Hey everybody how you doing I got a bunch of new comedy dates coming up this weekend I think everything sold out. There might be a few tickets left for Atlanta two shows on Friday Atlanta at the app and then the war theater in wash. In Dc. On Saturday night you mean you're going to miss the Conor fight you're right, I'm going to miss the clarified. What I'm going to do, I'm going to try to get paper view in the room itself in the green room and then run off stage and run back there, and hopefully somebody maybe get Ian deposit for the great Ian Edwards will be with me this weekend to it, which would be awesome uh. But the next dates that I have available that are on sale. Right now is the Meraj on Oct over the sixth in LAS Vegas NV and and and uh the theater at Madison Square Garden on

in December. Third, oh yeah and San Francisco, the massage theater on Saturday November, no Saturday October dominated October 28th. The masonic theater in San Francisco two shows both shows are very close to selling out and then and the theater in Madison Square Garden is November. The third not December 'cause fuckin stupid. I just don't pay, mention. I can't I can't pay attention enough. I literally can't realize that recently, I'm doing too much shit, I'm going to back off something what is going to be. It's not archery, though sorry with all that archery nope. Maybe you should stop nope

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financial wizard and got damn. Does this guy have a lot of energy? We forgot to ask him if he was on the adderall, but I don't think it is. He might be. Either way: dudes a financial genius, an interesting man, a gentleman and a scholar. Please welcome Peter Schiff, Rogan experience join my day, Joe Rogan Podcast, my name all day, and we're like Peter Schiff. How are you, sir? I am good. I am good thanks for having me back thanks for coming back. Yeah spent three years: It has been a while you've grown a lot, I'm so impressed with. What's happened to your podcast or popularity and thanks man. Thank you. Hopefully a little that trickles down to me. I'm sure it will you look good do you like healthy you'll, get hybrid? Well, you know I got a little bit of a beard going. I've been limited Puerto Rico for We were talking about that off error to tell me about that like what prompted that decision well. You know I live in Connecticut and uh.

Like Southern California, where you are fortunate enough to still live. I lived here for a long time years and years ago, but uh have a season's and one of them is winter and it tends to be very long. It normally kind of you know kind of moves. Into the fall in the spring a bit, and so I had been thing and for years about kind of splitting my time between Florida and Connecticut 'cause, I love New England in the summer. It's beautiful this time of year, and I like the big in the fall. You know when the leaves are still on the trees, and it's not that cold and it's pretty and spring is nice to's. But I can forget all the winter, so I was going to move to Florida until I found out about Puerto Rico, and I found out this actually goes. I read an article interviewing John Paulson and Paulson John Paul John Paulson, billionaire Hedge fund guy, made a lot more money than me, shorting subprime. I did the same trade I just didn't make as much money as he did

can start out with nearly as much money, but in any event, but but he made a lot of money. Shorting subprime knee is a hedge fund guy and he who is investing down in Puerto Rico, and I was like well what are you doing? What's going on down there, an eye fi found out, and I never known this- that order ego as a US territory live in Puerto Rico. Don't have to pay federal income taxes on the money they earn from Puerto Rico, which would include any of your capital gains on your investments and I'm like wait. A minute I mean all I have to do is reporter Rico, not to pay any federal income taxes against anybody can move there. You don't need a of you know, work visa to pick up and move that just like moving to another state right and so the minute you move there, you don't pay federal income taxes, but Puerto Rico has its own taxes. We have to pay the Puerto Rico, taxes and state an up. Until recently I mean Puerto Rico's income tax, I think, tops out at thirty percent. It's still cheaper than the US

and there's no state income tax taxes. That's all you've got right. Is that the thirty percent, but a few years ago, Puerto Rico got smart and they said well. How do we attract businessman entrep nurse to move to Puerto Rico, if they're not already here? Well, let's just drop that income tax down, and so they basically created these two laws at two thousand nine hundred and twenty two an act. Twenty two is for individuals and it says: hey: if you move to Puerto Rico, you have zero capital gains tax on any capital gains an you have zero taxes on any interest in dividends that you earned low and then they passed another act which is at twenty and they said hey. If you open up a business here, you have a company you're, going to pay four percent corporate tax to Puerto Rico, and then you can pass on all the profits in dividends to yourself tax free, no tax in Puerto Rico, no tax in the United States and

yeah. That's that's a great deal, the CZ worth a tremendous amount of money. It is I mean it depends on, but you you, you effectively double your income by moving there practically. So because you're, not you, know, you're, not you not split your income with the government right and and so I checked it out when I heard out about heard about those first, it's like poo Rico. Do I do I really want to live there? You know I'm thinking West Side story out and vote, not teleporter with them, but beautiful I mean I live in a town court Dorado Beach and it's just it's very very nice. The the weather and just the tropical location and there's a lot of good people there. A lot of people have, moving there. Obviously I'm not the first person to take advantage of this, and so there are a lot of people that have come from California, get out of you know California, taxes or the northeast the midwest. You know, plus when you come from the Midwest to the northeast. You also, you know, help yourself get out of the cold Weather Rock California. It's pretty much

all attacks thing I mean no one is leaving southern California other than really taxes 'cause. You got such great weather here but I uh we enjoy living there. My wife enjoys that she's, not a lot of people. I've met a lot of people and you know the crazy thing is. You know you have this movement now Rico, where they want to become a state which is ridiculous because they became a state all the problems they have would be that much worse, because Porter Rico is in trouble today, despite the fact that you don't have to pay federal income taxes, there I mean that would happened. Was the puerto rican government is which was very socialist borrowed a lot of money and they, you know they spend a lot of money to get elected, and you know a lot of well in Puerto Rico, work for the government and a lot of people, are on welfare, food, stamps and stuff like that porta rican economy, and they borrowed a lot of money. But if, on top of that

puerto rican residents that actually had jobs had to pay the federal income tax, you know it's not just the federal income tax doesn't apply down there. It's the Obama CARE tax. People wanted, Obamacare repealed if you move the Porter Rico. You've repealed it for yourself, because the taxes on applied on there they don't even have to pay the federal gas tax. So without all those taxes there's still in trouble. So can you imagine how much worse it would be if they had all these taxes, if all of a sudden, the IRS descended on on Puerto Rico, like an infestation of mosquitoes and be worse than the Zika virus down there to have the IRS? So, but you know, there's people hold a lot of people hey if we become a state, you'll get more welfare bio. So how to become a state because of what Puerto Rico the last thing they need is a more more incentives to be on welfare right. They need freedom, they need less government. They needed to Golf on a lot of this debt and a lot of people from the bonds unfortunately have to lose some money, but I think

but as more and more people move the Puerto Rico, I've got two businesses down there. Now I'm hiring people I'm renting space. I bought a lot. Property down there. You know more and more people like me. As people come to Puerto Rico, the economy is going to improve it's going to get better at But if they become a state they're going to destroy all that, potentially they have to exploit the fact that Puerto Rico can offer such a great advantage to a businessman. Somebody who wants to create a company employee people prove I'd goods and services they can do it in Porter Rico. I know on a on a much favorable basis relative to anywhere in the Continental United States. So this is a recent thing for you how long you been down there for well, I move my asset management company, so I have a company called your Pacific asset Management and I move that company from Southern California. I was based in Newport Beach with that business, and I moved at this to San Juan, I think in twenty thirteen, and then I move to Dorado. So I have my office there and I moved all my portfolio managers. They all moved from California to

the Reco. That's going to be a tough sell. You know they love it down there, but was it difficult to convince people to pack up which essentially another country? It's not really, but it kind of it. It's America, but yeah. Technically, it's not a land wahm like that kind of situation, yeah! Well, it's the same status, but I've never been to Guam, but I mean you, you feel it does feel a little bit like a foreign country when, because English is a second language, everybody is speaking Spanish, so in a way but Well, you look around. It's all the same restaurants, it's all the same stores, so it's uh working in a in in in like the stores that we have all the more you know, the same malls and ever so there's a lot of acts or not really Ex Pats, because they're actually still in America there. Yet you do not renounce your citizenship. When you move to Porto Rico, you do not have to pay an exit tax ice. You still travel on on a on a: U S, passport, everybody that lives. There is an American. So it's like a sweeter deal the nominal. Why?

Well, Hawaii you got high taxes, you're still paying federal income taxes, just Paradise, yeah plus you're, paying the state income tax in Hawaii. So but my guys wanted to move there 'cause it basically almost meant that their income was going to double like pretty much overnight 'cause. They can participate in these tax breaks. But you know my size is married, has some kids and they really like get. My single employees have a few young guys. You know now you know young portfolio managers, but they you know they quickly got puerto rican girlfriends. You know if you got a job down there, that's a big plus because most of the puerto rican guys- and not- if you know this- but I think five of the Miss Universe is have gone to Puerto Rico. So it's a small little island country, but they got some

for women down importer Rico. Who sells your sales person for Porter Rico yeah sort of deal going? I I should, I said so many people down there. A lot of people have moved there because to me I run into people all the time they see me on the beach at the poor, help you're the you're, the reason that I'm here, because they they heard about it. But but look it's a it's a good deal and you know I I I would love to see. Porter Rico succeed as a mecca of free market capitalism right now. He you know it's a poster. Child for the failures of socialism, because they it's the socialist that killed Puerto Rico, just like they're killing a lot of major cities in the United States. But if we get more entrepreneurs, more business people are coming to Puerto Rico. That is what Porter Rico needs. They don't need to be a state. They don't need the IRS, they don't need more government, they need the opposite. So you learn in Spanish or you just so. You know around America well, I mean within their they're all American Americans, but I mean I.

Speak English. I mean I. I took high school spanish, so you know if I go through a drive through you know. I got to try to use my spanish because a lot of times they don't speak but and it no one. If you talk someone from the police or the fire department of those guys speak in English, but most of the younger people, they've, learned English and where I If it's everybody speaks English, I mean nobody addresses me once I get out of no, that did the gates of the rates. You know, Rick Rick, Ritz, Carlton yeah, I go out and you know it to a movie theater. There are, you know, there's beacon, spanish and then, if I say do you speak English, then they'll talk, but where I live, everybody addresses everybody in English. So in that respect you still there. So you live in like a gated area. That's a part of the Rich Carlton yeah, it's a gated community, but it's very large. You know we have a golf course will take thirty four golf courses around the beach and there's a lot of different places there any resentment from the locals, not that I can I mean, because I mean I know some of the locals could feel hey. These guys are coming in here, they're, not paying a lot of taxes, but I pay a lot of taxes as a

we just a raw number. It's not a big percent age of what I earn, but it's a big number relative to what other people might be paying, but You know I'm doing I'm hiring people. As I said I rented office space, I mean I bought a house. I bought a condo, I'm going out, so I mean they benefit like having, if you're, if you like, having people doing stuff and inside I don't I don't. I don't see it at all now if it becomes a state status, if it changes status, will you move now we'll see I might have to I mean it might not. I mean it won't be nearly as lucrative rackets, you're gonna, be the problem. Favor became a state, see all that live there, pay thirty percent income tax. Now you know for to not not people like me become, but the people that were already there so the kind of like California, you have one thousand and thirteen percent income tax. But imagine if you had to pay thirty percent local tax and the federal income tax. On top of that, I mean they have a thirteen percent sales tax. Now it they have.

Higher sales tax they have if they became a state, they would be by far the highest tax state in the United States. There be a disaster right now they have the lowest taxes in the United States. So why would you want to go from having the lowest taxes to having the highest taxes? It would be. Suicide become a state yeah, so they would have their local taxes and then, on top of that they would have federal tax. So the local taxes are fairly high in terms of like a local state. Tax is much higher, but then on top but they don't have federal taxes right and you know, the other thing is Puerto Rico. Has out of debt. I mentioned that, but on a per capita basis they actually have a lot less debt than American. I mean your share of the national debt. Right is much bigger than the average puerto rican share of the Puerto Rico debt, because when you live in California. Not only are you responsible for the states that you're responsible for the national debt, the people Puerto Rico, I'm not responsible for the national debt, so if they actually became a

eight, they would be in worse shape than they are not. They would actually have more debt right, so it it's, it's like it could be like buying a ticket on the titanic, after you've already you know it hit the iceberg. You still want to buy. Tickets Hopefully this is all a bunch of politics and it won't become, it won't, become a state and it will continue dealt default on a lot of debt, hopefully the they'll a lot of things they'll shrink. The government and more and more people. He will calm and start creating businesses and hiring People- and you know five hundred and ten years from now, maybe it'll be the wealthiest part of the United States. So correct me: if I'm wrong, but the two possibilities are, it becomes a state and they get more welfare. They get more essentially more aid, more money, yes or it stays where it is an more people like you have an incentive to go there, and then entrepreneurs open up businesses and then there's more op. Portu Nitti's and then the general wealth of the island grows and

it helps people just by virtue of more profit. Yeah you got it becoming. A state just means a bigger welfare state. It means a greater incentive not to work and a bigger punishment. If you work because the taxes on people that work will go sky high, that's going to be a huge problem. If you know so, could probably the feel of being a state. Is that so many people don't work, but you know one thing that we, could do to help Puerto Rico is get rid of the minimum wage because they're stuck with our minimum wage, which is a disaster because the the average income, the average wage in Puerto Rico, is about half of what it is in the United States, and so the minimum wage we have seven hundred and twenty five is like having a minimum wage of fifteen dollars an hour and if you're, one of those people that likes a fifteen dollars minimum wage. Look at how high Employment is down there because you, you can't, you know pick you. People can't get jobs at at these at these wages. You know the best example two of America Destroy

one of its possessions with the minimum wage, was American Samoa. I don't know if you ever read this, but a few years ago, Congress apply the minimum wage to all the territories are minimum wage which include American Samoa and an American Samoa, the biggest imp, lawyers on the island where these tuna canners and so Chicken of the sea are star cast, and so all these people worked in these factories. Canning tuna and they worked in in in american smaller when Minimum wage was passed. It made the island uncompetitive, and so the tuna factories closed down and fired everybody and then. So. All of a sudden, it was like thirty percent unemployment. The island went into a mass of depression and they still haven't come out of it. I mean we destroyed them, we destroyed all their jobs and the the you know the the Arkansas didn't want the minimum wage. But you know american politicians don't give a damn and all they care about is feeling good about themselves, not about the consequence.

