Transcript

🔴 BREAKING NEWS!! Markets end week on a mixed note. Fed has come out of the closet

From GLOBAL NEWS PODCAST · Episode page · Watch on YouTube

· 1 h 1 min · 10,828 words · 63 timestamped sections

This is the full, timestamped transcript of "🔴 BREAKING NEWS!! Markets end week on a mixed note. Fed has come out of the closet", an episode of GLOBAL NEWS PODCAST published September 23, 2020 (1 h 1 min, about 10,828 words). It mentions 19 people, works and ideas, including Gold, Federal Reserve, Peter Schiff, Alan Greenspan, Patriot Act.

What this episode is about

Major stock markets closed the week with mixed results, as the Dow and S&P posted gains while the Nasdaq and Russell 2000 declined. Despite this week's bounce, concerns remain about potential further declines, with analysts attributing market stability to the anticipated support from the Federal Reserve, while gold shows promising technical strength, consolidating above key support levels.

Key takeaways

  • Market optimism? Just remember, bears can hibernate and bulls can trip over their own horns.
  • Gold's rise isn’t about glitz; it’s a sanctuary amid inflation’s relentless eroding of your dollar's value.
  • The Fed: Your favorite safety net or a trampoline? Sometimes, it just amplifies the falls.
  • Perth Mint’s free storage: turning 'where to stash gold?' into 'how much more can I stash?'
  • Today's CPI is tomorrow's joke—adjusted for confidence, not reality; inflation is a stealthy thief.

Who speaks in this episode?

What is discussed, and when

  1. – 10:00: Perth Mint, Euro Pacific Capital, Indeed, Federal Reserve
  2. – 20:00: Alan Greenspan, Donald Trump, Ayn Rand, The Case for God
  3. – 30:00: Indeed, Federal Reserve, Mother Nature, Alan Greenspan
  4. – 40:00: Patriot Act, Federal Reserve, September 11, War on Terror
  5. – 50:00: War on Terror, NFL, Black Lives Matter, Pat Mahomes
  6. – 1:00:00: Black Lives Matter

Notable quotes from "🔴 BREAKING NEWS!! Markets end week on a mixed note. Fed has come out of the closet"

  • I want to thank indeed they are the newest sponsor of the peter schiff show podcast right now small businesses have to be more efficient than ever when it comes to their hiring and every decision they.
    about Peter Schiff · at
  • That we can see a bigger decline of course you've got the backstop of the federal reserve in fact it's only because the fed is there that the market didn't have a bigger drop this week the reason we didn't have more.
    about Federal Reserve · at
  • Take advantage of the gold price before it makes its nest move up people forget about the perth mint you know and i've been working with the perth mint in australia now for i don't know almost 20 years not quite i think 2002.
    about Perth Mint · at
  • But one person who does think it's a problem is alan greenspan very ironically the maestro himself was on cnbc yesterday and i caught that interview live.
    about Alan Greenspan · at
  • Leading the cheers right more money printing more money printing in fact donald trump is saying rates are not low enough they're up at zero we need negative so he criticized zero percent interest rates as being too low when he's a.
    about Donald Trump · at
  • Is the result of legislation that was enacted 19 years ago today is the 19th anniversary of september 11th and again i mean it's not really an anniversary because an anniversary is something that you celebrate 911 is.
    about September 11 · at
  • Piece of legislation that started it was the patriot act right patriot act which of course had overwhelming support bush was the president who could be against the patriot act what you're not a patriot we're at war.
    about Patriot Act · at
  • Talking about the season opener that we had last night nfl football returns they're actually playing games you know there were fans in the in the stadium far fewer fans than normal but actually there were.
    about NFL · at

Who and what is mentioned in this episode?

People

  • Peter Schiff — Person · Host / primary speaker · 1 mention · first at
    He hosts the episode, provides market commentary, promotes sponsors, advocates gold, and critiques the Fed, post-9/11 policy, and BLM/NFL narratives.
  • Alan Greenspan — Person · Referenced expert / foil to current Fed · 6 mentions · first at
    Schiff uses Greenspan's CNBC comments and past gold views to argue inflation risks are real and that current Fed policy is dangerously loose.
  • Donald Trump — Person · Referenced political actor · 3 mentions · first at
    Used as an example of political pressure on the Fed: Schiff claims Trump attacked rate hikes and pushed for easier money/negative rates once in office.
  • Ayn Rand — Person · Referenced intellectual influence · 1 mention · first at
    Mentioned as the editor/author context for Greenspan's pro-gold essay and as part of Schiff's early exposure to capitalism and sound money ideas.
    Wrote a very brilliant piece the case for gold which was in ayn rand's capitalism the unknown ideal which is a great book that my father gave me to read very early on when i was young man i read that book i think i was probably.
  • Pat Mahomes — Person · Example used in argument · 1 mention · first at
    Schiff cites Mahomes' success and contract value to argue racism did not impede his rise and to segue into inflation/gold-clause commentary.
    I mean obviously racism didn't impede their success right look at patrick mahomes who is the quarterback of the chiefs who's i mean he's half black right i think his dad is black and his mother was white but you know obama was.
  • Mother Nature — Person · Personification used in wildfire discussion · 2 mentions · first at
    Schiff uses 'Mother Nature' rhetorically while discussing wildfires and arguing disasters destroy wealth and can add to inflation via rebuilding/printing.
    Fires that the central bankers have been lighting mother nature is lighting a lot of fires although some of these fires actually got started as a result of man-made and not because of.

Books & papers

  • The Case for God — Book · Referenced essay supporting gold standard ideas · 1 mention · first at
    Schiff cites Greenspan's essay to argue Greenspan understood fiat-money risks and gold's disciplining role before later leading the Fed.
    They used to be buddy buddies in fact he wrote a very brilliant piece the case for gold which was in ayn rand's capitalism the unknown ideal which is a great book that my father gave me to read very early on when i was young man.
  • Capitalism: The Unknown Ideal — Book · Referenced book (source of Greenspan essay) · 1 mention · first at
    Cited as the Ayn Rand book containing Greenspan's essay 'The Case for Gold' and as an early influence Schiff read when young.
    The case for gold which was in ayn rand's capitalism the unknown ideal which is a great book that my father gave me to read very early on when i was young man i read that book i think i was probably even i might have read it in high school.

