver and non-US assets attractive. - Alan Blinder — Person · Referenced expert · 1 mention · first at
Cited as a former Fed vice chair expressing conditional concern about deficits; Schiff uses him to argue waiting for market 'signals' is too late.
Companies & orgs
- Federal Reserve — Company · Core topic / criticized institution · 5 mentions · first at
Schiff argues the Fed is monetizing deficits and expanding the money supply at unprecedented rates, risking a dollar and bond crisis and potentially hyperinflation. - Euro Pacific Capital — Company · Guest affiliation · 1 mention · first at
Identifies Schiff’s platform and investment viewpoint; referenced as the firm managing client allocations into gold miners and foreign markets.The way you can do that is in the mining stocks and so you know we've been putting a lot of client money into gold mining stocks both in the accounts that we manage in our mutual fund the euro pacific gold fund so.
- Moderna — Company · News catalyst referenced · 1 mention · first at
Its Phase 1 vaccine-trial headline is presented as the immediate trigger for the equity rally that Schiff downplays versus Fed liquidity.500 is up almost three and a half percent on monday's session following news that moderna has reported good results of their phase one clinical vaccine trial peter this is the most we've seen the s p.
- Tea Party — Company · Referenced political movement · 1 mention · first at
Cited as a past constraint on Obama-era spending; Schiff argues it no longer restrains deficits, enabling larger future spending. - Euro Pacific Gold Fund — Company · Investment vehicle referenced · 1 mention · first at
Schiff cites it as a channel through which they allocate to gold mining stocks, supporting his recommended strategy. - JCPenney — Company · Example of business distress · 1 mention · first at
Used as a concrete example of pandemic-era bankruptcies and evidence that the pre-COVID economy was a fragile bubble.
Products & tech
- Gold — Product · Recommended safe-haven asset · 1 mention · first at
Presented as 'real money' and a hedge against dollar debasement and inflation; also used as a benchmark to argue US stocks will collapse in real terms.Then the dollar price of stocks could go up but in terms of gold in terms of real money the stock market is going to plunge i think we're going to see a complete collapse.
- Silver — Product · Recommended safe-haven / value opportunity · 4 mentions · first at
Schiff calls silver historically cheap versus gold and expects a continued rally; recommended alongside gold as protection from inflation.Talking hundreds if not thousands of years silver was the cheapest it's ever been in terms of gold and so we may have seen the lows and rallied off the bottom but i think there's still a lot of legs in the silver rally.
Concepts & topics
- COVID-19 — Concept · Core topic · 17 mentions
Serves as the catalyst for lockdowns, fiscal stimulus, and Fed actions that Schiff argues will trigger inflation and long-term economic damage.If... people would no longer catch code 19.
- CPI — Concept · Measurement disputed · 1 mention · first at
Schiff argues CPI understates true inflation and differs from historical methodology, masking the severity of price increases.
Places & events
- Sweden — Place · Policy comparison example · 4 mentions · first at
Used to contrast lockdown vs. open-economy approaches and to argue US policy ignores economic costs due to expectation of federal/Fed bailouts. - Cares Act — Event · Fiscal stimulus referenced/criticized · 1 mention · first at
Schiff frames it as part of a 'socialist agenda' and evidence that even Republicans embraced large government spending financed by inflation.Government i mean even the republicans have sold what was left of their souls and they signed on to the cares act and the ppp and all these socialist programs and they've…
- PPP — Event · Fiscal program referenced/criticized · 1 mention
Cited alongside the CARES Act as an example of expanded government intervention that Schiff argues will be paid for via inflation.The cares act and the ppp and all these socialist programs.
- Chapter 11 — Event · Economic distress indicator · 1 mention · first at
Referenced to illustrate the wave of corporate bankruptcies and structural damage to the pre-COVID 'bubble' economy.Bankruptcy and that's joining a host of other big companies filing for chapter 11. so is the business landscape changed forever have we gone past the point of no return already well first of all what we had before.
- Heroes Act — Event · Proposed fiscal package referenced · 1 mention · first at
Used to argue further spending pressure is coming and that Republicans may not resist, increasing deficits and inflation risk.And the ppp and all these socialist programs and they've really dramatically increased government now you have this heroes act that right now the republicans are claiming they don't want to sign on to we'll see how long they can.