So what they do, and so they you know they they impose that minimum wage and it was like declaring war. Well, it had a lot of damage Puerto Rico, just not as much as it did in American Samoa, but if we can get rid of that minimum wage in Puerto Rico, then a lot more employment opportunities for younger unskilled people. They have the opportunity to climb up the drop ladder to get some skills, so they can earn more money in the future, but right now they're, just perm unemployed, because ivy costume, we could get rid of the minimum wage. Also, this the Jones ACT, which is really really hurts Puerto Rico, and what that Jones ACT says is that any ship that's going to America. They can't stop in Puerto Rico. Drop a few things off and then continue on to the United States. They have to have to go all the way to the United States. Unload their car It's going to Puerto Rico, put it on the US flag, ship with the US crew and then send it back to Puerto Rico, and it cost a fortune so

That's one of the reasons that their tourism is not that competitive there, because all the other correct urban islands can get cheap stuff dropped off on boats. But you know we have to wait stuff to come on a Jones ACT Boat, and so it was the incentive to pass the Jones ACT, for the unions, the Maritime Union Merchant Marine, to try to, because you know american ships or uncompetitive if you ever go on a cruise on. If you go on a cruise, but none of these cruise ships are flagged in the United States and none of the cruiser American. That's because if you how to use an american crew with our laws, nobody could afford a cruise. You will be too expensive. The only way that you can have a cruise line that anybody can afford to travel on is, if you flag it in some other country. Well so because the wages are just off the charts, but that joke exact means if people Puerto Rico, whatever they're going to buy whatever they're going to consume. In order to bring it to that island, you know they're going to have to bring

Donna a on a US. Now that's a problem for Hawaii too, but people in Hawaii are much richer on average and the people in Puerto Rico, so the poor. You are the more you're affected by by higher food costs or higher. You know cost of everything. So it's you! all of these, you know liberal politicians, they refused to get rid of these laws, but that would would very much help Puerto Rico, just more free markets, because they No control over that federal minimum wage or the or the Jones ACT, so you don't think there should be any minimum wage at all. No, not now none both so someone working for a dollar an hour doesn't bother you. Well, I mean it's better than working for zero, mean people think that they want to impose their morals and say: well, it's not right for somebody to work for a dollar an hour. Well, people make rational decision. I am so if somebody is a dollar an hour, and that must mean and that nobody offer them one dollar and fifty cents, nobody offered them two dollars. I mean this is a competitive

market I mean, I know you have an employee over here I mean. Could you pay this guy a dollar an hour? Would you work for you? I don't think so. Because he could get more, but he's he's, educated and skilled and he's able to engineer and, of course, but it's very difficult for people to get that sort of an education, particularly in his Puerto Rico thought of as a third world environment in the country. It's not third world, but let's say some. Kid came in here that had no experience whatsoever, but he wanted to learn. He wanted to just get you coffee, it just sit around and be around. You he's not that productive, yeah. They use interns right a lot of radio stations. Do then they don't pay them anything. I know. That's that's ours and I can't do that. Well, then yeah, but maybe you pay him five dollars now, whatever it is, but people people are going to accept a job, that's the best one they can get, and so, if somebody is working for a dollar an hour or two dollars an hour by default, I know that they couldn't find a higher job than that because and the reason is because they don't have a lot of skills. But if you don't have the skills, the best thing you

do is get a job, so you can get some skills. That's where you learn skills. You get more skills. You know there are people that pay to get skills right. If you go to school, you actually have to pay tuition. If I'm getting paid a dollar an hour. While I learn something that has value, that's better, you have people now, borrowing money to Skill people graduate college in their in debt, but it is in a way. That's weird argument right because you're assuming that they're gonna get a skill and you might just be handling packages and pick bring them up and moving to another location even as a whole. Even that's like show up on time be responsible, so discipline yeah, there's a lot of work. There's a lot of stuff that you learn when you have a job at the I'm with the minimum wage is that the minimum wage basically hurts the very people that it's intended to Hell, because the minimum wage basically says if you are worker. If you cannot convince an employer to pay you seven hundred and twenty five or

in dollars an hour or whatever the minimum wages. Then you cannot accept that job see it doesn't hurt the employer it hurts. The employee because it limits his options, it limits his ability to sell is labor for the highest price that he can get and it limits his access to the job market. Is you know you can't get on that ladder you move, the lower rungs- and so I can't climb up because of this arbitrary minimum wage, because when you pass a minimum wage you're not going to force an employer right if I'm a employer and there's a minimum wage of ten dollars an hour and somebody comes to Maine and they can deliver fa. Five dollars an hour worth of productivity, meaning if I hire that person that will benefit me by five dollars an hour, I'm not going to pay and them ten dollars an hour, because then I lose five dollars an hour. The only way I'm going to hire somebody who's going to give me five, dollars an hour worth of productivity is if I can buy if I can Hiram for less than dollars an hour. So I can make a profit, so it just it's just a floor. Is like

You cannot deliver enough productivity. Whatever that minimum wages, then you can't get a job, and so it's basically making it illegal for people to work? It is the stupidest law that anybody has ever conceived it should they obliterated. I mean there are some countries like Singapore does not have a minimum wage and the ad income in Singapore is higher than it is here per capita there a lot more millionaires there I mean people have no problem, we didn't always have a minimum wage in the United States. I mean this is a creation of government and you know the initial minimum wages. If you want to actually go to the origins of minimum wage in the United States, it was about trying to prevent employers hiring the Chinese or hiring blacks, they were trying to force the minimum wage as a way to create unemployment. It wasn't there wasn't a a good motivation, but yes, when they try to sell it to the voters. Oh it's all about. We don't want people to be exploited, but you know it's not

exploitation of people voluntarily accept a job, because it's the best job they can find the person who's offering the best job is not exploiting them they're, giving them an opportunity, and if you're denied an opportunity, I mean there are a lot of people. Oh great, you know they're going to get the minimum wage up to fifty dollars an hour. Well, what good is it being unemployed at fifteen dot? Zero an hour is better to be employed at five dollars, an hour then unemployed at fifteen, because at being unemployed means you make nothing where Devil's advocate would be that if you can't before where to pay someone fifteen dollars an hour, then you probably shouldn't have employees in the first place. Your business doesn't function that well. No, there are plenty sense. No, because there are plenty of jobs where you have entry. Level positions, I mean if you think that there should be no entry level jobs, I mean you go back to the days of full service gas stations right back in the day,

You know you did at the pump your own gas to the case in New Jersey and a few other states yeah New Jersey. You know they mandated, but you still don't get the level of service. I mean, if you meld into a gas station forty years ago. Not only did they play your gas, but they checked under your birthday. I used to do it tires your your your you know. They they watch your windows, you know they did all sorts of things. You know we with your car. They didn't make very much money. They they lived off it by and large it was the minimum wage that a limited, almost all those jobs at the minimum wage. That is the reason that we have. You know people stop so much self serve but what happened a lot of these people. These kids that worked in filling stations became mechanic because all these filling stations had a mechanic there. And they learned auto mechanics and a lot of them went on to own their own gas, issues but of course, a lot of them just this was their work. Experience that form the basis for the rest of their life. A lot of young kids had these jobs summer jobs

and so there's nothing wrong with the entry full employment, there's nothing wrong with people learning the responsibility of having a job of showing up of customer service of sales me. My first jobs were also else. I was selling subscriptions door to door. I was telephone sales of this disease, now in California, I sold it knocking on doors, selling, cable television ice. I worked in a shoe, store, selling shoes. I mean there hustler but you were talking about you as a young man right. It will think of the minimum. Wage is applied to adults, adults that have to take care of children. After twelve a roof over their head and food on the table and you're, saying that they shouldn't be having those jobs. Well, by the time you are an adult with kids, you should have accumulated the skills to earn a lot more than the minimum wage. So that's the argument. When people say hey, you can't afford a family. You support a family on the minimum wage. Of course you shouldn't and be trying to support a family. If you can uh only earn the minimum wage you shouldn't have of

family. You should realize hey. I can't afford a family, yet let me acquire the bills before I start fathering children getting married. Let me make sure I can support myself. I mean a lot of people who having the minimum wage they're living at home? They don't need to. The rent their living rent free. What they need is a job they need. Maybe gas money get some money, so I can take the girl out on a date, but I got it. I got to get some working, I gotta get out there. I know what it's like to work. I got see. You know I gotta live in the real world and that's what used to happen I mean you, don't have all these summer jobs anymore. Kids, don't have the opportunity because the minimum wage, already price them out a lot of older people now we're taking those those jobs and so the employment opportunities. Aren't there but when you just raise the minimum wage all you're doing, is raising the bar, where you can get your job you're, not helping people. Now there is always going to be some people that yet going to be somebody who will make a

a bit more because of the minimum wage. There's going to be those people, there's going to be some winners, but you're going to have lots of people that make nothing be cause the minimum wage and then, of course, because you're driving up the cost of labor prices are going up, and so who is affected the most by higher prices, poor people, people working on minimum wage, and not only that you end up with quality. I mean you know, I hate it when you know I call up a comp Leanne and I'm just in voicemail hell and I'm going from when I would like a real person to deal with, but you know that, with the minimum wage, those jobs, don't there's so many jobs that have been automated out of existence, we're not automated shipped overseas, where there isn't any minimum wage. That shows I mean that too yeah. You end up with you. If you actually get a real person there in India right right, but we have all these people in America who aren't working. Why can't they do those jobs? Yes, you're not develop a supportive family on those jobs, but before you leave get a family, you can have that job and then maybe

five or ten years later, you'll work your way up the ladder. You'll get a skill, then you can support a family, but nobody is supposed to be able to support a family, and if you try to tell an employer, hey you gotta, you gotta, pay your fry cook enough money to support a family. You can't do that. There's not enough productivity. Cooking, french fry you can't support a family family. If all you can do is cook a french fry, you need to learn to how to do something else before you can support a family, and you can't you can't put that on the employer now when you say that Singapore has a higher average income.

Yes, it is that because, and no minimum wage is out because there's a load of billionaires and moved to Singapore because they don't have a minimum wage because again export now I mean lower class people or people that don't make much money, the the the the millionaires and billionaires don't eve are really not even affected by the minimum wage. What you have to look at is the rate of unemployment runs a half hour which is high rates in Singapore. Do yes, they have centers for very rich people to move there and does not jack up the minimum wage or not. The minimum wage are that the average income yeah. Well, the fact that you have entrepreneurs that are succeeding in Singapore because they have small government low taxes means that there's a lot of competition for workers, and so that's what bids up wages competition I mean I've got no problem with a vibrant market bidding up wages. You just don't want the government to try to artificially force wages above productivity because it's ultimately your productivity. That determines your way as you mentioned that your employee here, he has a lot of adds a lot of.

Value because of his knowledge because of his personal is good. Look at handsome. Well that doesn't deficit help me, but does reset. But you know- and you know, if we're laughing. But there are a lot of people. Look there a lot of people that earn more money, because there could to look at right there, bringing people that have paid more models but go to Puerto Rico on the right, but even miss Universe right, but even people hire receptionist or people hire people in positions 'cause. They look good and they get paid a little extra for that, because that's added value to the customer experience and things like that. So, but most of us can't live off of our looks. We gotta we gotta have something else, but it's all a function of your productivity you want to earn more. You have to produce more. Do government. Just can't mandate that people pay you more than you're worth as far as the productive. You can deliver, because you're just not gonna have a job. You make a ton of sense, you know, and obviously I'm not a financial wizard like you are what, when you start to talking about like people making more money for their looks now, that would be a hot button topic in american people. Get very uh set about it and people would

that that's a sexist viewpoint and your objective and these women that you have working these positions, did you say that, like a secretary or someone is a receptionist who super hot, like the your objective, buying this woman. Well, So there are a lot of men and women men get hired for their looks too. I mean it's not just a one way: St Amy, it's like you said, but look you know people make most of what they got right. I mean people say it's not fair. Why should this was unfair to the unattractive people, but all the unattractive person could you really smart. Maybe she ends up making mom an ugly? Well, look everybody wins the the lottery life is going to have to it. Isn't it problem with socialism and the idea of we should even out the playing field. Yes, I mean the idea of competition. Europe competition die right, but you know a famous Democrat John Kennedy said that it isn't fair in a different error, but it's not

right and you just trying to bang a lane change? And you can't you know you can't dwell on the things that you don't have hey. I I wish I could have been born better. Looking, I could've been brown taller. You know you got a make the most. It's like playing poker, you gotta hand play it. You can have the worst hand and you can win the pot obvious. Is it easier to win the hand if you got four aces right right? Do you know what, if you're bad player, you win nothing because everybody's gonna drop right and so even getting the best hand, doesn't actually mean you're, gonna, you're, gonna, you're gonna play it right, but you know it's not. I mean if two people, if If I want to hire somebody and the way they look, I believe is going to help me earn more money, because I think that having a more attractive person in particular business position, is going to somehow lead to greater sales, I mean that's really. The only reason that you're, to pay somebody more money. If they look good, I go on Fox Television or CNBC. It's not an accident that all these women interviewing me are pretty hot. I mean unattractive

and could read the news and ask me questions just as good as they can, but they are hoping and they're betting. That much for guys, like us, are going to tune in to watch a hot chick interview me then a homely one and they're, probably right right, because probably lots of homely girls that are applied, for these jobs are not getting hired, no, I agree with you one hundred percent, but there's a fascinating thing. That's going on today where competition is thought to be an somehow some way, shape or form a negative thing, and that this kind of petition whether it's even capitalism itself is criticized right, like there's a lot of people today that, in favor of socialism- and it's one of the reasons why Bernie Sanders was so attractive, is because, like hey, you you're, not winning this crazy competition out there that don't have any desire we're going to even out this, Plainfield and those people that are out there kicking ass and taking names were going to take some of that money and we're going to give it to everybody else, yeah. That is the appeal of socialism, because it appeals to the lowest common denominator that loses appeal to ignorance, but it appeals to greed, because

and envy like. Oh, this person has so much more than me and it's not fair, but here's the beauty of Compet why we want competition? We all want stuff right and- and so I want people competing to sell me stuff right. I want to have as much as I can as far as consumer goods. That's what we all want. We want products and services that enhance our lives and the way we get the best products right with the highest. Quality that deliver the most value at the lowest price is to have lots of competition. All kinds of people competing for my business yeah. I've got some money to spend to buy my product buy my product, competition is what is what make sure that I get the best thing you go by The old Soviet union and you know- there's no competition. Let's say you wanted a phone in the movie union in the 1960s. Well, you went on a waiting list and maybe four years later. If you were lucky enough, you had the

connections. Somebody gave you this big fat, black phone, you know and you had one phone. It was very expensive. You know that's. That's phones under under capital. Look at the phones. We have. I got a phone and I I could take movies with it. It's a kids, a computer, it's a camera. I I used it to get here with the gps. You think I would have a phone like this if the government was had a monopoly on Phone absolutely not by any government phone that they were going to put my place that we all to say competition is in good all the things that we value wouldn't exist if people weren't competing with one another? No I'm! Well, I'm I'm a big believer in competition, but I will one of the weird arguments is happening now is that competition is bad, these are very blinders argument, and I saw you battle against that argument when you were with Occupy Wall Street when you went down to the park and talk to those people, that's how I first found out about you. I thought was hilarious and it was. It was a wonderful. Exposing of a lot of he's very aggressive, very passion,

people with a limited amount of understanding about capitalism. So they had no understanding and in fact, if you did what they were there, which is weird right well, they were in there. They have signs there screaming there yelling there angry, but yet yeah and you know very little understanding about the system that around you get out what what the reasons I went there and if you haven't seen it your plenty of you, two videos of it the longer there's one. That's like two and a half hours right on that's the whole. I talked until we ran out of power right, I was seeing a moment about ten videos of you talking to these people, but some they just recently resurrected. It made a copy of it and got another two and a half million views just a few months ago. So I know people are watching it, but you know I went down there because I sympathized with the fact that people are upset and and that I know that the economy is not as

productive is, it should be. I know, there's a lot of people that don't have jobs that should have jobs. I think that we should have a much more vibrant economy. We should have a much higher standard of living. There should be a lot more opportunity, but it's not be cause. We don't have enough. Government is because we have too much and it's the problems that we have on Wall Street were not a function of apple ism, but a function of the government's failure to allow capitalism and the reason that I was predicting the two thousand and eight financial crisis, and they were calling me doctor doom. The reason why I knew about that housing bubble in advance and I was able to see the financial crisis coming was because I understood the dynamics at play. I understood the government how the Federal Reserve, how their policies were working to inflate these bubbles, that I understood the moral hazards and the consequences of what was going on, and so when I went down as county park the point it was trying to make and not even so much that people that were protesting but to the people who I knew would watch the interaction all around the world was to make the point that you are right to be upset, but you're

your your venting, your anger in the wrong direction. They were venting their anger. People at you, like you, had a successful the quote. Unquote, one once said capitalism, and I was saying: look it's the Federal Reserve. That is the source of your problems, it's Congress, it's the White House, it's not the financial district. In New York city I mean the free market. People in the free market are there to help anyone in anyone that has a business. All they're trying to do is win your. This is a customer. There are competing to get you to buy things in anything that you buy, but if you choose to buy something, if I buy something for twenty dollars, I must value what I'm buying more than twenty bucks, or I would make the exchange so to the extent that there's a business out we're trying to convince me to buy something that I value more than money? That's not going to hurt me. The problem is government government has power, government has brute force, the government can force me to do, things that I don't want to do. The government can make my life worse,

a private business- is just going to make my life better right, because, if they're not going to my life better, I don't do business with them, but the government is a difference. Sorry, they can pass laws, they can pass taxes, they can best regulations. An ass so happens the laws and regulations that they're passing are making peoples lives worse, and you know the problem. Wasn't that big banks failed. The problem was that they got bailed out. Don't blame The banks for accepting the bail out, I mean: what would you do if someone offered to bail you out yeah, you take the money. The problem is the guy The government should have had the power to bail amount in the first place, so the kill enemy is government and the power that government has. We have to take that power away from government. When you take power away from government, you create freedom right, that's what freedom is its absence of Gov right now. When you see the Federal Reserve and Congress of the real issue, what is their incentive

issue? What is their incentive to not allow the market to thrive and to like you're saying that they're the reason why there aren't more opportunities? There are more people working. What what are the? What is it? What is the? What is what do they have to gain? well polisher doing politicians have power right there. They want to get elected and they want all the perks that come with elected office mode. People that are in government live pretty good lives. There's a reason to do it right, it's not to they want to serve. The people will help the people they wanna personal benefit. Yeah, I mean that's always that's slightly nonsense right. They all pretend right there public servant, but that's that that's that should be all right, that they're all they're they're they're acting they're they're playing a part. That's a that's! That means to an end. They want the power, they want, the perks that come with elected office and so obvious Lee. In order to get elected you gotta get the votes, you gotta get the contributions and so they're not me,