Companies & orgs

  • Federal Reserve — Company · Primary institution discussed/criticized · 4 mentions · first at
    Presented as the market 'backstop' and as intentionally inflationary; Schiff argues it props bubbles, distorts markets, and will drive currency debasement.
  • Perth Mint — Company · Recommended service provider · 3 mentions · first at
    Schiff recommends Perth Mint's storage program for holding physical gold outside the U.S., emphasizing safety and low/zero storage fees for gold.
  • NFL — Company · Case study in culture/politics segment · 1 mention · first at
    Schiff discusses the NFL season opener and pregame unity demonstrations, using the league to argue against claims of racism in hiring and outcomes.
  • Black Lives Matter — Company · Referenced movement (criticized) · 3 mentions · first at
    Discussed as the cause NFL players publicly support; Schiff argues its framing misdiagnoses problems and distracts from policy causes like the War on Drugs.
    The nba players they need to show their fans and the world that they stand with black lives matter right and they stand with george floyd and you know actually i mean i'm glad…
  • Euro Pacific Capital — Company · Host's business / operational context · 2 mentions · first at
    Schiff references Euro-Pacific Capital for Perth Mint account setup and mentions hiring activity, tying the sponsor ad to his firm.
    Nothing's going to happen to it and if you're interested in learning about the perthman if you have an account now with euro-pacific capital then just talk to your broker…
  • Texas Titans — Company · Referenced opponent team (minor) · 1 mention · first at
    Mentioned only as the opponent in the season opener; not central beyond setting the scene for the NFL/BLM discussion.
    During the game right and you had the defending super bowl champs kansas city chiefs hosted the texas titans beat them but the action on the field to me was secondary to the action that took place on the field before the.

Products & tech

  • Gold — Product · Core investment theme / recommended asset · 28 mentions
    Schiff argues gold is technically and fundamentally strong, a hedge against inflation and dollar weakness, and recommends owning/storing physical gold.

Concepts & topics

  • Patriot Act — Concept · Core policy target (criticized) · 5 mentions · first at
    Schiff calls it the worst post-9/11 legislation, arguing it destroyed financial privacy, increased compliance burdens, and expanded government surveillance power.
  • War on Terror — Concept · Context for post-9/11 expansion of state power · 3 mentions · first at
    Used to explain why Americans surrendered liberties and how government expanded surveillance and regulation after 9/11.
    Against the patriot act what you're not a patriot we're at war we're having a war on terror everybody has to be patriotic when we have a war right so let's just pass this patriot act.

Places & events

  • September 11 — Event · Historical anchor for policy critique · 1 mention · first at
    Schiff marks the 19th anniversary and argues the long-run damage came from U.S. policy responses (Patriot Act, surveillance, wars) rather than the attack itself.

Sponsors

  • Indeed — Company · Sponsor · 6 mentions · first at
    Schiff promotes Indeed as the episode sponsor and mentions using it for hiring at Euro Pacific-related businesses.
    To their hiring and every decision they make is critical indeed is the number one job site in the world and you can get a 75 credit at indeed.com slash peter terms and conditions apply.

Full transcript with timestamps

i want to thank indeed they are the newest sponsor of the peter schiff show podcast right now small businesses have to be more efficient than ever when it comes to their hiring and every decision they make is critical indeed is the number one job site in the world and you can get a 75 credit at indeed.com slash peter terms and conditions apply and this special offer is only valid until september 30th so don't wait act now major stock markets closed out a moderately higher week on a mixed note today you had the dow and the s p ending positive you had the nasdaq russell 2000 negative but i wouldn't make much out of uh this week's bounce i know there are a lot of people now that are saying it's a bottom the vicious bear market that we had last week has already come to an end and of course in a few individual stocks it was a bear market but overall none of the major indexes uh dipped into bear market territory

but i don't think the bulls are out of the woods on this one i still think the charts look like there is a lot of potential that we can see a bigger decline of course you've got the backstop of the federal reserve in fact it's only because the fed is there that the market didn't have a bigger drop this week the reason we didn't have more follow-through is because people expect the fed to come to the rescue in fact if the fed wasn't there the market never would have been at the levels that it just dropped from you know meanwhile gold had a small gain on the week nothing big but the technicals are looking incredible on gold you know gold i think is around 1943.

it is building this new support or consolidating rather above the support level that used to be the resistance level the spike high that we had in 2011 of about 1900 that's now the support and the longer the old high can remain the new low the new resistance i think the stronger this next rally is going to be the gold stocks were actually down a little bit on the week so you still have a lot of skepticism there you have a lot of nervous bulls but to me it looks beautiful the chart looks beautiful the fundamentals really look beautiful for these stocks i just think you take advantage if you're not uh positioned well in this sector uh now's your chance i mean you you had better chances earlier certainly march was a gift horse which i strongly advised my listeners not to look in the mouth and to buy with uh with both hands but even if you didn't take my advice back then you can still buy and even if you did

take my advice back then and you bought you can still average up if you don't have a big enough position and one good way to take advantage of uh the gold price before it makes its nest move up people forget about the perth mint you know and i've been working with the perth mint in australia now for i don't know almost 20 years not quite i think 2002 2003 is when i first became a dealer for the perth mint but i think that's another great way to have some gold stored outside the country and they have a great program for physical gold they will store your unallocated gold for free no storage fees and over time that adds up you know if you're storing it for you for free year after year you're in good shape so it's a great way to have gold i recommend that people have gold in various locations diversify where you store your gold because you never know but the perth mint is a great place to store it

uh you know it's a government-owned entity reinsured by lloyds very very safe depository for your gold so you can trust that your goal is there uh nothing's going to happen to it and if you're interested in learning about the perthman if you have an account now with euro-pacific capital then just talk to your broker because all the euro pacific capital brokers can help set you up a perthman account and we're the only dealer by the way that can work in a lot of these western states like california because of the model state laws that exist so we're the only perth dealer that can help uh americans in about 13 states or how forget the exact number but they're mostly out west where all these fires are but so we can help you uh so talk to your broker if you don't already have a broker just call up and talk to danielle parsons or or just go to golduconfold.com that's the website that i set up that