- Switzerland — Place · Recommended foreign market location · 1 mention · first at
Named as part of Schiff’s preferred set of foreign markets for income-producing assets and inflation hedging.Markets that we're investing in singapore and hong kong in new zealand you can scan switzerland in norway as sweden as you mentioned there's some good buys there australia too there's stocks that we're getting.
- Norway — Place · Recommended foreign market location · 1 mention · first at
Listed among markets where Schiff sees better value than the US and potential inflation-hedged income.Singapore and hong kong in new zealand you can scan switzerland in norway as sweden as you mentioned there's some good buys there australia too there's stocks that we're getting involved in that i think will be good.
Full transcript with timestamps
equities are rallying on monday on news that a potential vaccine could be in the works of being developed joining me to talk about the market and the latest news is peter schiff ceo of euro pacific capital peter welcome back to the show it's a pleasure oh thanks for having me on again the s p 500 is up almost three and a half percent on monday's session following news that moderna has reported good results of their phase one clinical vaccine trial uh peter this is the most we've seen the s p rise in almost six weeks so what exactly are investors pricing in right now well you know i think that people are looking for a reason to buy i mean it's very you know unlikely that this particular vaccine is going to work i mean who knows maybe it will but there's a lot of success in early trials and then these things don't pan out but i think what's really driving the market is the fed you know you had
powell on 60 minutes last night basically committing to print an unlimited uh quantity of money and urging congress to borrow and spend as much money as they want and that the fed is standing ready to monetize an infinite amount of government spending so i think people think that that's good for the market but it's not it's a disaster for the economy it will destroy the value of the dollar and sure that means that stocks will go up but so what if you're pricing them in worthless currency in fact there is a limit to how much money the fed can print and that is when it collapses in value what's the point of printing money that doesn't buy anything i think we're going to find out pretty soon now i know you've said before that the fed really has started making mistakes before the crisis began with lowering rates when they shouldn't have now what really in your mind should have been the correct response during
this pandemic that powell should have taken well had the fed been doing the right thing all along the economy would have been able to withstand uh the pandemic and would have been in a position to allow the government to do the right thing which is to dramatically reduce government spending that's what's needed and to the extent that you we need the government if you believe that we need more government it needs to be paid for by taxation not by inflation but the problem is nobody has any money everybody is broke everybody is leveraged to the hilt because the federal reserve has made one mistake after another to inflate one bubble after another and this particular bubble was already deflating before the coronavirus pin uh put a gaping hole in it and and now the air is coming out much faster and all they can think of is how can we fill it back up again how can we reflate a bubble and it's going to be impossible i mean
they shouldn't even be attempting to do this but they are doing it and i think they're going to destroy the dollar in the process you know what people really need to be vaccinated from is the massive inflation that the fed is going to unleash we're going to talk about inflation data in a minute peter but just hypothetically if tomorrow a vaccine were to be delivered and everybody could be declared healthy again could we still see businesses return to normal right away just last week jcpenney one of the largest retailers in america filed for bankruptcy and that's joining a host of other big companies uh filing for chapter 11. so is the uh business landscape changed forever have we gone past the point of no return already well first of all what we had before cobit 19 was not normal we had a bubble and if the question is if we had a vaccine so that people would no longer catch code 19 could we go back to that
bubble and the answer is no i think that bubble has already popped and i don't think there's any way to reflate it so i do think that we could have some type of recovery but we're not going to recover back to the way we were i mean we may succeed in temporarily recovering from a depression to a recession but then the economy is going to roll back over into depression but what's going to make this depression particularly painful is going to be the rapid escalation in the cost of living so it's going to be a combination of much higher consumer prices and ultimately long-term interest rates as well as unemployment and a weak economy so we haven't experienced anything like this in the united states they've experienced it in other countries uh but we're about to experience it in a big way and how is the dollar supposed to respond to elementary quantitative easing on this scale peter where can we
expect the dollar to be next year well i think the dollar is headed much lower and maybe it'll get there in less than a year there's no way to tell for sure i mean the f the dollar is already defying gravity it should already be coming down uh but it hasn't but i think once it starts to fall it's going to implode and of course you can't wait for that in fact uh fed former fed vice chair alan blinder was on television today saying that well he was concerned about the skyrocketing deficits but right now he's not seeing any signs in the bond market or the foreign exchange markets that would suggest that it's a problem and so you know it's okay but you know if you wait for a sign in the market then it's a crisis i mean once the dollar crashes and the bond market crashes and now you get the sign that you've been looking for that the deficit is a problem it's too late you can't wait for a crisis to try to come up with a solution