King Polisy, that's good economics. All they're trying to do is get elected and get donations and so they have a vested interest in helping the people that give them money and people are always trying to buy special perks from government attacks break or 50s regulate. My competitor, instead of me or this guy out of business and of course a lot of, I'll just vote for something for free. That was the power of Bernie Sanders I'll. Give you free stuff right vote for me and there are how to people who don't know any better and they're just going to vote, for who promise is the most free stuff, but free stuff? Isn't free it's very expensive but what it really amounts to is theft. I mean the liberal, say, vote for me and I to steal from somebody else and give you what I take, because the government doesn't have anything that cover doesn't have if they're going to promise something they have to take it from somebody else. They don't have anything government doesn't produce government, just read it tributes. What other people produce so there's always a cost, but whenever the government does

so that when they tax the productive people to give money to non productive people, they in Beastie Incentive not to produce and they decrease the incentive to produce. So all this read distribution of wealth. Just me is that there's a lot less wealth to redistribute and everybody ends up or if the politicians stayed out of it, then you have lot more wealth and everybody would be better off, but that's not the pop, well. It takes a bit. Are the things that good economics are bad. Politics like like take take a health care. Why couldn't the Republicans repeal Obamacare. Because Obama CARE is terrible economics, but he is a problem. How is it terribly economic, so we're going to get into this? The last time we got sidetracked. What is terrible about it? Well I mean We can spend the whole show on why it's bad economics, but you know there's a belief out there that

Government is somehow going to be a more efficient provider of healthcare than the free market, which is not true right. I mean Healthcare is a service. Just like food, just like shelter just like clothing and the free market can provide it better and cheaper than government. I mean that's just always. The days. Some people like it as a service, though that becomes a part of what the government offers you along with you know. When you pay your taxes, they fix the roads, they hire the police things those lines they would like health to be along that line as well, just like it is in the UK and in Canada and a few other places, and and in some ways those systems are better than the system we have now, but they're not better than the system we used to have or you're, better than the system that we could have if it was if it was a pure free market. But there's two things you got right: you've got health

air and then you've got the health insurance really get those two okay, those two industries separately, because the reason that people buy health insurance right is being king case Well, if I get really sick, I can't afford the bills just like you know: people buy car insurance right when you buy car insurance. You know that you still have to pay for gas. You don't expect your car insurance policy to cover the cost of gas. It does can cover the cost of new tires. It doesn't cover the course of a new spark plugs or your routine maintenance. The reason you buy auto insurance is hey. What? If I get into a wreck- and I totaled my car, I don't have the cash to buy a new one, so people buy insurance, Becaus there insuring against something. That's probably not going to happen right when you buy your auto insurance. The anticipation is that you never put in a claim and you're happy to never put into a claim, and the insurance company obviously doesn't want you to put in a claim they're hoping that they collect the premiums and the way

auto. Insurance works, isba cause. Most people don't put in a claim because they don't get into an accident. The insurance company, Does the money to pay the people who do get an accident and that's how insurance works, but because of the government? Health insurance doesn't work that way anymore. Be cause of the government and the government set up this system where, if I hire somebody, they have to pay income taxes on it, If I give them health insurance instead of cash is tax free. So all of a sudden wanted health insurance instead of cash because they didn't have to pay maximum health insurance and now more and more people started to want their health insurance to cover the equip, move more gas in my car or a flat tire. Did you try to pay for routine medical cost with a third party pay or through health insurance? You have

spiraling out of control costs. You know, because if you never, if you pulled up to a gas station, it didn't actually pay for the gas. You just like put your your your insurance card into the pump and they didn't even have prices because go to the doctor. You don't even know what things cost. There's no price, I mean when you go to buy gas. Everybody has the price, right up there and I look around and if one place is two cents cheaper. That's where I'm going right so, but if, if the gas station didn't even bother to put the price, and I said: what do you care what the gas cost insurance companies paid for it and that's what we have with the health care so yeah I mean we have a system that government created where people rely on health insurance to pay for everything. Health insurance should just be for various: some things that are probably not going to happen to you right I get hit by a car. I get cancer you. Use, your health insurance. Every time you go to the doctor, and if we got we, if we got people to pay for their health insurance, the way they pay for

they are auto insurance or their life insurance. If we separate health insurance from employment, health insurance will be much cheaper. You know it's the government that married that right and that's why the people say well, if you lose your job, you lose your health care. That's because of the government fix the tax code, Ann people, you don't lose your auto insurance when you lose your job, but the other port thing and here's why Obama care? Doesn't work see the thesis of a bomb cat was hey, let's make it so that These companies can't discriminate against people that have a pre existing condition right, so they can't charge people more money just because they happen to be sick. This was one of the appeals of it now here. The problem with that, the only reason people buy insurance when their health health insurance is because they know they can't buy when sick, like, let's say, with the auto insurance,

there was a law that said that auto insurance companies couldn't discriminate based on pre existing conditions, if you can buy the policy after your accident and get coverage for the same price as if you bought it before my nobody would buy auto insurance. You would just wait until you had an accident, but isn't it auto insurance, a weird argument, because auto insurance is mandatory, like you have to have it, whereas insurance, not mandatory, plus a bomber Kerr kind of makes it mandatory right. Well, just saying it's mandatory for the wrong aspect. Yeah well even turns that covers the wrong things. Well, even look fire insurance. Is it mandatory either by no, I mean old, auto insurance is in sight in certain states. It is, of course not all coverages mandatory right and- and you know you have sorry coverage yet at some, which are similar to what you're talking about with health insurance, compulsory health insurance like for a catastrophic in well, they made it, they Obama care, made it compulsory. The point is this that, if

auto insurance was not compulsory right and you can just decide whether or not you wanted it. If there is a law that said that insurance companies couldn't discriminate. Nobody would buy it because you would just wait till after you had an accident, but the problem is not just that. Well, the reason why auto insurance is a bad example is 'cause you're going to hit my car going to do damage to me. Have you have insurance in your car, I'm not going to run into you on the street and and collide with my body and hurt you hi I sent out, and I I don't have health insurance, and so you get injured. For me, hello right, so you think that's a different argument. Rather than even make that argument. Let's just go to fire insurance, because there's only one person involved me. I have a house okay, you know what I buy fire insurance. If I can go to an insurance company after my house already burns down and by the policy for the same price. So the reason that people buy fire insurance policies before their house burns down is because they know that nobody will sell them a policy after it burns there and the insurance

companies couldn't stay in business at the only people who are buying policies where people whose houses already burned down. I agree with you, so so here's what happen with Obama CARE Obama says were, make it so, insurance companies can't discriminate against people who are sick. Well, the result of that is no healthy this is going to want to buy insurance? It's a waste of money. Why pay premiums when you're, not sick, wait until you get sick? So what I know I can't discriminate against you, because you have a pre existing condition. So the way Obama tried to combat that was okay, we're going to force people to buy insurance, we're gonna, we're gonna require employers to provide it and if you know you don't get it from your employer, we're going to find you are going to have a penalty if you don't buy the insurance right now, two things about that, one. The penalties were too low right, because the penalty for now buying insurance is so cheap that it's cheaper to not buy insurance, pay the penalty and then wait till get sick to buy the insurance. That's why the Insur companies are losing all this money and that's why premiums are skyrocketing, because nobody

to buy because the dependencies, the the penalties are too low, but politically everybody likes the idea that insurance companies can't discriminate based on previous. So what the Republicans tried to do was have their cake and eat it too. They said to the voters: we're going to keep the non pre existing conditions, but we're going get rid of the mandates were going to get rid of. The penalties are going to get rid of. You can't do that. You have to have both. The real problem was that at these, were the penalties were too low. They needed to Jack. Those penalties up, because so many people were paying the penalty and not by the insurance. The reality is, we need a free market insurance 'cause, the Republicans want to say you should be able to buy the type of coverage that you want. You should build by the convention, which is true, But then insurance companies have to be able to not you coverage. If they don't want to cover you, they have to be able to charge you more. If you're already sick, I mean the only way to have inexpensive insurance is for the insurance companies to disk. Terminate and charge people more money.

There are already sick and it's be cause of that. That's why healthy people by policies, because they oh hey. Let me buy it now. Why I'm healthy, because if I happen to get sick it's going to be a lot more expensive. So what the garbage is trying to do is just trying to destroy the market for health insurance. Meanwhile, the cause- is skyrocketing, ensure is getting more expensive. Healthcare is getting more expensive before the government was involved, healthcare was not the problem it wasn't expensive in the 1920s nineteen 30s nineteen forties, 1950s healthcare was not expensive. Well didn't worry about medical bills. They were not high. If you needed a catastrophic insurance, it was inexpensive. If you had to go to the doctor, it wasn't expensive p. Don't even worry about it, because it was quality care and it was, you know, at a low cost and with all the advancements that we've had in medicine with all the technology with all the the drugs that are here, health care should be cheaper today,

Then it was in the 1940s and 1950s on a real basis. You know, and I hear all the time people make the argument. Well, the reason that health there is more expensive is because it's more complicated now, because we do all these things that we didn't do well. If that was true, then why isn't my cell phone today more expensive than a cell phone? Ten or twenty years ago is this does not always not more expensive, no, certainly ends it's just you get subsidized by your your company, nobody or they they they. They drag out the payments they they like. If I buy a cell phone from Verizon there not selling you, the full. If you buy an Iphone seven they're, not selling it to you at the full rate. The flow rate would be like one thousand and twelve hundred bucks, yes, but I paid one thousand dollars in the 1980s for my first cell phone that didn't do jack compared with this very early days, yet Gordon Gekko ones yeah. When I was in the morning, but look I I've got this back. You know Macbook air. You write me here, and so this Macbook air obvious

this is a costume like twelve one thousand four hundred bucks? My first computer that I had in college was Apple II e and that computer and I got a dot matrix printer and I had a floppy disk and my dad spent is five thousand dollars on it in nineteen. Eighty one and all it was was a glorified word processor right. So obviously the power in this computer is so much greater than the one that I had in that Apple II e, yet it's less expensive, even forgetting about adjusting for inflation, it's actually cheaper in actual dollars and despite the fact that it's more complicated- and my point is that, just because some is more complicated and more doesn't mean it's going to be more expensive. Healthcare today should be cheaper. All of this, All of the new technology should be bringing down the cost of Madison. The res it is not is because of government's involvement 'cause. If government, who is involved in the computer industry, the same way it's involved in healthcare, then would see skyrocketing computer prices that so now, why

the government you're saying the government wants to do destroy the insurance industry. I don't want another droid is Troy, but what why do they want to complicate the well? I don't think well. First of all, I don't think they're smart enough to destroy it. On purpose I mean it's: just the unintended consequences are trying to get votes to try to get elected and of course, you know, people want something: for nothing so number one you get a lot of votes by promising free health care right so now one, but also. Why do insurance companies because there are massive subsidies for insurance companies. If I can get the government to require people to buy my product, then I don't have to offer a good product right. I mean we should. We should like to govern to require everybody to listen to the Joe Rogan podcast about was noted, for you would be upset, Sattar Furious, I mean well it's exactly the way it is, but although, but you know but they're a how to businesses rather than having to win what may if you had a lousy podcast and nobody listened to. You want the government to say hey to many people, listen to Joe Rogan, forced them to listen to my podcast instead, so you know you have the

big healthcare companies are insurance companies that want something from government? They want the government to mandate, people buy their product or to protect them from competition. No, you can't if wanted to buy an insurance policy from a japanese company or swiss company, you can't do it. They can't some swiss comp. You can't come over here to California help they won't. Even let companies from other states sell you policies. I mean why that we need more competition, but government is protecting companies from having to compete with one another, so they don't have to do is good. A job Obama was already in office right when he was trying to do this. What was the incentive for trying to pass this once he's already in off? Well eh wants to get reelected, which he did. He did get reelected, but there's a lot of political payoff. You have to pay off the people I'll put you in office- and you know he to help other Democrats get elected and maintain maintain that power. Nobody ever debate this.

I am in the in this sort of a rational, pragmatic way, the way you're laying out right now. I have no idea, you know, and you don't know when it comes to a politician. You don't know what they're doing stupid things because they're stupid or because they don't care that you're, dumb just they don't understand the ramifications of what they're trying to propose why they said either either that people believe in liberal philosophy or these programs either because they're ignorant or because they have an ulterior motive right. There are probably some politicians there that are actually dumb enough to think that this is a good idea. Right, like we talked about the minimum wage, there are some people that actually believe that it's a good thing. They don't know how bad it is, but they're doing it because they're thinking with their hearts and not with their heads, but there are probably some people who support the minimum wage, knowing that it's bad, but they know it's good politics or they're afraid to come out against it, because that's such bad politics, so you don't know for sure. If somebody is in favor of something do they actually realize how bad it is right,

they're doing it anyway. Are they just dumb enough to actually believe it? I have to say if you adjust for inflation, you're, probably right about cell phones. So I'm thinking now like a Motorola Startac, oh yeah, how much were those expensive? How much were they when they came out? I think they were like five or six hundred dollars, but if you would yeah and think about how much it costs to use them yeah, I remember when I had my the big one: the roaming costs were extraordinary, but even if you didn't roll my mind, for instance my long distance, yet my first plan, I think when I was in it, I have my first phone and I think it was like so eighty bucks a month, and I have like a half hour of talk time right. So. But if someone call me on my cell phone, I was quick 'cause. I had a quickly off because if you went over your minutes you know now I have unlimited now. Is it unlimited? I can talk, I can see people I see their faces. I can talk to people in other countries, now the companies that are offering unlimited data to just 'cause 'cause, I didn't even have databank eating. Yes, 'cause it complete. Ok, it was one thousand box on some wrong, especially if you adjust for inflation,

yeah and then just for inflation of a Startac phone, which was a piece of shit comparatively. It was amazing at the time and the battery lasted like one slash two an hour. Forty five minutes of you know, and so I have a brand new Iphone is probably like one thousand two hundred so yeah you just for inflation. You right now, when you're talking about Bernie Sanders and you're talking about some of the policies that that guy was proposing and some of the side, the idea of you know Robin Hood the whole deal taking from the rich and giving to the poor. That's extremely appealing to people right now, how do you? How do you lay it out to people in a wave they can understand that, although this looks like a great idea that this is not a good idea and ultimately it not going to benefit you. It's going to make things stagnant, it's going to make things harder for business and it's going to make things harder for jobs a lot, people listening right now to even be saying that they're tweeting mean You get mad. You fucking, shill, you sell out you one percent. Are you piece of shit? That's the thought process between and behind

anybody, says anything even remotely negative about socialism that you have to be some sort of a sell out or you just want to keep things the way they are so that you can benefit, and it's amazing that so many people find socialism appealing yet they'll say: oh, you know, fascism is really bad right. The Nazis were really bad. They don't realize that the Nazi Party that stands for national socialism- that's why it's national, social, so social is a broader economic theory that encompasses cap, communism and fascism, they're both forms of socialism. So you know yeah there. It's all bad right and the whole idea of the the whole premise of socialism is bad it. You know the Freemark being a libertarian is all about the individual. It's about freedom and recognizing the value of the individual and their rights to pursue their own self interest or unhappiness the property, but in

your question, how do you talk to people and get them to see how bad socialism is? I mean I mean. First of all, I mean look at the countries that have tried it in its extreme form, right whether it was like the Soviet Union or N Korea or Cuba or EAST Germany. You can look at examples where you had. You know people moving history these promises of from each according to his ability to each according to his it disaster. So it's not like. We don't have a long history of failed socialist experiments and you know you can look at the countries that are the most prosperous and those are the countries that have the least amount of socialism I mean. Obviously, socialism is going to exist in a certain degree, it's hard to find any place on the earth. Now where there isn't some elements of socialism that have crept into the economy, but the extent that countries have managed to limit the socialist policies they have, they have maximized the standard of living of their people, so the more