will take you directly to the perth mint page on the euro pacific capital website that's gold you can fold dot com and and get a hold of danny and she'll set you up and help you buy there are some storage fees on silver now they used to do that for free but now they've got so much silver they don't have any room for more of it so they have to start charging but it's still a very very low rate on your silver but remember it's zero storage fees for the gold of course the biggest factor that's ultimately going to be driving gold and gold stocks is going to be inflation gonna be inflation and a weakening dollar uh the dollar is gonna lose value not only against other fiat currencies uh but it's gonna lose even more value against real money uh gold and silver and it's going to buy less and less in fact we actually got some of the government's official numbers that purport to measure inflation

of course they don't they measure consumer prices and they don't even do a good job of doing that because the way the government has reverse engineered the cpi and the ppi a lot of the gains that prices are experiencing aren't even reflected in these numbers by the time they grind them through the mill there and they adjust them hedonically and they do some kind of weighted averaging or whatever happens the data that comes out doesn't really look much like the data that that goes in and so we constantly get a more benign picture of what's happening the prices uh consumers are paying prices that are rising at rates that are faster than what we get from these official numbers but the numbers we got we got the producer price index that one came out yesterday and the consensus was for 0.2 increase you know pretty low uh much lower than the 0.6 we got for july and we ended up with 0.3 so a hotter than expected number

more than people were looking for and in fact if you look at the core right x food and energy they call that the core month over month that was up 0.4 they were looking for a gain of 0.2 so double estimates not quite as much as the 0.5 from july but back to back 0.5.4 these things are adding up year over year though only up 0.6 percent on the core uh x food and energy but they were looking for up 0.3 so again the number is low but not nearly as low as people expected but the reality is the numbers are actually much higher than that and regardless these numbers are going to go up so these low numbers are not going to be as low in the future as they have been in the past and eventually they're going to be high by any standard the cpi though that came out today also august cpi they were looking for point three on that one again a slight beat at.4 that's the headline number uh year over year they were looking for

up 1.2 up 1.3 so still well below that 2 percent number which now the fed sees as a floor rather than a ceiling or a target so according to the fed they still have a lot more inflation that needs to be created because prices are not rising nearly fast enough remember they want to get the average above two percent and right now we're still running below two the way they measure it so they've got a long way to go to succeed of course their success is the economy's loss uh but they haven't figured that out yet on a uh the core right x food and energy double again they were looking for up 0.2 we got up 0.4 and year over year on the core now it's up 1.7 so we're almost at that 2 level when you just look at uh the core cpi which you know the fed used to like to look at but you know they they they always uh a change if they like to look at whichever one is lower so if the core is running lower

than the headline they like to focus on the core but then if the core is lower than the headline then they focus on that so whichever is lower is where they're going to say that's the the index we're looking at because of course they don't want to ever have to do anything about inflation being too high because that's exactly what they want they want more inflation and now they've actually come out and confessed it i mean they had been in the closet for a long time i mean everybody at the fed uh was a closet inflationist they just didn't want to come out of the closet and admit it uh because you know you don't want to admit to something like that when you're on the fed i mean because people think they're the firemen they don't think they're lighting the fires but now you have the fed coming out and telling you we're gonna light the fires we're a bunch of arsonists and we're gonna go out and set fires and

people don't think that that's a problem but one person who does think it's a problem is alan greenspan very ironically the maestro himself was on cnbc yesterday and i caught that interview live and you know as alan greenspan gets older and older right and you hear him talk you know he sounds more like me and less like his prior self and in fact if you hear him talk in different settings he's even more concerned then he appeared on cnbc yesterday but remember i think alan greenspan is the most knowledgeable of the fed chairman that we've had since greenspan right so if you compare greenspan's understanding of economics and banking and money and all that he he towers above bernanke yellen and and powell right and he's the guy that wrote the playbook that these guys are following the difference is he knows it doesn't end well i think he wrote that playbook knowing that it was going to lead to

disaster eventually but he didn't care he at the time greenspan just fell in love with his own popularity he was the hero of wall street everybody loved him and you know went to his head and you know that old saying about power corrupting well it certainly corrupted uh greenspan absolutely i'm sure uh iran was uh doing somersaults in in her grave they used to be buddy buddies in fact he wrote a very very brilliant piece the case for gold which was in uh ayn rand's uh capitalism the unknown ideal which is a great book that my father gave me to read uh very early on when i was young man uh i read that book i think i was probably even i might have read it in high school or college i can't remember but it was one of the earlier introductions i had to both rand and capitalism but alan greenspan's essay is there um and you know you can still read that it's online too so the guy who wrote that obviously

understands fiat money and central banking and and he was a big critic of the fed and the next thing you knew he was the leader of the fed right and and so he kind of instead of you know trying to dismantle it from within he then really tried to uh legitimize it and he's the one that started to say that well you know he looked at the price of gold when alan greenspan was a fed chairman he admitted that he watched the price of gold quite closely and of course when he was fed chairman it was around you know 400 an ounce 300 an ounce i forget the exact price but if you listen to his old interviews from the 90s he will mention that he watches the price of gold as a measure of whether his monetary policy is is good right because he says if the price of gold is rising too much then obviously i'm too easy i'm creating too much inflation and if the price of gold is falling too much then maybe i'm too tight and i need

to ease up and and what greenspan was claiming even though he's a gold bug at heart he said you know we're smart enough now the central bankers that we can supply the same discipline that gold did which was all bs he had no ability to do that uh but he was saying that we're going to substitute the judgment and the wisdom of central bankers for gold but we're still going to use gold as kind of a barometer so that even though we're not officially on a gold standard unofficially we're going to watch the price of gold to kind of keep policy in line and if we see the price of gold going up towards 400 well we're too easy and now if it goes down below 300 we're too tight and so gold is going to be a guide post so we're not just you know in the dark here so he recognized the importance of gold and you know what the implications are and what it says about monetary policy even though he wasn't advocating a

return to the gold standard which is something he advocated at one time you know before he uh was the the fed chairman but so he's on cnbc yesterday and of course now you know gold is over 1900 an ounce so based on the criteria that greenspan used to use to judge himself if he applied that same gold standard to powell well pal was failing clearly if you're supposed to watch the price of gold as an indicator of whether or not you're too loose or too easy and you got gold over 1900 it's obvious that you're too easy and greenspan has the same opinion because when he was asked by whoever was interviewing and i forget who it was but the question he was asked was what's your biggest concern what worries you the most and his answer was inflation right that's what's worrying greenspan the most and again ironically inflation is actually what powell claims to be his biggest worry but they're worrying about the same thing