because by then there is no solution some people have defended the fed saying that we're in a period of deflation and that money printing really is essential and you've countered that argument by saying that the cpi really isn't telling the whole story so how do you see it where is inflation really at right now well it's at an unprecedented level i mean inflation is the expansion of the money supply that is the definition of inflation you expand money supply you inflate money supply and we've never seen inflation like this money supply is growing at the fastest rate in u.s history i think year over year it's up about 25 i'll look at the fed's balance sheet it's just skyrocketing and of course most of that increase in the money supply happened in the last six weeks not in the last 52 uh and the amount of inflation that the fed is going to be creating in the weeks and months ahead is actually going to be greater than the
amounts that it's already created this is never a good thing you know inflation is a tax and it's the most vicious tax because it hits the most vulnerable it hits the lower class the working poor people who have savings it destroys the value of a lifetime of savings it destroys the value of the wages and salaries that people earn you know we're paying for government through inflation literally right now half of every dollar the government is spending has been borrowed right we're borrowing right now as much money as we're collecting in taxes and soon we'll be borrowing more than we're paying in taxes but since the fed is monetizing most of that debt the american public is going to pay for all that government through inflation rather than through taxation and believe me when you pay for government through inflation it ends up costing a lot more than if you honestly paid for it with legitimate taxes
so how bad could inflation get can we see potentially hyperinflation like we did in the early 80s well we didn't see hyperinflation in the 80s i mean we're going to see inflation much higher than what we saw in the 70s and of course you know the cpi is very different the one that we have today doesn't measure prices the way it did back then i mean if we had a more honest cpi it would already reveal a price price increases that are much higher than what the government has been admitting to but even based on the way they're measuring them now we're still going to take out the levels that we saw in the 70s the question is will it go from very very high inflation to hyperinflation and the jury is still out on that uh it is very possible that that's where we end up but in order to avoid that fate the federal reserve is going to have to do a lot of things that up until now it has resisted doing
because of the the terrible immediate consequences what the fed would have to do to avoid hyperinflation is allow interest rates to rise sharply even though the economy is in recession and even though the stock market is tanking the real estate market is tanking banks are failing companies are going bankrupt and the government is not going to be able to pay its bills the government won't be able to make interest payments on the national debt it won't be able to pay social security or medicare and the fed is going to have to sit back and allow all this to happen and refuse to bail anybody out because that's the only way to escape hyperinflation now i know you've never really been a fan of big government so all that stuff you just mentioned medicare insurance uh should that really be left the government or you know should the private sector be dealing with their own problems right now well the biggest problem the private
sector has is the government and it's been the government for a long time i mean the government got involved in areas of the economy that it never should have been involved in i mean constitutionally it didn't even have the authority uh to involve itself but unfortunately we we made that mistake a long time ago and now we are dealing with the consequences and you know politically it's very dangerous uh because this most recent crisis uh the government is using this as an excuse to really uh advance their socialist agenda in ways that they couldn't do with climate change this has been a bigger boogeyman and has been allowed in even more government i mean even the republicans have sold what was left of their souls and they signed on to the cares act uh and the ppp and all these socialist programs and they've really dramatically increased government now you have this heroes act that right now
the republicans are claiming they don't want to sign on to we'll see how long they can resist this but i think that the problems are going to be blamed on capitalism once again like they were following the 08 crisis this is an entirely government made problem by the federal reserve by congress it's the byproduct of artificially low interest rates uh central planning government regulation government spending taxation uh but i think the public is ready to to uh blame or throw out capitalism completely and and uh and go all in on socialism and then we're really gonna feel the pain now it's been two months since you've been on the show last peter during those two months how would you rate our government's performance if you look around the world take a look at sweden for example they've abandoned the close all shops model and instead they've allowed businesses to run but at the expense of public health sweden
for example has one of the highest infection rates per capita in the world um should we have follow that model well i don't think statistically uh the infection rate or the mortality rate is actually that much higher in fact when you factor in other variables uh you'll find that you know there are plenty of countries uh that have had lockdowns that are actually doing worse when it comes to the health impacts but the jury is still out i mean let's see what happens uh uh later in the year or next year i mean there might be building up uh immunity there in sweden they may have a much better 2021 than a lot of a lot of other countries that you know let their immune systems run down by sheltering at home but the the other factor is the cost i think sweden did a real cost benefit analysis on how to approach this uh because there was no one to bail sweden out i mean if sweden was going to destroy its own