Venezuela right in people- not I I let's raise exam and president dumb of of the trump- was tweeting out not too long ago. You know he's upset that they don't have enough democracy. We need more democracy, they don't need more democracy democracy is what got him into trouble because they voted for socialists what they need. Venezuela is more capitalism, they need more freedom, not just more people coding for other socialists. So the deal of socialism. Essentially, the appeal the same appeal of turning Puerto Rico, into a state that you're going to get something for it. Yeah, I'm going to benefit the people yeah, I mean people lie like the idea of getting something for nothing, and you know it it. There is a certain if you think of it superficially and that's why you know: there's an old expression right if you're, not socialist, by the time. You're twenty- you don't have a heart, but if you're not a concern about how you're thirty you don't have a brain, it's because people are caring. I mean in general, most people care about their fellow human beings, including conservatives and libertarians. I mean they care to just that. A lot Liberals think

and conservatives are mean because they don't support these programs. It's not because they're mean it's just that they recognize the unintended consequences of these programs that the programs actually make it worse. For the people that you're trying to help but younger people who don't have, as real world experience. They don't know any better. So it's very easy to be a socialist when you're one thousand six hundred and seventeen you've, never had a job, you've, never run company. You don't have much real world experience, but your care, you can be so I don't fault young people for being socialists, but I do when you let your 30s in your 40s and you haven't grown up to me. That's like a little still believing in Santa Claus. How come you didn't learn anything where is Bernie Sanders? He said you know what is the seventy seven years old and he thinks like a teenager. I mean he didn't, learn anything from all this life experience. You know he did get any smarter when it doesn't even have a bunch of houses I think Bernie owns a few houses. I think he doesn't didn't mean one of the

isn't in hot water right now, because as well, a wife yeah is why she decided to go full on capitalist, free as a small college and buy up a bunch of land and the yeah. The company went bankrupt yep, yeah, but you know which, which is essentially company, but the way that you can get young people to understand. Like most people. Even if they're, not in the one percent they want to get to the one percent some people would say, that's not true. Some people say it's not what I want. I want to be comfortable and I want to pursue whatever my interests are again and what are those interest? I mean people and their part, maybe it's, but they still have to eat. They still have still need clothes, so we just want to be comfortable Dennis, don't necessarily want to be a white or cider you're going to get those things better from the free market. If you're big, the free, the market is going to make you more comfortable than a government program and if you're just trying to have a shortcut and say, look just steal some money from that rich person and give it to me, but most people, even don't just want to squeak by mean most people want to

achieve something they want to strive to get the most they can out of life and, if want to get a job. I mean somebody has to hire you. Somebody has to have the capital. Somebody has to be able to pay. You right. You you're, not gonna, get a job from a poor person right. They don't have anything to offer. They don't have capital to give you they can't pay. You know write a paycheck. No, so people understand hey. I got my first job from somebody in the one percent. Okay, you know, and now I'm I'm in the one percent myself, because I you know I I was able to gain some experience gained some knowledge, so you could talk to younger people and really show them the different, a different path. One. Is you know relying on government and thievery? Guess, that's really, you know most people would agree that theft is wrong right at the two of us got together and be a beat you up, although AB. Obviously we can't but the city we could beat you up and we took your money. You would say that's wrong right. You can't do that. Well, if we got together and voted for a congressman to take your money, you know we outvoted you too. One. Why is that any any better? I mean

why is it okay to steal through the ballot box, but it's not okay to do it directly So the argument against that would be that it's not stealing that you're just creating policies that even the playing field that ceiling people that are in the one percent, like these hedge fund. Dudes that have these giant houses in the hamptons they've accum did massive amounts of wealth in the using that to influence politicians and change, laws and ray. We shouldn't be able to use it to influence politicians. That's what we have to take the influence away from politicians take away that power, but there's a wealthy hedge fund dot. That doesn't mean I have the right to go steal as Maserati. Just because he's rich- and I don't have the right to tax him to take that miles right either. It's it's just another form of theft when you believe in the free market or libertarian you giving somebody that you look. You don't have to get rich by stealing with somebody else. Has you can do it on your own and own you? You can benefit from what other will have, because the only way people get rich in a free market is by deliver

services that other people value. The only exception is, if you get rich through government connections, and that is not a fault of capitalism, that is a fault of government. When you empower government to sell favor, for the highest bidder. That is not an indictment of apples, and that is socialist right, and so that's what we have to stay. But we have to make sure that you and succeed by bribing appalled and that you can't use government power to create wealth, that if you want to get wealthy, you have to wealthy as a result of voluntary interactions with other human beings without government involvement right government is there to protect my rights, protect my property, protect my life from other people who might infringe upon my rights for people who could steal it. But government is not there to give you things: it's not there to give you a job, it's not the to give you health care, you need to earn those things on your own and now obviously. Are there going to be people who are just born they're just not made they have deformities or they're, not smart enough, or they have handy some kind of and they can't fend for themselves. Yes, I recognize that

but my solution for that is not. This is not to steal from some wealthy person and say and give the money to somebody who needs it. I believe in voluntary charity believe that human beings care enough other human beings that have somebody really is in a dire circumstance that private charity will take care of them, What I do know is when you have private charity, it's very efficient right. If, if, if donate a dollar to a charity. Ninety, hence, is going to go to the people who need ideally well. There's obviously some massive exceptions to that, but with the government the government will take a dollar in taxes and only zero dollars and ten cents will go to the poor people. The rest of it goes to the government bureaucracy and the problem with government is when you have a private organization. They really want to do good right. I mean you, have these government anti poverty programs? They I want to end poverty. They want to expand poverty, they want, they want more pie

ready because then they're program gets bigger than they have more power. The last thing you want to do is end poverty, because now they're dirt, they no longer have a job, so they're not there to try to make sure that the people who are getting the aid actually need the aid. I mean it's different when it's private money in private charity, you know there you're really trying to do good instead of just perpetuate the poverty, so you can grow your power base. Have you ever sat down? Bernie Sanders now, wouldn't you love to when you to have a debate with him Michael, I am form conversation like a three hour. You know I wish I would shy away from it. I mean I I you know- I do know he's he sold at this point that it's hard I believe that I'm going to persuade him that he's wrong that he's going to come to his you know after living in entire life. Believing in something well, I'm not even necessarily saying that you would persuade him, but it would be nice to see people counter or hear rap. The counter to his arguments that he puts forth that are very appealing to a lot of these young people that you're talking about. If twenty and you're, not a liberal, you don't have a heart. You know that these these

is a very pervasive in our culture and they were thought to be the solution to ales that were, and they were thought to be the solutions to the problems with the bailout. Why is the government getting all this money and giving it to the banks when they could be giving it to people who were poor people and but and propping up the the income inequality? Well that that that conversation- and that was a big problem- and I knew that at the beginning because see I was- I was against the bail out, but I knew that when the government bails out banks now, you've created a press that women, if you're, gonna, bail out those banks. Why not bail out the little guy right, and I think I have a lot of sympathy for that argument, but I don't think too raw make a right. We shouldn't have bailed out the banks to see the government shouldn't steal money from from one person. Give it to somebody else. You know you so regardless of who they're they're, giving it too, but once you create that president and of course A lot of people should have been allowed to lose money in that financial crisis. A lot of banks should have failed. A lot of people have lost their jobs and they didn't,

and so that's a moral hazard, because the government created a condition that said hey. If you're going, speculate and do all these things. You know we're going to bail you out, and you know it was you have to realize that it was the government. The government was guaranteeing all those mortgages. The governor was bring all those bank bank deposits. The government was through Fannie and Freddie, encouraging reckless activity encouraging banks to make loans to people who they knew couldn't pay it back. I mean all this was rooted in government in say it is in government subsidies. If there was a pure free market, the bank, would not be able to assume all that risk, but because the government had their back, then they were they were able to do things that the free market never would have allowed. That's why, for years you know, while the housing bubble was going up. I was pointing this stuff out. I mean you go in you to look at some of the you two videos. You know that that I will for all my your answers back then that eventually became that Peter Schiff was right. Video, I understood they. They the ultimate consequences of what the cover was

you know, but then the bailouts just allow the government, like the government, never just to waste a crisis. They always want to use the crisis to get bigger, to get more power. We we have learned something from the two thousand and eight financial crisis. Instead, we have repeated all the mistakes right, everything that has been done by JANET Yellen and Ben Bernacki, since the financial crisis has actually made the Sakami worse, where in much worse shape now economically. So I think the crisis that were coming to the next one is going to much worse than the one. We had an oh wait. He loves to get to that in a second. But what was the argument for the bailout? for the bailout was that the banks are just so big right. They were, they were interconnected, yeah and that if we let them fail, it's just going to be so much worse right. This is just get. You know we got it, you know we, we got a

a Balam out because you know, even though it's bad, it will be worse. If we don't give people like me, and maybe Jamie had money in these banks and that money would dissolve well, people would have law, certainly would positive. Had lost some money. Yes, they would have, but you know I agree that had not done. The bailouts It would have been worse action, you know you, you know you work out, it's you know, like no pain, no gain. I mean you know like you know, we you, we you've, got a swat by the bullet, on the s and and and and and do what's right. Are I look at it like you know you? We were strung out on cheap money were like a drug addict and had we just got cold turkey and gone into rehab yeah, it would have been a big downer right, it wouldn't have been pleasant. Then we would have to go through all this stuff, but at the end of the day we could emerge hell weather models that were being projected projected. Like the people. Look at the two PA abilities like have.

No bail out and we were looking at us here in nine years later or having Availa. Well, you know I don't think they. If they looked at anything, it was just very short term right 'cause. All these guys are politically motivated and election is coming up right. 'cause. All the bailouts happened in summer of eight a lot of big ones and election was in November of eight right. I remember John Mccain interrupted his presidential campaign to come vote for a tarp bailout, an so Paulo. I just can't see beyond the next election and if your home rise- and is that short? Yes, the bailouts ease the pain, but at the cost of exacerbating the underlying disease. That is the cause of the pain so be cause. We did all the wrong things in eight hundred and nine, oh ten. Instead of fixing the problems and having a healthy recovery, we had the weakest recovery in history of recoveries. In fact, I don't even think it's a recovery 'cause. I think the average American

sicker now than he was when the recovery began. Oh so well, you look at personal worth is gone down, real incomes have on down we've eviscerated the labor force. I mean people have lossed good. Paying jobs and they now have two or three low paying part time jobs. People are working law hunger for less their net worth have gone down there, loaded up with debt. We now have record high car loans, record high credit card debt, record high student loans. The only thing we don't have is record mortgage debt and that's because homeownership is now at a sixty year low, but we do have rising rents, and so our standard of living is falling because we didn't do the right thing, but because we didn't do the right thing. This next crisis, as I said, is going to be so much worse where we're just going from crisis to crisis, because nobody has the guts to do the right thing, because in the short run it means they might not get reelected right. Nobody won to get re elected promising. You know what things are bad. We made a lot of mistakes, we're going to have to suffer through this recession. People are going to lose money

people are going to lose their jobs, but you know what don't worry the free market is going to work. You'll get different jobs, you'll get you know, nobody has the guts to tell the truth to the voters. Everyone wants to pretend that they've got You know it's, like you know by my my miracle cure. You don't have to work out. You don't have to die. Just rub this cream on your your thighs and decide. What's going to go away, that's what people want, they don't want to be told you got to hit the gym and you got to stop eating junk food. They want to cool cream, that's the guy that gets to vote, so we set ourselves up, for. I think, a currency crisis, not just a financial crisis where, where mortgages are in trouble, but where dollar itself is collapsing, our money is collapsing. Prices are skyrocketing, it's going to really hit the average American much more and then just the stock market going down right when your money is going down right when the cost of sing a sky rocketing. That is going to be a big problem for a lot of people that

that's where we're headed. It's ultimately going to be a dollar crisis, and that's really, you know, like my in my business and MIKE brokerage firm in your pacific capital. That's what I try to do is help people protect their wealth by getting out of US dollar assets by investing in Singapore in Switzerland, in New Zealand and Hong Kong in other countries owning other assets. You know to try to protect themselves from this crisis that you know is coming you know, and and most people are going to get blindsided by it just like they were by the last one. So what is the crisis and what? How exactly do you feel it's going to go down, because I did watch some of your videos about the housing crisis in two thousand, eight you're predicting eight years and yeah I mean, like you know things always happen. You know, I see things years before they happen because I know you're. Not the only one right now is is something amongst your peers in your colleagues. You guys are all discussing this. Well, I mean I mean there are people most people who feel the way I do maybe aren't they were.