for the opposite reason you see greenspan is worried about inflation because he thinks there's too much of it he thinks inflation is going to be too high that's why he's so concerned about inflation he's worried about inflation running out of control powell on the other hand is worried about inflation being too low so you have two people one a former fed chairman and one the sitting fed chairman both looking at the same data points and coming to the opposite conclusion i mean the polar opposite they both pinpoint inflation as the biggest threat greenspan who used to be the chairman of the fed who's the longest serving chairman ever and who we can we call them the maestro this guy is saying i'm looking at the data and i'm worried inflation's too high and it's going to get worse and powell looking at the exact same data says i'm worried about inflation too but i think it's too low i'm worried that we

don't have enough inflation we need to create more we need to go out of our way to get even more inflation because we don't have enough so how is this possible right how can a prior fed chairman have the exact opposite opinion of the current fed chairman because one of these guys is right and one of these guys is wrong right they can't both be right when they have opposite opinions so one of them is going to be right and one of them is going to be wrong and my money is with greenspan as i said he wrote the playbook he knows how it ends paul has no idea how this thing ends he doesn't understand the playbook of the rules he doesn't know how the game works you know and it's funny too because powell when powell was initially appointed as fed chairman he he thought his job was to normalize interest rates he didn't realize that his job was just to blow another bubble right he came to the fed he approached it hey i'm an outsider

you know i'm not an academic and yeah you know we need to raise rates and he you know he's continued to raise rates um yellen started it but she barely raised any rates and now this powell comes along and thinks that he can keep on doing it and so hey i'm going to normalize rates and of course donald trump when you know he campaigned hey we got to get rid of yelling she's just a lackey she's just doing political things she's just blowing a stock market bubble and printing too much money just to try to make obama look good and you know vote for me i'm gonna i'm we're gonna have you know sound money there are a lot of people that you say hey trump is a good guy he wants to go back on a gold standard he's for sound money i was like what are you kidding that's he's not he's not advocating it but he was certainly trying to throw a little meat to that wing of the the republican party that is for sound money so and

he talked that talk but of course he didn't walk the walk at all because as soon as powell took office and started raising rates what was trump saying powell's a fool powell's an idiot we got to get rid of powell for a while powell was public enemy number one powell was a bigger threat to the economy than china according to trump of course it didn't take long to get powell's mind right right as soon as the stock market started a tank in the fourth quarter of uh 2018 powell started playing ball cutting rates back to qe that was 2019. he didn't call it qe they called it not qe they came up with a distinction without a difference to try to rationalize what they were doing but of course they dropped all the pretense uh on coven 19 and they went straight to zero right didn't even pass go all the way to zero uh qe went qe4 to qe infinity uh so all that happened while donald trump was leading the cheers right more money

printing more money printing in fact donald trump is saying rates are not low enough they're up at zero we need negative so he criticized zero percent interest rates as being too low when he's a candidate and now he's the president and he says that's too high we need to have negative rates so you know pal came into office thinking uh that he actually had a real job and then once he got the job he realized that what the job was was propping up bubbles that prior fed chairman had helped inflate and so that's really what he is doing and his concern is that there's not enough inflation he's concerned about keeping these asset prices levitated maintaining this phony wealth effect because that's all they can do they they can't create legitimate economic growth all they can do is create the illusion of growth and what powell wants to do is preserve that illusion as long as possible even if it means

things get worse but greenspan isn't in uh office anymore and so he's a little bit more circumspect and i don't know maybe he's just uh you know trying to get into heaven at this point uh based on how old he is so he's trying to be a little bit more honest although he's not really you know publicly atoning for his own sins and kind of fessing up uh to the mistakes that he made and how he really has set us up for the crash that's coming but at least he's speaking about the problem with debt and the problem with entitlements and the fact that we're going to end up printing all this money uh to monetize all this debt and how dangerous this is and how much he's worried about it now it would have been nice if greenspan did something about it when he had the opportunity back in the 80s or 90s you know he didn't have to monetize the dot-com bubble and enable that he didn't have to do the same thing uh

after uh september 11th and uh inflate a bigger bubble in real estate which popped and led to the 2008 financial crisis alan greenspan had an opportunity as fed chairman to do the right thing if he was worried about inflation he should have been worried about it back then and done something about it so now it's too little too late to come and try to criticize the current fed chairman although he doesn't come out and actually criticize them it's kind of like an unspoken rule uh you know prior fed chairman never criticized the guy who's got the job uh but obviously if he's saying he's worried about inflation that is a de facto criticism of powell because powell says we need more inflation and he wants to create it well obviously greenspan would have to say that powell's doing a bad job if greenspan is worried about inflation and powell says we need more inflation right so but he doesn't want to come

right out and say he's doing a bad job you got to read between the lines which isn't uh that hard to do but why didn't greenspan do something when he actually had a chance of course back then it would have been difficult he would have to take a stand like volcker did and incur the wrath of wall street and and you know and politicians you know volcker was willing to do that volcker was willing to take the heat and ronald reagan was willing to stand by his man he wasn't like donald trump criticizing volcker for those high rates he stood behind him and that was one of the reasons that the policy worked it had the support of of the president uh but greenspan was no paul volcker and you know he he just you know never met a bubble that he didn't uh want to reflate in fact he never met a bubble that he recognized greenspan was famous as saying you can never spot a bubble in advance which is bs

you know and then he said that the best thing to do is wait for bubbles to pop and then deal with them afterwards rather than trying to contain them before they pop and of course what was greenspan's you know game plan how do you deal with a bubble that's popped inflate a bigger one what kind of ridiculous plan is that you know it's just that they didn't have the guts to rain on the parade that's why the federal reserve doesn't want to recognize a bubble early and prevent it from getting bigger because then they're the party pooper because when all the people are partying in the bubble they don't know it's a bubble they don't want the federal reserve to try to you know end the party take away the punch bowl but that's exactly what they're supposed to do of course now the punch bowl you know i mean it's not even a bowl anymore i mean it's it's a swimming pool uh full of punch and it's already spiked you know so