economy and spend a bunch of money it was the swedes that we're going to have to pay for the problem here in the united states is you have all these governors who are imposing all kinds of draconian requirements not caring about how many businesses are are shut down how many people lose their jobs because they think washington is going to pay for it they think the federal reserve is going to is going to bail it out so nobody is weighing the cost they're just looking at the health benefits in isolation and i think we're making a lot of very bad decisions and ultimately we could do a lot more to destroy the health of of our people by you know destroying the economy to an even greater degree and of course i don't even believe a lot of these statistics you know there's a big difference between dying with covid and dying of covid if pretty much anybody who happens to have covid dies and now they're going to say well
this is another covet related death i don't even know how much you can believe uh these statistics when you know the people who are dying of covid are you know are are generally in their 80s and they suffer from all sorts of other comorbidities that are just as likely to have been the cause of death in fact maybe more so than the fact that they happen to have coveted when they die now looking ahead peter at the elections in november how do you think this has affected trump's chances i've heard two arguments here now one which is that it's very difficult for an incumbent president to win during a recession and the sec the counter-argument i've heard is that if you actually look at all the states that have reopened the economy first uh they've been mostly republican states so clearly trump's uh desire to reopen the economy soon is resonating with a lot of the constituents how do you see this panning out
well you know i i always thought that trump was not going to be re-elected because i didn't think that the economy was actually better uh than when he came to office and so i thought a lot of the people especially a lot of the democrats in the swing states who voted trump uh we're not going to vote for him a second time uh and so yeah the economy is actually going to be weaker than i thought it was going to be going into the election but the only chance trump has is if enough voters don't blame him if they blame the virus and somehow believe that but for the virus everything would be fine and that once uh you know the economy returns to normal it will be fine uh that's his only chance i mean i thought initially his his uh his game plan was going to be to blame the fed for the recession and and run against the fed and now he can blame the virus uh and so that might be you know a better strategy as far as
the way it resonates i don't know but if i were still gonna say it from here uh i think trump loses uh even though biden is a really really bad candidate i mean if the democrats can actually succeed in switching biden for somebody better uh then that would even improve their chances but i think as flawed a candidate as biden is i think in the depths of a rather severe recession i i just don't think that he's going to get reelected and i actually think that the democrats are going to take the senate as well and so there's a real threat here that if you think government is big now and if you think the deficits are big now wait till you see how much bigger they get when the when the the democrats have complete control and there's no tea party to lean against the spending you know obama had to deal with the tea party the tea party has long since gotten buried i mean uh the republicans are now uh the
democrats and the democrats are socialists yeah so the democrats come to power like you like you just said could the tax cuts be reversed can we see big misses be sort of diminished by the power of the government how will the stock markets respond well look the stock market should be going down i think they will be going down i think the only reason the stock market may go up is because the stock market may go down less than the dollar and so if the dollar is sinking at a faster rate than the stock market then the dollar price of stocks could go up but in terms of gold in terms of real money the stock market is going to plunge i think we're going to see a complete collapse of the value of u.s stocks priced in gold that leads to my final question peter is that in light of everything we've just discussed with your prediction on inflation and the government's uh changing power what where should
investors be going right now what are the safe haven assets that you're looking at well i think gold is a safe haven and i think so is silver at this point i think there's an incredible bargain in silver we may have seen the lows now silver got down to a record low i mean ever since they've been keeping records which goes back a long time when it comes to gold and silver you're talking hundreds if not thousands of years uh silver was the cheapest it's ever been in terms of gold and so we may have seen the lows and rallied off the bottom but i think there's still a lot of legs in the silver rally but gold's going a lot higher too for those people who are willing to take a chance you know gold stocks i think represent the best risk reward out there as far as you know trying to make 10 20 times your money maybe more i think the way you can do that uh is in the mining stocks and so you know we've been putting a lot of client