Television saying it? They were saying it. You know to their bodies, you know in their own living rooms and they were getting laughed that just like. I was you. I guess I used to get emails from people. Hey I've been say, not does exactly what I've been saying. Everybody thinks I'm crazy and you know it's. Just You know there are the same one. It's everybody else, that's crazy that just it gets caught up in it, but the what's going What happen is we are going to go back at some point into another statistic. Recession I mean, I think that we've I've been in one this whole recovery 'cause. I don't think the government numbers are really that accurate. I don't think that inflate she is as low as they claim, at least as measured by the can prices, so I think that the economy it's actually been contracting during the year, but we've been pretending, it's been growing, but I do think at some point. Statistically, we will go back into a technical recession where even the government admits that the economy shrinking right, where the GDP is negative for a couple of quarters in a row and then what is the government going to do as a result of that

they're going to do exactly what they did before they're going to take interest rates and bring him back to zero from wherever they are? The difference is normal They lower interest rates and then, by the time, there's another recession their way back up four five: six percent. This time they barely got him back to one percent and they kept them Z pro for seven eight years, which is unprecedented and, of course the miss takes that are made are consequences of money being too. Cheap right. The reason that we had a real estate bubble, the main reason it was because Alan Greenspan lowered interest rates to one percent and left them there. For about a year and a half and then about a year and a half to rise to raise them back up to normal. So you had a few years of artificially low interest rates, and that gave us this, housing bubble. Well, we had years of zero. The excited been made under Obama, dwarfs the mistakes that were made under Bush, and these are mistakes that are a consequence of money being too cheap of the gun open setting the price of money as opposed to the free market, you get too much debt. You get too much speculation and so

we've got a much bigger bubble now and when the this one pops, because it's so much bigger, So then, all of a sudden the FED has to cut interest rates again and at what happens to the dollar because see the. Has been rising these past few years, because everybody thought the feds going to normalize interest rates. The FED is going to shrink the balance sheet when none of this stuff happens when the FED goes back Do another round of quantitative easing when they got crank up the printing presses when they don't shrink the balance sheet, they bloat even bigger right. It goes to five and a half trillion six and a half trillion. I think the bottom could drop out of the dollar. I think the dollar is going to get killed. The opposite of what happened in eight when the financial crisis hit no eight, the dollar had been falling, for seven years. I was at an all time record low and then, when the crisis hit, it actually caused people to buy the dollar, but I thought This next crisis is going to be. The big cell signal for the dollar is people are going to rush out of the dollar as the FED has to go back to more Qe, as people

realize that this is what I said for the beginning. This is a monetary roach, motel right, the FED checked us in and the checking us out there's no way to normalize rates, there's no way to shrink the balance sheet, and when people read Why is it? This is a permanent situation. The bottom drops out of the dollar and then commit, the price is really start to rise member when oil prices went from like twenty. Is a barrel in nineteen, in two thousand and one up to one hundred and fifty right. That was happening because the dollar was falling and as the dollar starts to fall all these commodity prices are going to rise again and now in flu which is really going to pick up the way they measure it. And if the government can't do anything about it, they can't raise interest rates because of they raise interest rates. Collapse, everything all the banks that were too big to fail, they're bigger now, and it would be even worse if they failed, so they can't let rates go up because banks absorbed other banks, they got bigger and Now you have all these banks that have all these long term loans that have low coupons on 'em. If interest rates go up, all these big banks are going to fail. I mean people think rising

we're going to be good for banks they're going to destroy the banks there going to with the housing market I mean, and the government. This is the biggest thing look at the national debt. The national debt is about twenty trillion bonded debt and that, of course, that doesn't even count all the unfunded liabilities. That's just where the government is so gold bond Treasury bond. That's about twenty trillion. But what would happen if interest rates went to ten? Well it would cost the government. Two trillion dollars a year just to pay the interest on that twenty, on the twenty trillion we don't have anywhere close. To that I mean right now in tracer, almost zero and we're spending about two hundred fifty billion a year on interest. But if interest rates actually went up because the FED had to fight inflation, the treasure would have to the fault they. They would have to tell the car we can't pay on these bonds. Would you show me Jim? Is this the national debt, the national debt yeah, look at its base it at twenty trillion, so Terry, close, nineteen, nine, seven, three look at yeah spinning whole

yeah. I know it horrific, but so obviously the he has to keep interest rates low, so the government can service that debt look at Medicare Medicaid Jesus Christ. Well, you can find what is the app that you add it all up? It's not even a billion. Is that a trillion? it doesn't you looking at that right What is that? No! That's one point: one trillion largest budget items. Those are budget item. That's the budget, so security, that's not the debt, that's what they're spending look at those number. If you go down lower they'll, probably have all the unfunded liabilities that's on my page somewhere yeah and then they break into the US and they break it down per capita. You know per taxpayer. I mean it's in our, but my point is that we've got like a adjustable rate mortgage on that national debt, the government, Scott Ultra cheap money. If interest rates spike, there's no way that the government can pay that debt. This is hypnotic. It really is terrifying, never seen it before I've. Never

before? Either I've seen them saying Puerto Rico, square Puerto Rico would be. It would be so idiotic for Puerto Rico to want to join the Union and IBS their share that that now, for the average person like myself, was zero understanding of the financial system. You listen to trump talk about the economy booming and it's it's on an upward that thing and not employment is down and how jobs are Yeah I mean yeah. That's what's really bothering me about Trump is to Pockrus e, because when Trump was a candidate and he got elected because by and large he told the truth. Not the phony nature of the recovery Obama, was out there talking about how great things were and Trump was like bs. It's not great. Oh you're, talking about low unemployment, that number is bogus the real unemployment latest twenty percent or twenty five percent of the people stopped looking for jobs and doesn't count yeah people are, you know, get they gave up looking, so they don't have a job or not count as being unemployed, and he pointed out that all the jobless,

here this is irony right. So one of the byproducts of Obamacare Obamacare said that if you have a full time worker, you have to give him health Insurance right and full time was anyone that worked thirty hours or more well. Employer aren't dumb. They can do math hey. If I, if this guy is working forty hours a week? I got I got to get health insurance, which is very expensive, but if you twenty nine hours a week, I don't so what happened? Employee started transitioning their workforces from full time workers to part time workers. Well, what happens if I'm going to have only part time workers I'm going to have more Greg's each one is working fewer hours, so I'm going to have to have more. I have more jobs right if I have, if I had five hundred part time jobs, but now I have one thousand, I mean if I had five hundred full time employees, but now I have one thousand part time: employees that's twice as many jobs. Obama got credit for all those extra jobs, right as we were, as we were, destroying full time jobs and

replacing them with two part time jobs. We got all these jobs so Trump honest as a candidate. These are well paying jobs. These are crappy jobs. You know analog. The people that were getting jobs were older, people who don't want jobs, they were retired and now they're working at Mcdonald's part time because they can't live on their retirement money and in fact you know when you look at the Labor force participation rate that he would talk about no labor force participation is collapsing, is with young people, people in their 20s and 30s can't get jobs. Meanwhile, seventy Navy Year Olds, working in record percentages right because they can't afford to retire and their grandkids can't get a job. But so Trump was telling the truth about how bad the economy really was, and that resonated a lot of blue collar guys. A lot of Democrats in the Midwest voted for not because he got it. He understood their Pff. Other pain right, like Bill Clinton and Obama, was in a fantasy of in Hillary, was pretending that everything was great.

Inner Obama and people didn't four more years of that, so they voted for Trump and also you know. When Trump was a candidate, he talked about the stock market goes all the stock market was going up, when Obama was president and Trump said, well, it's a bubble who cares about the stock market? This is a big fat ugly bubble, wait till it pops ok, he was right about that. Now, he's president. What is he saying every time. I see him this stock markets in new record high. This is fantastic. You know it's all because to me this is great and when the job, numbers come out hello. The unemployment rate is this. Is the lowest it's been in fifteen years, I'm doing a great job, I'm doing nothing is cheap change. This is the exact same economy. He inherited it's the same crappy jobs. It's the same stock market bubble. The only difference is he's not a candidate anymore, he's the president and now he's trying to market the same crap, the economy that Obama had an attending. Everything is good and I wish he was still would stay true to the candidate and admit

you know what the economy is still a disaster, because nothing is changed. He was going to drain the swamp. Instead, he poured more water in the same swap. Let you, but to actually drain It means to really shake things up in in a way he shaking things up, but not the way. It's going to get meaningful change for the country right that the shaking up that he's doing. Is not what people were voting for. We real. We need real, substantive economic change, but the president is not a delivered. He surrounded himself with the same chrome use that that around in the Bush administration I mean what good is going back to Bush. But what is his incentive to do this? In the first place? The guys are already wealthy mean then he gets into this position and now he's a salesman. Right now is trying to sell us on his axe and everything is great and under him everything is booming and it's going to keep booming is going to get better and we're going make America great again yeah. You know it

a good slogan, and you know what I mean trumps always been a salesman right, he's a he's, a marketer he's he's. He makes money on his brands right. So that's that's in his blood. That's what he does. He obviously doesn't does it well because he became very successful. Are you know? Marketing is brand, and so I think, he's kind of continuing that. But you know, does he think about his legacy? I mean: does he want to actually make a difference? Does he does he care about posterity and how he's viewed? You know I do No, I mean if he is he just trying to get re elected to so he could be the resident again I mean I don't know. I have to I've, never had a conversation with and I met him. I think only remember meeting a one time. I was at a concert and we were sitting like on the same route. We was right next to me. It was a check. Who is the Crosby, still NASH and young, and so I have but he was there with his daughter and I think it was. I think it was her I'd say I'm the they were married yet, but they're married now, so that they would they were there. I got to say hello and I think that's the only time I ever met up, and so

it wasn't really. I didn't get a chance to engage him in any kind of thoughtful conversation. I know a lot of people who know him right and I know a lot of people who are betting, this circle, but they've never to introduced me to it. So I'm kind of ' not really on the inside. So I can't really. You know I don't really know, but I mean I voted for him, but that was one of 'cause. I didn't want to vote for Hillary now. I knew it didn't matter 'cause. I lived in Connecticut, oh and by the way, now that I live in Puerto Rico. I can't vote anymore, but you know it's like that's one of the things. People say that Rico's in trouble, because you can't vote who cares everyone? I voted for in Connecticut, lossed in Congress. Right, 'cause, you know doesn't matter, they don't have congressional representation, because I'd rather have no taxes and no vote then to be able to vote for who taxes me, but I voted for him. I mean I normally would just vote for Gary Johnson right. I had voted for Gary Johnson before this is the second time here and I voted for him last time, but you know

on the way to the polls. My wife is like you know. We got vote for Trump 'cause. It was like he was like the best protest vote I could cast. I thought I thought he was a bigger in your face to the establishment then voting, for Gary Johnson was and they ran a bad campaign. They really blew an opportunity to have done something with the Lib carrying brand for future elections, so I will I'm happy with the way that campaign ran. They had a. They had an opportunity there with how unpopular both candidates were hot, but I you know, so uh. I just felt you know this is the wave and I thought Trump was going to win. You know everybody thought that there's no way he's going to win but well he might lose. I mean I didn't think it was one hundred percent guarantee, but I thought I thought he was more likely to win than lose 'cause. I thought other people. I would think the same way. I knew the economy was a lot worse than was being poor made by the media by the Federal Reserve, a by Obama, and I thought

A lot of people would would vote that way. I knew the polls you know maybe not be trusted, because people didn't want to tell the pollsters that they were voting for Trump, because You know what are you racist, you vote, but to get in there and vote they're gonna vote. You know the pocketbook and you know Trump was offering the most that the the message that made sense they knew America was in great, see Hillary. Qantas like we don't need to make America great again, it's already great and the average guys don't feel so great to me. My stand? Living is going down. The only thing going up is my debt, and so they voted for Trump, but I uh think of strategy is going to blow up. I don't like what Trump is doing. What do you think is? Well, I think he he is now claimed ownership of this economy. He is put the Trump brand on the stock market bubble. So when the it goes down when the economy, tanks back into recession, it's not Obama, those recession, it's Trump's, I mean he's basically taking the bait. I think he's the fall guy, I think the FED. Everybody is going to blame it all on Trump. Like oh look, he inherited this.

Great economy from Obama which he didn't and now it's a mess, so he we should not be claiming credit get for victory. She hasn't won. He Maybe setting us up for this collapse that is all becoming. That is not because to him. He need to clean up the mess and it's not just Obama's. Mrs Bush is mess, Democrats and Republicans work to get the screw this economy up and the Federal Reserve was a part of that and Trump. You know criticize The FED is a candidate all of a sudden. Now he knows he loves. If it wasn't there, some so of improvement in the stock market, because people had confidence that he was going to enact these changes and you will make things better for yeah. I do think that that was able to add some air to the bubble right. I think it was a big bubble and then you know when Trump One, all of a sudden people start thinking, hey wait. A minute. We're going to get tax cuts were going to get regulatory rofe we're going to get more economic growth, and so the market rallied on that. But I don't think that that's actually

and it happened I mean look. They didn't repeal Obama care. That was a big part of the optimism. It doesn't look like we're going to get substantive tax reform, the most we're going to get our tax cuts, so we're not going to get a real reform. That's going to cause a lot more economic growth, we're just going to get bigger. Deficits were going to lower taxes, but were going to reduce government spending and the real sad part is no one is to, talking about making government smaller. Everybody wants to talk about tax cuts, ok, well, taxes, support government. So if you want lower taxes, you need a smaller government and I want both right. I want lower taxes, but I'm not naive enough to. I think I can have big government with lower taxes, because that's just me, bigger deficits and deficits are first way to pay for government in taxes. So if you decide that you want to have big government, then you better have high taxes to pay port and you know who's going to bear the brunt of that the middle class. So if the middle class wants big government, they want lots of entitlements they're going to pay through the nose.

But someone has to be honest: they look. If you don't want high taxes, then we gotta shrink government, but they're talking about making government bigger, look trump is talking about. Let's spend more money on infrastructure. Where is that money going to come from we're going to cut tax? This is an spend more money and infrastructure. No we're not. We make ourselves rich by spending money on infrastructure. Now what happen with the Republicans that voted against Obama, care and now vote against rop feeling Obama yeah they're the same people like what in what is wrong with Trump's ideas when you control those Republicans again are hypocrites. They only voted to repeal Obamacare because they knew Obama would veto it. Who is easy to grandstand? Oh, yes, let's repeal it and it was a good talking point to get elected, but the minute they got elected. They were too afraid to actual stand on that principle, because they didn't want to tell somebody that you can't buy insurance when you're sick for the same price is when you're healthy right. Nobody wanted take away that free lunch that had been served up by by by the Democrat.

All the Republicans wanted to do is brand the free lunch they wanted to continue to serve it but take credit for it right. They wanted to make it trump care or Ryan care right. I even like this whole idea, let's repeal and replace, repeal, don't replace with anything replace it with the free market. We don't want to get rid of Obama CARE and replace it with something. That's almost the same. So what was the idea of replacing in the first place because they would have it there is it's all politics to benefit. Was they tried to keep the back non pre existing conditions which voters liked but get rid of taxes and mandates which they didn't, but the two are intertwined. You can have one now the other, so that people like the ban on pre existing conditions, because they want to know that they're covered. If they've got to go in there and they have cancer, they can still get covered right, but then no one's going to be. High coverage. If they don't need it, I mean you cannot use what happens to those people that do have cancer and all these different diseases like if we don't have universal socialist Healthcare We do this two things that happens once they have a lot of them have to

by the insurance before they get to cancer, when they're still healthy right, I mean I don't have cancer right now. I may get it next year two or three years. So I have health insurance now right. So if I get cancer, I'm covered now question you you're successful guy. What about someone who's? Not even this bad position like you, don't have to be that successful to be able to afford in a free market, to buy yourself some car the question is: what do you do with the person who made the mistake of not buy insurance when they were healthy and now they get sick and of this once you're sick. You can expect and ensure copy to sell you a policy because the insurance companies trying to make money. They only sell policies to people who they don't think we're going to put in claims. So you can't go to a sure. It's come when you're already sick and say some your policy what's in it for the insurance company, nothing! So now you got to figure out well, how do you take care of that person will first of all the best thing to make sure that person buys the insurance policy while policy still healthy. So that means you means you, don't have the band against pre existing condition,

and you allow insurance companies to sell inexpensive insurance that doesn't cover a sex, James Operation or drug abuse. You know Terry he's transphobic. I believe, if you just want to buy insurance, that covers like cancer and you're twenty or thirty years old, that's cheap! It's very inexpensive! It's all this uh, the crap that they want to mandate. That makes it so expensive. But if you get a certain situation where, for whatever reason, somebody had no insurance and they have no money and now they get cancer. Well, that's what charities are for people donate money, hospitals. If doctors didn't have to spend so much time on paperwork and filling out insurance forms, they would have more time to donate. I mean, as in years ago, doctors used to give a lot of their out spare time and, of course, that was before they had the income tax. You know when the doctors didn't have to pay income tax and when the doctors didn't have to deal with insurance companies, they had a lot of free time to help a lot of poor people for free and doctors like doing that. Doctors get a lot of satisfaction from helping people, that's one of the reason that so

people become doctors. It's a very rewarding occupation when you're a doctor. Yes, it is Lucas Then you can make money, but doctors also enjoy helping people for free the problem is they can't even afford to do it now because they, just all their time, is spent doing? the stuff, they're awesome settle down by malpractice insurance and they also have extreme amounts of medical school debt that they have to handle. Yet they shouldn't age. It shouldn't be that expensive to go to medical school and it wouldn't be if it was a free market and yes, we had tort reform. If you couldn't sue, look it's funny. I You know I'm staying here in it at a friend of mines house. He lives in Beverly, hills went to high school together, but in so he's in real state owns a owns, lot property and one of his when is Starbucks, is Starbucks restaurant and they just got sued and the person is suing him as well because he's the landlord. So this is a circumstance in this. Is this? Is America, so a guy and he's, I guess he's hard of hearing is not totally deaf but he doesn't use. It has a hearing problem.