probably all alcohol you could probably barely even see the punch that's left in that swimming pool but they're never gonna take it away it's it's a permanent fixture that's all we got and they just gotta keep increasing the amount of alcohol that they pour into the swimming pool but the interesting thing is more people don't think about this and say wait a minute why is powell's judgment any better than greenspan's right i mean we think powell is so smart because he's the chairman of the federal reserve well at one time we thought greenspan was really smart because he was the chairman of the federal reserve now unless you just think he's senile now and he's not as sharp as he used to be uh when he was not quite this old but if you think that he's you know maybe gained some additional wisdom in his older years he has even more experience look there's no reason to believe powell and say that that that greenspan is

wrong you could just as easily say that greenspan's got it right which means we're in a lot of trouble right because if greenspan is right and the problem is that we have too much inflation and now you have pals saying we need even more i got to make sure that we have even more inflation than the inflation that greenspan is currently worried about right this is a massive massive disaster in the making which again is why i mentioned earlier you got to do something you got to protect yourself against inflation remember today's podcast is sponsored by our brand new sponsor indeed.com it is the number one job site in the world and indeed gets you to the very best people and it gets you there fast unlike other sites indeed gives you full control and payment flexibility over your hiring you only pay for what you need and you pause your account at any time and there's no long-term contracts plus

indeed provides powerful tools to make your search that much easier in fact i was on their site today i'm actually in the process of signing up because we are hiring uh at your pacific capital uh so you can always send your resumes in you know in puerto rico uh we need some people fast uh at your pacific asset management but i was perusing on their website and it's a great way to look for a job because i went up there and i was kind of like pretending that i was looking for a job in financial services and you just put your your location and you can even qualify it how many miles salary the type you know the full-time part-time and then you hit go and you just get a whole list of these jobs they come up you can read about them it has a place where you can upload your resume get it on there employers can look at it i mean obviously in today's day and age of covet i mean this is probably the best

way you know more than ever uh these online recruiting and job sites is the way to go and i think when it comes to these online job sites i think indeed is the way to go they've got 73 of the online job seekers are visiting each month so you're gonna get a lot of quality uh candidates uh looking at your ad if you've got an account at indeed so right now they are offering my listeners a free 75 credit to boost your job post which means more quality candidates will see your ad and see it fast so you can try indeed out with a 75 credit at indeed.com peter this is their best offer that they've got right now and you're getting it on the peter shift show podcast so go to indeed.com peter and remember terms and conditions do apply and this offer is only valid until september 30th so act fast also you know while i talked a little bit about the fires that the central bankers have been lighting mother nature is lighting a lot of fires

although some of these fires actually got started uh as a result of man uh man-made and not because of global warming right i mean some of them just get started because humans are careless when it comes to fire but you've got some serious serious wildfires burning out there on the west coast i mean particularly you know california uh oregon washington state but also there's a few other states out west that are dealing with these fires but it really is kind of apocalyptic out there i mean right out of a mad max movie if you look at the color of the sky i tell you though i mean a lot of people are going to be very very excited for 2020 to come to an end i mean we've had a lot of stuff going on i mean we we have these wildfires in california now and out there in fact every couple years it seems like they're the worst wildfires ever so they keep getting worse of course you got a lot of people

that are blaming all this on global warming but you know i just want to highlight again this is another headache another major problem that we don't need because what are these fires doing they are destroying stuff they are destroying buildings well now what do we have to do we have to replace what we lost now i know you're going to get a lot of these keynesians who think oh this is great news this is good for the economy right natural disasters are great because now we get to build we get to rebuild well that was great well why wait for mother nature just burn our houses down right and then we can we can all get rich building them back the problem is you don't get rich just replacing what you lost you're treading water and the problem is the resources that are going to be needed to replace the houses that we used to have but now burn down those are the resources that we could have used for other stuff

and now we could have had the other stuff in addition to our houses and now we had to sacrifice that other stuff to rebuild the houses that we lost right and so the scene right what you see is oh here's this new house that got built what you don't see is all the things that didn't happen because the resources that would have made them happen have now been diverted uh to rebuilding what we already lost so disasters never make you richer they always make you poorer and now we're getting hit at a time where we really can't afford to be hit i mean look at what was happening to lumber prices lumber prices were already zooming what's going to happen to them now i mean how much more lumber do we need to replace the houses that were perfectly good houses that now no longer exist and of course you know a lot of these houses that have been built in areas that are prone to wildfire i mean one of the

reasons that we can keep building in areas prone to natural disasters like floods and things like that is because the government subsidizes uh insurance and keeps the premiums lower and actually encourages people to build houses in areas where they're likely to flood or burn down i mean what we need is a free market so that fewer people build in those areas and the people who do uh take better precautions uh in their construction uh and you know to guard against this but you have the government actually underwriting risk and subsidizing people to engage in risky behavior and so we have more of it and so now we lose more houses and then the government comes with all this disaster relief and federal aid but of course where does that money come from they have to print it so again the wildfires are gonna destroy our stuff and now we're gonna have to print more money to try to replace the stuff so we have

less stuff and more paper money again this is adding fuel to the inflation fire that's the one that's really going to be ravaging the economy now obviously this one i mean you're talking about people are you know losing their lives and property is being damaged so that that loss you know is is not measured in dollars and cents but the loss even the cost to the economy of having to rebuild those uh those structures is still going to be small relative to the overall damage that the federal reserve and government are are doing to the us economy and of course a lot of that damage that is being done is the result of legislation that was enacted 19 years ago today is the 19th anniversary of september 11th and again i mean it's not really an anniversary because an anniversary is something that you celebrate 911 is nothing to celebrate i mean you can commemorate it but it was 19 years ago today september