money into gold mining stocks both in the accounts that we manage in our mutual fund the euro pacific gold fund so i really think that that's where the speculative money should be at this point in these mining stocks and junior mining stocks in particular where you have the most upside if you know what you're doing which i think we do when it comes to picking them but for more conservative investors in addition to having an allocation to physical gold and silver you should invest in countries that have much sounder economies that aren't destroying their currency to the degree that we are so you'll be able to get more reliable income streams and a lot of these dividend-paying stocks in some of the good markets around the world have come down uh due to the covet-related uh crisis that has impacted the entire world so there actually are some good bargains around the world on dividend-paying stocks there's no
bargains here in the u.s i think stocks are still overpriced in fact probably more overpriced now than they were uh before uh this covent crisis began but that's not the case with many of the markets that we're investing in in singapore and hong kong in new zealand you can scan switzerland in norway as sweden as you mentioned uh there's some good buys there australia too uh there's stocks that we're getting involved in that i think will be good inflation hedges that will provide our clients with meaningful income streams uh that will actually go a long way in the states because i think most people are going to get wiped out with the inflation tax i mean all of this government is not free right this incredible increase in the size of government is going to cost somebody somebody has to pay the bills for all the bailouts and all the stimulus and if we're not raising taxes then how are we doing it we're financing
it through inflation and that's that doesn't mean we get it for free it just means that anybody who is foolish enough to hold us dollars either in savings or in the form of bonds or other uh fixed income investments or any even any income oriented investments where the income is u.s dollars you are going to suffer and if you have a job and you're getting paid dollars you're going to suffer so what you got to do to mitigate the damage right your share of that inflation tax is before the dollar collapses get rid of your dollars and use them to accumulate real money gold and silver or to buy quality income producing assets in other countries so that you don't end up paying that inflation tax but other people are going to pay it and if they're going to pay it through the nose i think last point peter i think a lot of people are forgetting that in foreign currency terms in a lot of countries gold has already
reached or is near all-time highs in foreign currency terms it's just that in the u.s uh in dollar terms it hasn't reached that 1920 level yet uh can we see that happening anytime soon yeah well i mean basically what's happening is that all currencies are losing value right uh and you can see that in terms of gold it's just that right now the dollar has lost less value than other currencies and that's why those currencies are already at record lows in terms of gold uh but the dollar is not but the dollar is not far away from a record low i mean maybe what another 10 15 decline and will be there uh but i think once the dollar starts to fall faster than other fiat currencies which is ultimately going to happen in fact i think the dollar is going to win the race to the bottom which is a race that you don't want to win but i think once we take the lead in that race that's when you're really
going to start to see the gold price moving because gold does a lot better when the dollar is the weakest of the currencies so if gold is this strong uh when the dollar is less weak uh than its rivals imagine how much stronger it's going to be when it's the weakest one and ultimately i think what's going to happen is the dollar is going to lose its status as the reserve currency and the world is going to return to gold being the primary monetary reserve and the currency that has the most to lose from that uh switch is the us dollar and all american citizens who have you know built an entire lifestyle and standard of living on the dollar being the reserve currency so that we can just create them out of thin air and we can use them to buy all sorts of things that we don't produce and that we can continue to borrow money that we didn't save and push off the costs on the rest of the world and that is
what we're doing now and we think we can do that with impunity but we can't and what's going to take away that punch bowl is going to be a currency crisis uh which will also mean a a bond crisis but when that happens right it's the dollar that really gets killed and so it's americans more than people anywhere else that need to be buying gold i mean everybody should be buying it but especially people who have us dollars and who live in the united states
Questions about this episode
Who speaks in "🔴 BREAKING NEWS!! Gold system is the true monetary system, The Fed controls everything"?
Peter Schiff (Host), Unknown Host (Host).
What is "🔴 BREAKING NEWS!! Gold system is the true monetary system, The Fed controls everything" about?
The discussion revolves around the recent rally in equities, particularly the S&P 500, driven by optimism about a potential COVID-19 vaccine and the Federal Reserve's commitment to unlimited monetary stimulus. Peter Schiff highlights concerns over the long-term implications of the Fed's policies, arguing that while the market may rise in nominal terms, the real value of assets is at risk due to…
What is mentioned in this GLOBAL NEWS PODCAST episode?
19 people, works and ideas are mentioned, including Federal Reserve, Peter Schiff, COVID-19, Gold, Silver, Sweden. Each one on this page links to its own page with every episode that mentions it.
How long is "🔴 BREAKING NEWS!! Gold system is the true monetary system, The Fed controls everything"?
The episode runs 21 min; the transcript is about 4,268 words in 25 timestamped sections.
More from GLOBAL NEWS PODCAST
About this transcript: the episode's spoken words as captioned on YouTube, split into timestamped sections. Reclip.Me locates every person, work and idea in the text, keeps the time it is first named, and quotes the words around it verbatim. Last updated January 24, 2026.