And so he goes into the Starbucks and the Starbucks is playing music They have background music on in the Starbucks, and so he ask the guy behind the counter. Oh by the way, I'm huh the hearing. Do you have this special device that I and wear while I'm in here, so that while I'm in this thread different, I can enjoy the same music as everybody else and the guy I said: well, no, we don't have that device. Well, he sued for ten thousand dollars plus a turn. Fees? And now we suing my friend too, because is the landlord where the Starbucks restaurant is. But this is America I mean you walk, that's a hilarious lawsuit. You walk into a restaurant and you have a hearing problem. Get yourself a hearing, aid don't force the guy, but these are the regulations. These are the lawsuits. The Americans with Disabilities ACT is the most ridiculous, I mean I remember right, you know in California this is a true story, I'm not making this up. You can google this. There was a strip club here in southern California and I guess they're at their their thing was they had a shower on the

age and so the stripper would strip in the shower. So you can watch her with the water and it was that there was a big pole right. So it was. The shower was up in the air and you had to climb up the pole to get to the shower, and then you do your strippers, you strip. Well, the government made them shut that down and it was plus it was discriminate Tori against strippers in wheelchairs, because there was no way a stripper in a wheelchair to climb up the pole. Now I've never even seen a stripper in a wheelchair that I spent a lot of time in strip clubs, but but This is what we are as a society right. They were saying, you know if a stripper can't go on that pole that nobody can go on that pole right. For this in a wheelchair can't go on there, yes right now, but all these laws and everybody is suing everybody, because the government creates all these phony rights mean just be cause. I'm hard of hearing doesn't mean the whole world has to accommodate the fact that I'm hard of hearing I mean sometimes people will say. Look let's say I have.

I have a size. Fourteen shoe I've. I've really Bigfoot Does that mean that every shoe store has has the stock a size? Fourteen? Just no, I mean 'cause, they. So that barely anybody is going to have a size fourteen, so they don't want, but I go to the big and tall store because I know they're going to have a size fourteen, so you know they're going to be certain businesses that are going to cater to people with, the caps, like you know you have all these hotels, motels that have to shut down there swimming pools because they can't afford the money to have a live. So that somebody in a wheelchair can go into the swimming pool. Why does every single swimming pool in the country have to a common, somebody in a wheelchair. Why can't people who have wheelchairs go on the internet and find out which, which hotels are catering to that particular client and just go there? But when you force every buddy to do it, they were doing miniature. Golf courses are shutting down because they can't figure out how to be accessible to people in a wheelchair. Even if no one in a wheelchair is ever tried to play. That course, and then they end having to shut it down, because they can't. You know.

Yeah, you know it the whole. The whole thing I used to go in. I used to go to this beach here in in in in the Malibu. When I was younger living here and in order to get to the beach, you know you had a walk out like a cliff was like a dog beach. I forget the name, but there's no stairs at a kind of walk down this cliff, but there is in the very front they. For like three or four handicap parking spaces that were never filled. They were always empty and a lot of people would have to park on pch because the parking lot would fill. But nobody would We use the handicap spots because nobody Who is handicap could possibly get down to the beach, yet they had to have those spots. There anyway have spots, but they didn't have to have some sort of a real access. Did you teach 'cause? That's nature right, so it was a b. Each that no one, no one who is handicap could ever go to, but yet they had to have all these all these spots there, like you, could take that to Yosemite and say like hey. If you want to climb this mountain, you have to have use of your arm, so we're going to have to figure out some sort of a handicapped access up the type of this mountain another,

Is it's unfair, but this is where all the government government thinks they're being charitable and look do I feel bad that people have handicap sort of course, but the solution is not the Americans disobey exact, and you know there are a lot of employers now that won't hire people, with handicaps, because it's now so expensive, whereas they would have done it before you know. That's the whole thing about anti discrimination laws like you know, you can't discriminate based on gender based on Sax, based on sexual identity and all these different things well be cause of that. Is actually more discrimination. You know there are actually employers now who aren't racist at all, but will go out of their way, not to hire minorities because they're afraid of getting sued right. Oh, if I hire a black guy or if I hire there, are higher homosexual. What if I fire that person, because they're not doing a good job, they could soon

They could say when you fire me, because I'm gay I'm pretty awesome and about women in tech. I heard this argument recently because I was reading some uh article written by Ellen PAO shoes that woman who had that big lawsuit sexual discrimination lawsuit article about women in tech, and some more saying well see this. This is the reason why people do wonder women in the first place, but it's sort of a slippery slope, because if she really was being said, really discriminated against well. They should really be able to do that in the first place if right, but he saying is true- that they create this hostile work environment for women, they shouldn't be able to necessarily just never hire women just so they can. Remote. Here's the stuff that makes sense member, if you have a business right, 'cause they always soothe a business. They don't so. Let's say one of my male employees harass is one of my female employee say that one guy they sue me. They see the owner. So this is how it works against it. So more profitable because '

the owner has all the money right. So here's what happens so I am an owner of a business and now some Woman walks in and let's say she is particularly attractive and I started thinking. Ok, ok do I really want to have this potential lawsuit walking walk around my office. Do I really because maybe she really does get harassed, but I'm the one, that's libel for that harassment right and I can have all the policies I want, but you know guys, horny, I mean we know what we're like and you. Don't let me in there, Sir alright! Well, how dare you, but I mean ten upp lawyers, don't want lawsuits and so the easier you make it to sue the less like, you're going to get a job. So if employers are looking yeah. I want to hire the person who is least likely to sue me, but isn't it conversely, the harder you make it to sue the more likely people are going to get harassed? No, I mean if, if

Somebody is harassed and sue the person that harass you don't sue the person who happen to employee and that might have had nothing to do with it right right. So you yeah, I mean the individual that causes whatever the issue is yeah, I mean it's got to be a pro it can't. You can't just say there were the employer and that they get in when you talk about some. Like discrimination, Lexie, I'm jewish. So maybe it's easier. If I just talk about Jews versus something else, but So let's say somebody doesn't want to hire me because I'm jewish, I support their decision. They have a right not to like me. I know what no one has to like Jews, I know not everybody does and if somebody is an anti Semite, that's you know that they're are right to be that if they want to fire me because jewish. They can do that, they don't want to hire me know. Somebody wants to have a restaurant and they want to put a sign that says no Jews. That's there right now. I think anybody, each there I you know, I think they got a problem because he look look. I'm not black. If there was a restaurant that had a sign that said no blacks, there's no way. I would eat there just out of principle of effects. I think if they

just somebody that doesn't like Jews, the last thing they're going to do put that sign out there, because you know what they want me eat, even though they don't like me. They they want my money and they also. I don't want the blowback and they don't want the bad public. Could you imagine like people keep people say like? Well, you know if we, if we don't, have all these ant discrimination laws, then restaurants are going to serve blacks. You know anyone read you find one restaurant in this country with the internet that put out a sign, no blacks allowed. I mean that would be the end of the restaurant or a lot of these laws were sort of established before the internet was the powerful force. It is today right right, but we can now see a lot of the harm that these laws have done, because you go back, you go back before all all these anti discrimination laws. Black teenage unemployment, let's say into 30s, was lower than white teenage unemployment lower. Now do you think we have we're more racist today than we were back, then no we're not more races were less racist, but it's all these laws that have backfired always

You know at that discrimination laws and you have this whole industry like recently right. You have this big movement. Because we had the riots in Charlottesville, because you know they want to take down these statues, these confederate statues, as if those confederate cashews are the reason that we have poverty and unemployment and crime in african american communities. Statues that, let's you do that and taking them down, is going to change anything but you've got these people on a map. Ok, that make a living off of Pof be an off of race baiting that want to say, oh the reason that you're poor, the reason that there's crime is because racism and the racism is be cause of these statues so vote for me give me money and I will help you write, your of it and I'm your solution and they act. Will just get rid of the statue 'cause, even if they get rid of the statues nothing's going to change now they have to get rid of something else. But don't you think the statue for a lot of people represents racism like if you see a Robert E Lee Statue and then you read, it What Robert E Lee did his own personal slaves oversaw some of the lashings and you know

sleeves that were trying to escape is a horrible count that read I retweeted recently yeah of some sleeve that was caught was trying to escape RON Weasley and Robert E Lee over saw that beating him and lashing him yeah, I mean, I don't know, I mean all of the various stories, and I know that Robert E Lee was a very well respected guy, even in the NI mean he was very in fact, Lincoln wanted him to run the union army. I mean he turned it down because he couldn't because I was a good killer. You know what I mean: there was a generous, backed it, a good general. He was a war hero in the hands of american mexican slave owner will soar lot of. So was Thomas Jefferson. So was George Washington. I mean a lot of people, don't remember the rights of course. Look if Tom Jefferson were alive today he would not own slaves, obviously right, but if you or I were born in, the Antebellum S, if I was born in Virginia in one thousand seven hundred and fifty would I feel differently about slavery than I do today. There's a good chance that I would I mean it. Was the culture slave

been going on for thousands of years? It's not like we invented it so is horrific. It is, that is to say, I think, you're being very honest thing, but being very pragmatic about the lead. Time is my time. My point is that most people that even see a statue of Robert E Lee don't even know who Robert E Lee was the average American doesn't even know who fought in the civil war, let alone who won it. I mean thanks to a in schools. I don't think those statues those statues have been there for look. Martin Luther king never cared about the statues heated March down, so we gotta get rid. The statue will do you know when a lot of those dentures are actually put up a lot of more put up during the civil rights era. They were put up because people were fighting against all the races, well, a lot of them so people it was a reaction, but a lot of them were put up. A lot of them were put up. Nineteen one hundred and nineteen ten one thousand nine hundred and twenty mean the Celsius spike, there's actually a spike in these civil war monuments going up and they're actually fairly cheap cheaply, made bronze statues that were cheaper to produce that were made

during the civil rights era, indirect protest to the civil rights era, yeah the I made up these statues of guys, of course, when they forget to represent its labor to people who were leading the anti civil rights movement for all. The Democrats right, even though l will be a long time ago right well, this is this is when they passed it when they, when they passed, the Civil Rights ACT, one thousand nine hundred and sixty four. It was all because of Republicans that have passed if the Republicans had voted for it in the same proportion of Democrats, it would have been defeated, but the part of the silver the fact that I was against right and I obviously I was a little kid then so I was I was born in one thousand nine hundred and sixty three. So I'm just looking back at it right that all of the anti discrimination laws that had to do with government and the state governments 'cause. You had a lot of institutionalized system down south by Democrats right and all that was bad, and and the fact that we eradicate it was good. The part that was bad is the part that went into the private realm and said: if you are a private person, you

can't discriminate, because now, all of a sudden, the government is the thought police. Now, all of a sudden, you know every every decision that everybody makes is being second guessed. You've opened up everybody to all sorts of lawsuits and you've gotten this blowback. Where You know. Businesses are afraid to hire people not because they're, racist or bigots, but because they don't, they fear a lawsuit, and so now you've increased the cost of employing people that are in these in these specialized group. So I think that that was a bad thing and also, I think, legally, I don't think the government constitute recently has the right. Tell me I mean everybody knows like if somebody tried to tell me as a in my private life. You know you need, We need to be an equal opportunity date, right, all the women that you you you you know you can't just date: white women or I've, seen this argument. I I mean, but I even as an employee right if, let's say I'm know jewish, if I say hey, I want to work for other Jew, I just like working for Jews and I go and I apply for jobs and

I see you know I don't want to work for you, you're, not jewish, so I can discriminate as a worker among and I can quit. I can go to my employer and say you know what I'm tired of working for a Jew. I quit. That's legal. You can't sue me for discriminating against you and going to work for my competitor. So look employers are, are you don't lose your rights because you create a business? You don't lose your right. I'm sorry we're interrupting here, but do you think there's a big difference between someone who makes a personal decision of where they want to work versus someone who has power over you? There's a big diff just need someone who chooses like. I don't like work over this guy because I only like working for white people and you can decide to do because it's your own personal choice to wear to go the you're, not you know, holding the power over someone. Well, yes, a lot of time created their anti discrimination laws because you're discriminating against other people and you can keep other people from making a living. Well. Employment is all about this communication right, I'm trying to find the best person for the job I can discriminate, based on all sorts of factors right.

That's right! One way to look at it right under the nation, but you're being discerning more the names right right. What you're saying I look your discriminate based on competence based on my background, basically screaming nation and its affiliates disproportion of the word, though it's it's still discriminating just means you're. You know you're kind of picky right right. Your talk about discriminating based on a factor like you're being great for like or sexists being disturbed homophobic being being discriminating and racism are different things right. You you can discriminate based on race and not be a racist, like let's say somebody decides. Okay, I can. I can hire two candy. One is white and one is black and if they say well, if I hire the white candidate, I'm less likely they get sued. If I have to terminate him because he's not doing a good job because he can't he can't claim. So if I may, that decision based on race tits, because I'm a racist, I'm trying to practically look at the numbers,

necessarily would disagree, they would say that is a racist message out here. Assuming that black people be more likely to sue you well, there's that statistically not because you can't get you can't. If I fire somebody who's white, they can't say you fired me because I'm white, it's just never at you, can't do that. So obviously there are plenty of lawsuits for wrongful termination. I've had them myself where somebody says you soon. Maybe black, he's gonna say you fought you fire me, so it it is. It is eight. Eight eight eight ace the test. He is the testing that somebody can consider, but it doesn't mean that there were an actual statistic: are more black people or black people, rather more likely to fire for the rather era SU for wrong? Yes, termination, black person is more likely. To sue for a racially based determination. Then somebody who's white, you know a women is Woman is more likely to sue because she was discriminated based her sex. A man is not likely to say you fired me because I'm a man but you're

get someone saying you fired me because I'm a woman, because I'm a member of the a member of a protected class, but Somebody makes a decision that doesn't mean that you're anti women if you're trying to make a rational decision. Racism is just believing that one race is inferior, just liking. Somebody because they're a member, but that's totally different. I think that racial discrimination should be legal if you're thinking about the future of your business and just hedging your you know, it's not. I don't care, I. I think it should be legal matter. What I don't want a look. I think people have a right to be yes, and the thing is, though, if you're a busy this man and your and you're making your hiring decisions based on the color of people skin or their their gender, and my Editors are making decisions based on competence, you're not going to survive. I mean, if you going to turn down a better quality fee. Now, worker and you're, going to settle for somebody who can't do the job as well, because you a higher man, you do. You know your

going to be a successful businessman. So I have my faith in the free market that racism there is a cost when you're a racist and you not to be a racist in business. That cost you a lot of money, and I I think you know, but what happens is you know the government tries to take the cost away from racism, you know they they they they try to they, they try to substitute laws and regulations. I I'd rather have the market punish the racist right, let the market, punish somebody who is hiring people that are not competent with the job but he's hiring them for some ridiculous reason. Well, conversely, what did you think about the Google memo, because one of one of the things about that memo was the the gentleman that was fired? What is his name James yeah, the more you know as an he was saying that Google was hiring people based on whether or not there are minorities and women, regardless of their comp yeah. They were discriminating on like discriminating

then straight white males to pursue people that would give them the appearance of diversity. Well, they're doing that I mean they're trying to be more diverse, and mainly the diversity that they're going for is a mop. They want to hire more women at and also more minorities, so that that too, but I think is argument or his paper was more focused on the gender, but when he was trying to do is point out. That fact fewer women are just in programming. I mean they're, not they're, not in interested in that pursuit is much better and so when you're, when you're hiring right when Google is hiring and they're trying to get the very best, you know there's a much bigger pool of male applicants for those jobs. I mean it's much more competitive and so he's making the point set look you're, just not going to get a lot of women in in these jobs and, if you're going to just try to have more diversity you're just going to sacrifice the quality, and you know I'm sure that he's right, but the interesting thing is he gets fired for. Expressing that opinion. What's ironic, is he suing well now? Look like personally see purse.