11 2001 uh that those airplanes uh crashed into the twin towers and we had the other one uh crash into the pentagon and another one uh was crashed in a field uh because the um the passengers got wise to what was going on and they sacrificed themselves uh to save others on the ground but the real loss apart from the loss of life and whenever i talk about 911 and i talk about you know the other damage i never wanted to minimize the fact that a lot of people died uh and the impact that that had on on their families and and their friends but the impact on the nation in fact on the world is so much greater and i always say that the terrorists won on september 11th and they didn't won because they succeeded in knocking down the trade centers that wasn't their victory i mean we've replaced it i mean we have freedom tower now i mean the city you know we rebuilt um no the terrorists won because of what

america did in response to uh those uh those those those acts we terrorized ourselves the worst piece of legislation that started it was the patriot act right patriot act which of course had overwhelming support bush was the president who could be against the patriot act what you're not a patriot we're at war we're having a war on terror everybody has to be patriotic when we have a war right so let's just pass this patriot act except the patriot act is probably the most unpatriotic act ever passed which was why it was appropriately named there is no truth in legislating if there was all these politicians would be in jail but it started with the patriot act and that is all anti-money laundering and again you know the government sold the american public on this as hey we're going to fight terrorism see the way we're going to make sure that we don't have another 911 is we're going to catch the terrorists

where they're where they bank we're going to find where these terrorists keep their money so the next time they try to finance an operation like this it won't happen because we're gonna snuff it out through the banking system right all of that was bs right no terrorism is being stopped by anti-money laundering laws and all the stuff that came about as a result of the patriot act the real purpose of the patriot act was to destroy all financial privacy first in the united states and then in the entire world and so the government doesn't want anybody having financial privacy because they want to know exactly where everybody's money is not because they're worried about terrorism it's because they're worried about people not paying taxes that's the threat that they're concerned about especially when they know they're going to keep raising taxes higher and higher and higher and the higher taxes go the greater

incentive people had to not report their income and try to find places to hide it so the real target of the patriot act wasn't terrorists it was regular citizens who may not be 100 compliant when it comes to income taxes it wasn't even drug dealers i mean a little bit more drug dealers you know than terrorists i mean yes it does probably help a little bit uh but you know that's still small compared to the real goal which is um clamping down on on tax compliance but also you know as governments get more and more oppressive the more they know about you the easier it is to oppress you and the easier it is to suppress any kind of uprising you know because eventually you know you have very corrupt governments and they pass all kinds of horrible laws but then if you oppose those laws you become a law breaker you become a quote-unquote terrorist and now they can use all this power to get you but you're really not a terrorist right

you're your freedom fighter the terrorist is the government that's terrorizing the citizens but the way they're able to preserve their power and to prevent an uprising is to have all this financial information at their fingertips about all the citizens because now they know what everybody's doing and and they can put a stop to it you know before 9 11 if you opened up a bank account i mean you had some semblance of privacy in that bank account i mean now you don't have any privacy at all in fact your banker and your broker i mean it totally screwed up the brokerage industry i mean my compliance cost running my broker dealer went through the roof uh after you know the patriot act i mean i had to start hiring all kinds of people i mean it basically made it impossible for small people to even stay in the brokerage business i'd say that one of the biggest reasons so many small firms left was because of the

aml costs from the patriot act and all that stuff but basically the government turned the entire financial industry into unpaid irs agents and spies where everybody has to spy on their customers and try to figure out if any of their cursed customers have raised a red flag and they have to file these suspicious activity reports sars on their customers and rat them out to the government and most of the time that you see something that looks suspicious there's an honest explanation for it but you're supposed to just report them to the government that's your job and you know and if you don't report somebody when they audit you and they have these huge audits and they look through all of your books and records and if they come up with a transaction that does raise a red flag in their mind and you didn't file a report on it then you're in trouble you could be fined you could go to jail it becomes a crime

not to report a potential crime even if what you failed the report was totally innocent the fact that you didn't go out of your way to rat that person out to the government well that makes you a criminal too and so realize this that your banker and your broker is spying on you by law they are required to spy on you and if they see that you've done something suspicious they're required to rat you out and they're not allowed to tell you see that's also a crime see if you see somebody if you're a banker or broker and you see some transactions that are a little suspicious it's a crime to alert the client hey you know we're looking at this you know it looks kind of suspicious no no you're just supposed to keep it quiet because you're not supposed to tip them off to the fact that now they're going to you know get investigated by the irs which is what's going to happen so i mean it really destroyed you know

what was left of american freedom and of course they just been building on it ever since bigger and bigger and bigger uh and it's gone to the whole world now it's not just america right we led the charge on destroying all the the privacy when it comes to your finances all under the guise of we got to go after the terrorists and then we have to go out of the drug dealers that that's just a distraction and even if you think that's a good idea to go after the terrorists of the drug dealers you never want to give the government that kind of a tool because they will use it against you right there once they have the tool then you can't stop them they're going to use it against law-abiding citizens even citizens who are compliant with these you know confiscatory taxes they're still being run through you know uh the ringer but the cost of complying with these rules and regulations i mean that's one

of the reasons that it's so hard for me to do stuff at my bank these rules and regulations is why gold money had to give up on its ambitious plan of making gold money and allowing people to use gold really as a medium exchange the technology is there it's so simple to do it's never been easier to transact in gold in the history of the world the only reason that we can't do it is because government regulation makes it so expensive now is that a coincidence well because obviously the government doesn't want people to have a superior alternative to their fiat currency and of course they want to be able to spy on every transaction we make they want to micromanage and have more control and they have all this control because of 9 11.

so the terrorists won we have lost so much freedom we are much less free we have far less liberty today because we were attacked by terrorists but the terrorist attack isn't what did it what enabled the terrors to win was what we did to ourselves it was the way we reacted to their to what they did and maybe they knew that was going to happen maybe maybe they were smart enough to realize that that was the real damage and of course you know there are people out there that try to think hey maybe this maybe we planned it look i don't think that our politicians are smart enough to pull off something like that and to cover it up but what they are smart enough to do is take advantage of it right never let a good crisis go to waste and that is exactly uh how they approached 9 11. they did not let this crisis go to waste and they used it to dramatically expand government to declare war on terror because it's

always during war time that americans are most willing to surrender their rights and liberties and that's exactly what happened and they're doing the same thing again with coven 19. we now have a war on a disease and the government is using this war as another excuse to diminish our rights diminish our freedoms and to expand its own size where we're getting more government we're getting more government regulations more government spending more government programs because of this war on coven 19 uh just like we had the war on terror so we're doing it all over again we're doing it to ourselves and once again just like we did more damage to ourselves than the terrorists the government's covet 19 cure is far more damaging to our economy than the disease itself i want to finish up today's podcast though by talking about the season opener that we had last night nfl football returns uh they're actually

playing games you know there were fans in in in the in the stadium um far fewer fans than normal but actually there were quite a few fans i guess they were social distanced and i couldn't really tell you know the masks that they were wearing but what was more interesting to me was really not what was going on on the field during the game right and you had the defending super bowl champs kansas city chiefs uh hosted the texas titans beat them uh but the action on the field to me was secondary to the action that took place on the field before the kickoff and that was this unity right where you have all of these nfl players just like you know the the the nba players they need to show their fans and the world that they stand with uh black lives matter right and they stand with george floyd and you know actually i mean i'm glad they did they didn't actually come out with any posters with pictures of george

floyd or anything i mean his name wasn't part of the protest but what they were doing is they were all standing together before the game to signify their support for racial equality racial justice and to acknowledge all the racial injustice right to acknowledge this systemic racism that we now all agree right or not all of us but a lot of us now agree is not only real but is the reason that there are so many problems in the african-american community it's all because of racism and so the nfl players they want to get together and they want to show their support because they think in so doing they will help push america to doing what's right and finally tackling this systemic racism acknowledging it atoning for the sins doing something about it i don't know reparations whatever but this is how we can solve the problem and of course you know even these nfl players are demanding that the owners do more

spend more whatever to eradicate uh racism and it really just bothers me to see all of these high paid professional athletes very highly paid professional athletes many of them you know african-american complaining about racism right i mean obviously racism didn't impede their success right look at patrick mahomes who is the quarterback of the chiefs who's i mean he's half black right i think his dad is black and his mother was white but you know obama was half black and he was black so if you're half black you know you're black right yeah and he is about to become i think the highest paid nfl player in history i think he's i i heard that he's gonna be doing a 500 million dollar contract i mean half a billion dollar contract to to play football um racism didn't prevent patrick holmes from getting that contract you know if patrick or holmes is smart he will get a gold clause right have a

gold clause on his contract because we could have such massive inflation you know around his contract that you know i mean it's still probably going to be a lot of money but you never know i mean you know we can have hyper inflation and he's you know paying playing for monopoly money so he should really tie it to the price of gold but clearly the nfl is not racist but that doesn't stop a lot of people from somehow claiming that the nfl is racist and you know one of the ways i hear people trying to claim that the nfl is racist is they point to uh the number of black head coaches in the nfl and right now there's three and there are 32 nfl teams so a little under 10 percent was that nine and a half percent almost 10 of the coaches are black all right i mean a little bit less than the 13 of the population that's black i mean if they hired one more coach if there were four we'd pretty much be

there if there were five out of 32 now you'd what's that 15 16 percent you'd be overrepresented but they'll say no but wait a minute you can't look at it uh relative to the population look at the fact that 70 of the nfl players are black so if 70 of the players are black well 70 of the coaches should be black i guess that's their reasoning which first of all once you have to acknowledge that 70 of the players are black right there wait a minute i mean how can the nfl owners be a bunch of racists if 70 of the players on their teams are black i mean their racism isn't preventing them from hiring all these blacks i mean the people who should be complaining should be the white players or the hispanic players or the asian players i mean they're not getting hired right why aren't they complaining in fact you know you've got all these guys in the nfl that are complaining about racism you know maybe we should

boycott the games and say you know you're right we need the nfl to look like america you have too many african-american players that's not right that's obviously there's obviously systemic racism in sports after all why else would there be 70 of the players black i mean it can't be for a logical reason right if if there's a disparity it must be the result of systemic racism so yeah we need to make the nfl look like america where are the female players you know where's the transgender players why aren't there any older players i mean there's age discrimination going on why are there no people in their 50s and 60s what about what about um people in with handicaps why don't we have any handicapped players they're obviously discriminating against the disabled right i mean you can make these arguments but it's amazing that they want to say that the nfl is racist because we only have 10 percent of the

head coaches are are black the skill set is completely different right what it takes to be a good coach is not necessarily what it takes to be a good um player on the field right there's different skill sets different abilities and you know even though 70 percent of the professional football players are black it's a smaller percentage in in in college i think you know division one yeah you got maybe 55 percent of the division one uh players are black but as you go to division two division three you know you have more and more white players more and more hispanic players certainly you go down to high school right so a lot of these guys who become coaches you know they didn't play in the nfl they weren't good enough to make it to the nfl some of them did but a lot of them you know played in college and and then they went on to coaching they didn't go on to the nfl or they played in high school and and a lot

of these coaches too they they worked their way up they could start in high school then they can go to college and they're you know they work their way up the ranks but to say that the fact that only 10 of the coaches are black that somehow proves that the owners are racists how is that possible how can they not be racist when it comes to hiring players but they're racist when it comes to hiring coaches the fact that there are 70 percent black players proves that they're not racist see the coaches want to win i mean is it possible that there's an owner an nfl owner who is a racist sure it's possible but what the owner of an nfl team cares more about than their racism is winning they want to make money and you make more money when you have a winning team right the better your record the fans like going to games where the home team is winning right you can sell more merchandise when you have a good team

you get better tv spots you get more money hey you might make it into the playoffs you get even more money right these are big expensive teams and these guys got big egos right you've got some very very rich owners right and what do they want to do they want to win they want to beat the other rich owners on the field this is their own version of war right so they don't care what color these players are they want to win right and the same thing with coaches they want to hire the best players for the job and it just so happens that 70 of them are black right it it you know it's a fair competition right the reason that blacks are are winning these positions is because they're better than the players that they beat of whatever ethnicity they happen to be the same applies to coaching these uh nfl owners are looking to hire the best coach possible and they're looking at all the coaches and they're

looking at their track records and where they've coached in the past and what kind of success they've had they're trying to find a coach that's going to enable the team to win right they just spent all this money hiring all these expensive athletes they're not going to blow the whole thing by hiring a second-rate coach just because he's white they're not going to pass up this great coach who happens to be black and say nah you know i'm not going to hire you you're black i mean i'm fine hiring black players but come on i draw the line at coaching that is a bunch of nonsense right what what it really proves is you can succeed if you're black as long as you're good right that's how you make it to the top and the same thing would be true in every occupation and in every profession people always want to hire the best right are there some people who are racist yeah sure there's not that many though