And I think that Google should be able to it's their company. I think that if they want to fire somebody, they should be able to do that now if he had a contract. So I don't know what kind of employment contract, if he's an app employee. You know, I think they should be able to datum for whatever reason just like, I think you should be able to quit. While they were saying he was reinforcing negative gender stereotypes. That was the main reason. They publicly stated that he was well yeah. I mean I like, I think it look. It shows you how you know how low that we know we fall in as a society that you know you're allowed to express your opinion as long as it's the politically correct opinion, bright and Google is afraid for of the blow back and I go to still look if they think it's gonna hurt their profits if they think the way to make money in America today is to, now down on the altar of political correctness, and just pretend that things that you know are true or not true, but you know my principles are consistent, but I do think that they've uh,

They probably violated California labor LAW in the way they fired him. I don't like California Labor LAW, I mean I'm an employer here in California and I don't like it and I would probably employ a lot more people here if they did out of the labor law that they do, but I'm consistent, in my views so, but I think it's terrible that they had to fire him, because if he had expressed the exact opposite position, it would have been a problem it's just because he is basically saying the truth. I mean look Whyy. Is it that you have to pretend that men and women are exactly the same in all aspects of like that? There's no difference in our evolutionary biology that men and women didn't necessarily evolve in different ways: based on the roles that they played, you know thousands of years ago or tens of thousands of years ago and that there's there's something about maleness and again it's not like. Obviously, there are exceptions to the rule, but in Jenner, the average man is going to be.

You know, there's going to be certain way, think ways that the average man is going to be different than the average woman. Maybe men just for whatever reason go are going in programming, computer science in greater numbers in women, I mean that's, that's going to happen. That's just nature. You can't try to pretend that doesn't is S and it's not a good thing or a bad thing, evolutionary psychology. This is something that's been studied because looking at human, be things in the choices they make based on their gender based on their environment, based on theirs, hosted different factors. So, to deny that does seem and again no one's talking about, obviously there are going to be examples that don't fit that biggest, but there's out wires, but we were looking at numbers image in a job you're. Looking at you know the totality the meal, and so if there is only ten percent of women, in to say. Well, we need to make it five thousand and fifty because half the world's women is

ridiculous, that's like if the UFC said listen, we need more women fighters, so we're going to fire some of the men that are way better fighters and we're going to hire more with in fighters to make a more diverse lineup, even though there's way less women interested in fighting, I'm sure, I'm sure that 'cause obviously I mean I I'm amazed that there, even any women really don't want to be fighters, but I mean see, there's going to be some, but the vast women that I know they might like. Watch in other men fight, but the last thing they want to do, is step in the ring, but ask Metro, because that's mostly a masculine thing- that type of violence most women that does it mean there's no women that want to do that. Of course, there's going to be women is a good example 'cause they are outliers and when you just looking at it without any discrimination, just looking at this pursuit and trying to figure out which genders are more likely to enter this pursuit, whether it's being a jack or a minor or whatever you could say, although

factors you wanna, look well, maybe they're worried about discrimination of other men on the job. Maybe they're, worried about being sexually harassed me worried about this. Whatever those factors are, there's a lot more women that are interested in other person, of course nursing and yes, but then and then, when the government comes in and just says well, the numbers are this, and now we have to fix this, because this must be the result of discrimination yeah when it's not it's just the natural result of people acting freely, but it's also people's response to that. They almost can't have a measured objective response like the woman is the ceo of Youtube so that she was very hurt by that memo and that the this guy is a massage the credit memo. Meanwhile she's, the fucking CEO of Youtube, like she is like a nigga a bowl of a woman that can succeeded does XP because she does have the person be and also you know. I don't like this idea when you say you know, I'm out, I was offended right, it's like hey, you know you the right not to be offended, I mean look, you know you have to be

little sensitive yet have a thicker skin. You know people are going to say things that you offend fences, you that doesn't mean they don't have a right to say to speak their mind. You know people I mean. That's, you know you. A lot of people now was so and freedom of speech is taken a back door to my sensibilities. I don't I don't want to be. I don't want to be offended, but it's a cheap way out. It's a cheap way out to just say I'm offended, and then people have to sort of aqui ask and they have to figure out some sort of a way to to. You know, calm down your offended person quality or your way, whatever it is about what you've done. Yeah and you know no one, as I said earlier, I mean you, don't have a right not to be offended. You know and there's gonna be a lot of offensive people in the world and and and and the reason that you defend our people that are being offensive is not because you're defending what they're saying you're defending your right to be offensive to other people. Because look

There are a lot of people. Listen! We talk about the socialists. There could be a lot of social center offended by the fact that I believe in the free market for people right be offended that I think people should have a right to be able discriminate right so, but so now, if, if I'm not going to protect somebody else's right to free speech, then they could take away mine because I I don't want the government determining you know. What's offensive and what's not, I don't want the government saying this speech is protected in this speech. Isn't just a minute. You go down that slippery slope, You know next thing, you know you know all the libertarians are now fascists, and none of us can speak right and the government gets more and more power and they try to shut people up that want to criticize that's truly shrinking government and truly letting the marketplace of ideas, decide what people do and don't do in which way the gram yeah and, as I said, I think, the free market and competition will punish racist. I think their businesses will fail. I don't think they're going to succeed as well as people who our broader minded, who are low

and beyond sex and looking beyond, race and just hiring based on a bill b and based on you know all those other characteristics that are relevant to the job performance and to the extent that there's going to be a disparity? If going to be certain occupations that are mostly men at the certain occupations that are women. It's not because of discrimination, and, in fact, if you look at this nonsense about women are paid like 70s, whatever sense for everyman, which obviously that's not true. So that was true. I would only hire women and pay him. Seventy seven seven dollar I mean if you could actually hire women cheaper than men. I mean

I'm not by would why would I even how I would ever hire men? I would only hire women have a this conversation, many times the people that really believe that it really believe in the gender pay gap. There is no gender pay gap, I mean, if you it is not an amazing statistic that the even the President like when he was president. He was to do with saying that in a speech knowing it was disingenuous yeah he had it now. It appeals to women to get their votes, but you know if, if you, if you, if you basically correct for all the other, classes. So, if you take a woman who's, let's say forty years old. Never been married man, forty sold, never married, basically, the same educational background. You know the and you study you'll find that they pretty much make the same right. It's that when you look at the choices that the typical woman makes during her career and e, and if it's the same occupation, let's say they're both lawyers and they both went to the same law school even if they both get married.

The chances are. The woman you know took a back to me, took her law career and it became secondary to her children, she's she's. She work fewer hours. She didn't travel as much to go herself off that track and went on more of a mommy track, because not all now do all women do that. No, but more women are likely and and and they preferred that right they prefer. So they don't. They don't work as much. They don't volunteer to travel as much an it's because of the choices that they make along the way that they end earning less money than their male counterpart, not because somebody is discriminating against them, because there is a competitive mark, but I mean if you are a woman that is working just as hard. Is a man and you're sacrificing everything for your career and you know you're going to. You're going to earn the same as the guy and because it's a competitive market, especially for those higher skills. I mean you just can't underpay people in the marketplace, because somebody else will outbid you. But it's the convenient talking point it.

Is it's the law of it's the left? That's how you get votes like hey, you're, getting paid That's, because you're being victimized, you're being discriminated against so vote for me and I'll fix that I will force your employer to pay you money and that's you know. Obviously you know that Willie Sutton was it one of his famous quotes. Was you know? Why do you rob banks? Well, because that's where the money is right, so the votes are with employees. Much more people have jobs, then create jobs right. So, if you're trying to get the info, votes of the employee, that's better than getting votes with employers. So a lot of people get votes by promising to force their boss to give them something you're going to get more vacations you're going to get more sick days, you're going to get time and a half he's going to have to do this. Well, all that the employer doesn't give you anything. So if he's going, give you more vacation is because he's going to pay you less in wages, I mean it's all a trade off when the government mandates certain benefits. All their doing is to your choice away: to negotiate how you want to be compensated, because, ultimately, the employer is not going.

Pay you more than you're worth, and if you say you got to give this person, you know these vacations or you got ok. Well, I gotta pay him less money, so I can give him the vacations. It's all one big compensation package, but it seems like it's a political thing again, it's a thing that People do in order to get you to lean towards them more and to have you feel that to have peace, I feel that this person is looking out for my needs. This person is looking out from my point of view in my perspective, and he understands the plight that women go through Peter Schiff he's. So more hardcore, beano capitalistic, that he doesn't even care about what women go through warm welcome in Asia yeah and it's like the reality is. If I didn't care about women, I wouldn't care about these laws. I understand how these laws backfire and hurt women. I understand how all these law cause that are meant to do good actually do harm, and that's one of the since that find a lot of liberals. They actually think cancer. Ribs or libertarians are bad people because they said hey you're against this law. You must be a bad person b.

This law is going to help people in their mind. You are right, I purchased otherwise. I would support the law right, see when I think about most liberals. I don't think there by yeah. I just think they're misunderstood their misinform, their ignorant. They don't understand, I guess they're good people, but they're going about it in a bad way. They don't understand that the road to Hell is paved with good intentions. I don't gotta go to Hell. I don't care how many good intentions you have. If I know that that- code is going to Hell, I'm going to try my best to to build a different rd and I I believe that free market capitalism is the best way to raise- is the standard living of everybody, whether you're a woman, whether you're black, whether you're home sexual, it's the individual acting freely. That's going to be your best hope. If you're going to empower government, and this is one of the things that you don't never. I could never figure out, because people are gay There are very suspicious of businesses and businessmen, yet they have complete trust in politicians. You give politicians all this power, and then you trust them to use

it. Definitely I mean why aren't they just as corrupt just because somebody uses politics to get rich doesn't mean they run some moral high ground. Well, even worse, this idea that if you give it more of your taxes, that the government is somehow another going to be competent with how they distribute those taxes and that there's some going to be egalitarian, they're going to use the taxes for good, like that, it's very disgusting sort of an idea and the idea that any sense at all or the idea that government is going to make better decisions for you family. Then you are right. I mean the government doesn't even know you. They don't know your kids, yet you're your kids. To decide. You know what they eat or where they go to school or know the people that care about your kids. Are you right? You care Look at these lousy schools that, unfortunately, that's why so many people vote for Bernie Sanders is because they went through these go in schools and they got a lousy education. Their teacher is a socialist did solve the whole, socialist this system, but the parents are trapped because their taxes are already.

Paying for these lousy schools, their monopolies, you know, and so, if the liberals act as, if If we didn't have government schools, then parents weren't educate their kids. Of course they would you don't think they would send their kids to private schools and they'd be a lot it's expensive and you have all kinds of entrepreneurs who are trying to earn money. Educating poor kids like people earn a lot of money, clothing, poor, kids and feeding, poor, kids and and housing them. I mean if there's money to be made an entrepreneur is going to come in and satisfy that desire. So you against public education, or do you just think that do you think it shouldn't be subsidized the way it is like especially colleges. Well like I, I think that government educa mission is much too expensive and not good enough? I mean people think that so we need the government to educate, and I I think you know education is very important and I don't think it's so uh. We just shouldn't leave it up to government. I think that the Freemark, just like the free market, does a better job of creating computers right. I think it will do a better job of creating education

People are struggling. They really like the idea that at least education is free for the children. It's not free every nothing that the government provides free. It cause money right. Where is that money? Coming from your taxes? The government has to take money and big the stuff that you get for free from the government is very expensive. The stuff that you get from the free market that you pay for is much less pensive and it's a much higher quality. Now you know the problem with a college is right. We have a lot of colleges that are not run necessarily by government, but why are they so expensive because the guy it subsidizes universe, tuition by either nineteen loans or directly finding loans to students? And this drives up the price college? The reason that college is so expensive is because of government subsidizing the cost. So there is no free market to control the cost. You just the government to subsidise the ever escalating costs and providing all money. So now you know people go to college and they grab,

with a mortgage without a house. That's that's the government that did that. But you have these liberals. They think the government is helping them. Though the liberals say vote for me at all I'll, make sure you get a loan, so you can go to college well, the only reason they need a loan is because the college is so expensive and why is the college so expensive be cause of the loans? You know I mean my father went to college and his pay Justin have any money because they were poor and middle lower middle class, but so he work his way through college by having a summer job and that summer job was enough to pay for everything, room board, tuition and all of his friends work their way through college. Why can Americans work their way through college. Today, because the government made college so expensive be cause of all this to all the loans, but what open is the government said hey, you don't have to have a job while you're in college will just will just guarantee alone. You know and you'll just the borrow the money, but graduated with a bunch of debt. Doesn't do the kids any papers they would have been better off. You know

having a summer job instead of like you know, just part being all summer or taking bumming their summers around Europe, while they're borrowing money. There's two giant issues with that one? One giant issue with the debt? Is your getting out of college and you're going to take a job? That's probably not going to pay a whole lot in the first place and you're saddled down with who Who is how many thousands, maybe even hundreds of thousands of dollars worth of debt and then uh top of that you can't even go bank corrupt and dissolved that debt. It's the well that his country that you're stuck with forever it is terrible kids take on this debt when they're, one thousand seven hundred and eighteen nineteen making good decisions, so they're terrible decisions, they're horrible this as you look, you know they don't, stand. They don't thing about money, their consequences, yeah and they've been fed a lie. That will you know if you don't go to college life is ruined you. Never. You know I do I you know, do some of my videos on my channel, my you tube channel and in one the video, but I did. I wish you got more views and maybe it will back talk about on your show. What is the Youtube channel? Tell people Peter Schiff?

yeah. My name is a shift report, but one of the videos I did Well, it's a it's a college degree worth the cost. You decide an. I did this four years ago down in New Orleans and I went down the street and I was asking people who were working. I didn't talk to who are just there to have drinks. I work to the people who were working on Bourbon street right. They were trippers they were bouncers. They were petty cab draw never, they were bartenders, they were taken out the trash cans and I didn't discriminate. I add: everybody. I saw an almost everybody. I talk to is on his video. I mean it very few people that make it and I I basically said: did you go to college? When did graduate right. What was your major and how much do you owe right and every single? person. I talked to that was doing a menial job and some of some some of that two or three degrees masters master's degrees, and this is all

and the point was in some people thought I was trying to make fun of the people and I wasn't trying to make fun of anybody. I was trying to prove a point that this was a complete This is the time and money that these individuals could have done these jobs without college. They could have done it at a high school without all this debt, and that just have these degrees didn't mean anything who benefited from these degree. The universities that sold these overpriced degrees they benefitted. That's who benefit All these college loans, not these kids, you bar fifty th in dollars and now we're emptying trash cans because they, but some liberal arts degree that's meaningless. It's the universe she's, a college that got to over got to over charge for degree that the kids would have been better off without and then there's also the opportunity cost. Now you spend five or six years now and these overcrowded colleges, you know, used to be four years, but now it's so hard to get the classes that sometimes it takes you five or six years to even graduate and you graduate with nothing. You've got worthless degree. You got politicians that are saying everybody needs to have a college degree. Ok, well,

everybody has one. What's it worth nothing, you know at one point, maybe one ten people have a college degree because and then it actually meant something, because you had something that not everybody else has. But you know if everybody has a degree, then you've actually destroyed the value of the degree and that's what the governor's done. The it made a degree extremely expensive to get, but there's very little value and you have a these politicians are not qualities. Maybe colleges they'll try to say, look at how much more money people make. You have college degrees versus people who don't have college and they assume that the reason for that is the college degree again false statistics right because think about the typical person who chooses to go to college. There are smarter, more ambitious, they're, harder working. That's why they're making more money not because they have a degree right. So if you probably looked at two individuals from the same circuit, maybe same high school same demographic, they got the same GPA, they got the same, you know sat scores, one went to college

two one didn't, and then you follow them. You might find that the guy that had you know the gumption to skip college is actually making more money than the guy who went to college. Maybe he started a business, maybe he he gained some real world experience and He wasn't encumbered by a bunch of debt right. So it's not the college degree at this point. No yeah! If you want to be a doctor, sure you, They go to college or you got to go to med school, but there are a lot of things that you don't need a college degree to do and a lot of people who are doing them have college degrees. And their success is not a function of a college degree. It's a it's a function of the hard work that they did after they left. Knowledge or education is very important, but you can get a tremendous amount of education today, and this is not you know the 1800s. You can get it online, so you can get it through books. You can get it through audio course about anti education. I think people should educate themselves and your aunt IDA College dumb people I'm anti the government saying the only way to get educate is to have a school. Do it I mean.