they're you know percentage-wise but even if they are they're going to keep quiet keep that to themselves if it costs the money right when the government comes in with these anti-discrimination laws and takes away the financial penalty for being a racist well then they incentivize racism but in a free market then racism is uh eradicated on its own you know it's unfortunate because all these players now want to get together and demand that we put an end to racism and we can't do that there's going to be racists in society what we want is to minimize the damage that racism does but government not only does it minimize it it maximizes it and the problems that are plaguing the african-american community that a lot of these players are rightfully concerned about i'm not saying they're wrong to be upset about what's happening in african-american communities it's a disaster what's happening it's a

disgrace we need to do something about it but it's not because of racism and all those black lives matter you know like oh the problem that young black men have is they're getting gunned down by white racist cops that is a bunch of nonsense yes there are a lot of young black men who are getting gunned down but they're being gunned down by other young black men that is the reality in fact if you look at the leading cause of death for young black males in america and these are you know 18 to 40 in this area it's homicide right more young blacks are killed by other people then are killed by themselves that they commit suicide or who die in accidents right because when you're young right that's how you die i mean you don't you know you're you're not dying of disease generally because the diseases don't start hitting you until you're older so if you're a teenager you're in your 20s and you die an accident or you know

suicide is is usually the top causes but for young black males it's it's murder for young white males it's much different i think it's like 32 percent about of uh the young black males who die it's a death by homicide when it comes to white males now you're three or four percent so a much lower percentage so for young white men again far more likely to kill yourself uh you know drug overdose whatever it is or you die in an accident a car accident or some type of you know other event that happens and and you end up dying um but for young black males it's being murdered by other young black males and of course when you look at women then you know the numbers tank right so it the problem isn't for black women it's it's the males and that's where uh the problem is but it's not because of racism blacks aren't killing other blacks because of racism right but one of the reasons they are is because of the war on drugs

so why aren't these athletes demanding an end of the war on drugs if they really care about what's happening in the inner cities and all the violence how about ending the war on drugs because you know drugs are winning right people are dying look at all the the overdose deaths i mean reality is that's what killed george floyd they should be worried about all the drugs droid floyd was was taking and the fact that he od'd on drugs right not about the the policemen but they're not going to talk about that they're not going to talk about the failed welfare state right they're not going to talk about all these young black males growing up without fathers hey why is that maybe this is one reason that they all turn to grime is because they don't have a father figure in the house and why is that once upon a time before the welfare state uh black children were more likely to grow up and intact families than white

children they had very strong families before the government welfare system destroyed uh the black family and and now you have all these out of wedlock births and you have all these young black males that's growing up and and they go to crime and of course we glamorize and glorify crime with the war on drugs by creating so much profits for the people that go into drugs and then of course we build all these roadblocks for all legitimate avenues we build in a minimum wage law we build in occupational licensing laws we make it so much harder for young black males to gain legitimate employment we kind of you know steer them we corral them into into drugs i mean we shut down all their other avenues and the only one that's left is drugs and of course they see their friends the ones that are dealing drugs they have all the bling they have the fancy cars they get the the prettier girls and and then we have

the rap music that glorifies it i mean that's not what these guys are are criticizing there is so much they could do what about the failed public schools what about what we're doing to our african-american kids in these horrible government schools that they're trapped in why aren't they asking for a voucher system right why don't they are they demanding that we actually do something to help these kids get real educations not being indoctrinated by these bureaucrats but let them actually learn something and you know how about more on-the-job training more apprenticeships get rid of all these laws minimum wage laws again or other laws that make it too expensive to hire these unskilled young men uh and and learn them teach them some job skills let them learn on the job let them let them climb up the job ladder no no we've destroyed all the bottom rungs on that job ladder they have no chance of climbing on

the only you know job they're going to get is is in drugs so they can be doing so much good right these are uh athletes that are high profile guys well respected in these communities idolized people look up to them they're role models and they want to pretend that all these problems are the result of racism that's an excuse that's the one way to make sure that the problems are never solved if you just blame everything on racism and just accept the fact that you're a victim well okay well there's always gonna be racism so you're always gonna be a victim instead of taking responsibility for yourself and realizing yeah there might be some racism out there but damn it i'm going to overcome that i'm just going to work twice as hard i'm going to overcome those stereotypes and use that to your advantage right and these guys could be doing that they could really be making a difference and it's so

so frustrating to see them squander that opportunity just because it's easy right they're taking the easy way right it it looks really good because these guys are making a ton of money and i think it's so interesting that they want their owners to spend all this money well how about if they cut your salaries right how about that you guys got plenty of money spend that right and you can use that to to uh cover reparations because you know obviously slavery didn't hurt you guys but the easiest thing to do to make their fans think they care is to just stand with unity and just buy this narrative hook line and sinker oh yeah we stand with you with solidarity how about show some guts right and actually stand up to the false narrative and try to make a real positive difference by educating some of these people to understand the truth and accept the truth along with personal responsibility and hold these leaders right politicians

and and the race-baiters uh the poverty pimps you know shine a spotlight on them right they have that opportunity but no they blow it because it's more convenient it's easier to be liked if you just take the low road and just pretend you care so much about all these injustices by standing together in the middle of a field and holding hands

Questions about this episode

Who speaks in "🔴 BREAKING NEWS!! Markets end week on a mixed note. Fed has come out of the closet"?

Peter Schiff (Host), Alan Greenspan (Guest), Donald Trump (Guest).

What is "🔴 BREAKING NEWS!! Markets end week on a mixed note. Fed has come out of the closet" about?

Major stock markets closed the week with mixed results, as the Dow and S&P posted gains while the Nasdaq and Russell 2000 declined. Despite this week's bounce, concerns remain about potential further declines, with analysts attributing market stability to the anticipated support from the Federal Reserve, while gold shows promising technical strength, consolidating above key support levels.

What is mentioned in this GLOBAL NEWS PODCAST episode?

19 people, works and ideas are mentioned, including Gold, Federal Reserve, Peter Schiff, Alan Greenspan, Patriot Act, Perth Mint. Each one on this page links to its own page with every episode that mentions it.

How long is "🔴 BREAKING NEWS!! Markets end week on a mixed note. Fed has come out of the closet"?

The episode runs 1 h 1 min; the transcript is about 10,828 words in 63 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.