So there are a lot of Americans. We talked about. You know Robert E Lee, but you gotta founding fathers. A lot of these guys were all cell educated men. They didn't necessarily go to college. Some of them did, but a lot of them were educated and believe me back then educating yourself was pretty hard. I mean the only books you had were the ones that you could check out of a library I mean now anybody any kid in poor inner city has everything at his fingertips. You could go on the internet and you can teach yourself and in fact professors can sell courses online. You don't have to you know, go to a college of some professor can have a tutorial site and you could charge like you know ten bucks a month and he could give lectures and he could. You can learn all sorts of stuff without enriching some government ocracy some college or university, and you don't have to borrow tens of thousands or images of thousands of dollars to learn what you can learn for practically nothing on the internet.

Speaking the- and I know we we spent a lot of time here, but I can't let you leave the web flesh. Ask you this one last thing: what are your thoughts on crypto currencies, typically Bitcoin and all these different? And I know let's talk about that and let you know, hopefully we have enough time to really hash this subject, alcos. I know you know I was on your show a few years ago and we talked about crypto currencies and I was very skip all about them, then, and I'm as skeptical about the now but of course obviously had you just bought them. When I was here a few years ago, would skyrocket. Yeah I mean. Obviously, if you bought them back, then you could turn around and you can sell them today for a lot more money right so, but does I mean they're going to work? Does that mean they're going to fulfill the promise that everybody believes and what is it that people believe about Bitcoin, an you know. They believe that it's going to be money right that is going to either replace or just alongside of

a dollar for the euro. The yen right, that is, people are going to use it as a media of exchange. That's the hope that it's gonna be a store of value, and they are. This is not going to work. It is not going happened. I know there are a lot of people that believe this and they almost believe it like a cult right. They believe it religion and the fact that I don't believe it I'm just you know uh I'm either fall. I just I'm stuck in my ways. I just don't get it. You know and in a look you know I seen it all before when came to the dot coms when it came to the real state, and it's not that like I, I did a uh a podcast again on my I was trying to compare. I was I was looking at. The internet stocks and I was talk. I used pets, dot com as an example, and I looked at Bitcoin and then so but he did a video critical of me trying to explain that why Bitcoin is not like pets, dot com, and I never tried to equate the two. What I was talking about was the idea when pets,

Calm was started in people were making money 'cause the stock went up right. They thought that the this would succeed as a business that it would make a profit right now, it never did it went bankrupt, but people bought it early on an it went up now the fact that when I didn't mean that they were right in their ultimate bet. It just meant that other people made the same mistake and paid an even higher price, and so you can be wrong, but still profit from being wrong. As long as there are other fools who are also wrong- and that's where I see the similarity in the crypto currencies are a bit coin. If somebody bought Bitcoin a year ago, two years ago, five years ago, and it's now a lot higher. It's only hire because other people are more foolish than they were an other more people now believe something, that's not going to happen. Why do you think it's going to happen and what what do you think of the restrictions? Okay, so holding about you right? So people have to understand what money is

and- and what can succeed is money right because yes, lawyers in euros in yen, intrinsically there's no value. They are just a piece of paper and they're created out of thin air, but they didn't that wasn't always the case. I mean the dollar used to be back by golden. What gave the dollar value was the goal back? That's why it had value, because you can go and get gold Ford. You can convert it to call out, but gold right. The reason that goal became money and a lot of things have been money and the most what spend money. The most successful has been precious metals. People have used precious metals and gold is just spend the most precious metals that has served as money. But the reason that goal became money and kiss before we had money. It was all barter. That's you know if you if you made chairs- and you wanted- you know

a chicken- you have to find a guy that grew chickens who wanted one of your chairs right. Yet it was very inefficient barter, but everybody wanted goal, or at least wealthy. Will wanted gold? It was a scarce item that everybody desired, but the beauty of gold was that it's all the same. You can melt it down. You know announcement old is is the same as any other ounce of gold and people why is it wait? A minute instead of me, looking for a chicken guy that wants my chair. I'll just go! Give somebody gold! they don't need my chair. They can buy whatever they want with gold right, because gold is a commodity to it has value but I chair, it's uniform! You can put in your pocket, you know and they're all the same, and you can divide up so gold had these properties that made it money and it

as a store value, and then you know overtime. There was pricing. People could relate how much is a barrel of oil terms of gold. How much is a bush of wheat? How and and what you can relate one commodity to another and understand pricing right, like you know it in Roman times you know you could buy it nice toga for an ounce of gold, so a man could buy what was close. Back then, for an ounce of gold, you can buy a suit of clothes today, nice suit of clothes for an ounce of gold. So you know price some kind of remained relatively constant in certain things. So years ago. I guess some libertarians, some other people got the idea. You know crypt fiat currencies are no good, which is true, they're, not backed by anything just keep printing on. They got quantitative, easing zero percent rates although they said gold, is inefficient right. If I got an ounce of gold, I really can't use it in commerce. I mean I can't scrape off a little piece of it and buy a cup of coffee. I can't send,

across the world- and you know in a conducting ecommerce commerce. So they came up with someone came up with a digital currency, first, one probably being Bitcoin which, supposedly replicating all the properties of gold only digitally and making it better right. So it's like you mind these bitcoins right, even though there's no actual mining you're solving these math problems, but you can have a bit coin. I can give do you you can give it to me. I can break it in half intense, you know and it's divisible, it's portable it. You know it, doesn't decay, it doesn't go away right, and so they say: hey wait. A minute we can create a digital alternative to gold and use that people will just use this and people will just get out dollars and old, the only bit coin and then we'll just use big coin as money right, and that and and the idea is this- is going to happen, but it can't happen. Becaused is no value that ultimately Bitcoin has that can be stored right

gold gold actually has properties that you can use gold for all sorts of things. People value gold for the metal, nobody values Bitcoin for Bitcoin, they value it because they believe that they can exchange it for something else. There's no, it doesn't really represent gold anymore. I know it doesn't, but just be cause that dollar is working his money with all the history of usage, in the fact that the government except dollars is taxes, it's legal tender that you have insurance products that you have rental agreements that you have bonds. You have an entire global market in dollars that is never going to be able to develop with with with bit coin or any other crypto currency. Ultimately, the the value of of of of the crypto currency is is based on the willingness of somebody else to accept it in exchange for for something else, and you know when Bitcoin Forest pardon people used to tell me well, you know, there's only twenty one million bitcoins right, you can't have any

more than that. So therefore there's some scarcity, but my point it was that well, but let's stop somebody else from creating another crypto currency that is identical to Bitcoin, or maybe it's even better, maybe it's faster. Maybe it has properties, maybe it improves on big. Just like we talked about cell phones, somebody makes a better cell phone. What's your what's your Motorola phone worth today is nothing right. So if somebody comes up with a better crypto currency, then what's your big coin worth, but you know, I don't think any of these. You know you have like one thousand of am now. The market cap is about one hundred and fifty billion for all these cryptocurrencies, and now there People that are saying look. You gotta buy a bunch of ameda portfolio because you not sure which one is going to win. We're going to win they're all going to lose 'cause. None of 'em are going to work because they are there's no store value. You know people are not using bitcoins, and nor will they ever use bitcoins as a real, Medium of exchange, people use it as a speculative asset. People buy it. They hope it's going to go

open value. This. Can you sell your bitcoins and then buy something with the money? Yes, you could do that with any assets. You know people make a big deal about the fact that my goal company shift gold. We accept, we fail, we accepted point. We don't really accept Bitcoin right what we accept it is dollars, but we make it easy for people to sell their bitcoins to buy dollars by using a service called a bit pay, but they're not actually using their their their bitcoin they're, using dollar there selling their bitcoin and then there trading dollars, I mean for B Bitcoin to be model, ultimately works right. It's not going to work because I mean that is ultimately working. You can use their bitcoin and you can purchase gold with a bit no you can, you can sell your bitcoin to buy dollars and then you can use the dollars to buy a bitcoin, which meant nothing is worth dollars. No, no! You sold it. You sold your ass. Look, I use old nothing. Today dollars and you take those dollars and you

I know you told you sold something you Sola Digital current. Is it so it's something then, but it's yes, but you can sell today for value, but it might be worthless tomorrow I mean I see now it's not because somebody will pay you for it. So it's really it's the same thing as a share of pets, dot com. At one point, somebody would give you a lot of money for that stock and now I'll give you nothing it's all about perception. I mean there's always value in gold, and I hear people telling me this. While you know gold's value is subjective. No, it's not it's object. If gold has value because it satisfies certain Duh buyers were needs, it has properties that exist in the physical world and there are things that you can do with it. The only thing I can do with my bitcoin is give it to somebody else, but I know people think oh, but the block. Is so great. Maybe it is maybe the blockchain is a great invention and maybe overtime. A lot of assets will utilize the blockchain in transactions that doesn't mean that, just because bitcoins utilized something of value that the Bitcoin itself

has any value that is going to end door to the owner of that big point, especially, you know when there's an infinite number of point, but here's something interesting, because you know e ideas, hey, you know we need this digital gold, because gold can't be used in commerce. The way Bitcoin can the irony of it. Is it can't right? There's a company- and you know it called gold money, dot com and you can go there and you can open up an account. You everybody. Listen should go to goldmoney dot com but you can do it on your cell phone on your app and what they do. Is they allow you to buy gold, you can also buy silver and platinum. Palladium are the, but let's just focus on hold, you can buy gold, they sell it to you for one half of one percent over spot there. Each I've been in the gold business? My whole life. I've never sold gold that cheap the gold. Have stored for you at a Brinks vault of your choice and you have different locations in Switzerland in Hong Kong and Singapore and Canada. You can pick where you want your gold stored,

do you own that goal right. It's in your digital wallet. Just like you could have your crypto currencies in a digital walk, but the difference is you could? Take delivery that gold? Whenever you want it, the minimum is ten grams of gold, which is a very small quantity and they will mail it to you. If you want it, but the purpose of it is now to have it mailed to you. You keep it in your account. Now you can give that cold there any portion of it to anyone. You want anywhere in the world for free. I can just dance for my ownership to somebody else. So now, there's KA If you are a merchant- and you want to price your product in gold, you can do that. I can pay for the product using gold and you can accept gold in exchange for that their service. So it makes it so that now gold can actually work today's modern economy through the internet. It's now is E. You for me to spend my goal. I can use my goal to buy a cup of coffee. I could use my gold to buy a car right, so I could it end in the short run right now, so

in this car that I have in the short run, that somebody got a gold card and it stated volts yet out of actual goal. Yet has real heavy yes, because gold is crazy, because gold is a real element. You have a week old credit card, yes of Gold, Mastercard leasing, gentleman. This is a goal, old money master card, and this is this- is heavy. Let's listen, yeah! It's! Let me compare that to just a plastic one. It's crazy, yeah, yeah, a hundred of these. Yes, that is listen to this folks, yeah yeah, it's this is fucking gold need one else. My life we got, we got, we will go, make you one. I need to get you one of the I, but is very appealing. Let me let me finish is gone this one point so in the long run right I believe that we're going to go back to a goal and I believe- and it's not just gold money, but gold money might be the first company to do that, but there may be more. That will do it later on, but I think that government FIAT money does not

dollars, won't work, euros, won't work, Jen, don't won't work but gold, his work for thousands of years, but now we the internet, it works better, and so I think that goal like through money, gold money will do to FIAT currency what the FED Ex did to the post office. What uber is doing to taxi cabs? It is the free markets, alternative, a gun, my any that government can't create out of thin air that will huh. This value overtime, and now, thanks to the internet, we can be used in Congress, but in the mean time right, so I've got gold that is stored in my gold money account. But let's I go to a merchant who doesn't want, go old 'cause. He doesn't know any better. He just wants to be paid in dollars. I can use this debit card right to buy something and a debit card or credit debit card. None of that is that is that the card yeah, but it's a debit card. You can't tell the difference right, but what happens is I can see, spend my gold using this card so

can sell off. Basically, just like you know when people are doing with bit pay, but I don't need bitpay right. I can go to any merchant in the world that accepts Mastercard an my gold will be sold and the merchant get dollars right, so I can spend big old now, but the merchant is actually not getting. Gold is getting dollars, but I believe in future the merchants going to want gold he's once we start to get it currency crisis. Once we see the euro and the yen blowing up, people are now would want to sell their goods and services for paper money Durga, don't want to sell it for real money. Now there are people thing they're going to want to sell it for for crypto currencies, no they're, not, I think he's crypto currencies are going to crash before or the fiat currencies. I think they're going to make fiat currencies, look good, which is unfortunate. Do you have a lot of good people who are putting their faith in these crypto currencies and they're going to get burn? and then the government going to say you see, we told you, the free market, isn't any good. You know you gotta,

mustache. You gotta trust our paper money. No, I want to trust gold, I want to trust the private sector and if I can use gold, why would I use anything else that I know people say the knocked at the Bitcoin people say? Is that? Well, it's not decentralized, because somebody has to store the gold right. Where is nobody right, of course, there's real value there, but you know what brings been storing gold for over a hundred years and they've never lost an ounce. So look, I trust, Brinks to hold my gold, but they holding it in a way that I can spend it. You know back in the day right there, currencies that existed were created by private banks, not the government, and so a bank would have gold or actually, even before that it was the goldsmith who would have gold? You know that he was storing and he would write an iou person would say: hey I've got gold stored at this goldsmith that piece of paper right. Instead of going back to the Goldsmith and getting your goal, you can give somebody say: hey look. I owe you money. Take this note, because the goal is there at the,

but you can go get it whenever you want, but here's a piece of paper put in your wallet. It entitles you to that goal and that this paper could circulate as money not because has value, but because it's backed up by the goal, and so eventually private banks started issuing currency physical paper currency that was backed by the goal that they had well. We're having now in in in with gold money is gold. Money is like the Goldsmith They are storing your gold, but instead of giving the person that the piece of paper that you can go back. You actually get ownership, you actual transfer. So if I was going to give you one hundred dollars worth of gold from my gold money account to your gold money, account you're going to have to title to that gold, it's changing hands is go, from me. Only the gold in that vault to you owning that exact same goal. Now, with your goal, you can do whatever you want with it. You could take delivery of it and have it in your hand, or you can use it to buy say something else: it's perfect money, it's the free market money and we could use it cost less,

and it's going to be cheap. It's cheaper than Mastercard Visa. It's a very inexpensive way for people to trade across borders. 'cause, it doesn't matter what country you even gold has value in every country. You have to worry the yen or the euro or the dollar hey. I'm in Germany. I want to sell my products. I can price them in gold and gold, not very volatile. Gold is relatively stable over time. You can actually price a product and get paid and and you can store your goal and a year later, two years later, you know it's going to have value or you could look at the historic value of goal so rad been trying to reinvent the wheel. You know they used to have something called alchemy hundreds of years ago the alchemists try to make gold out of base metal and they couldn't do it. I look at these these as modern day, alchemy they're, trying to digitally recreate goal and they're not going to succeed, they're just creating digital fiat. This is fools gold. Yes, people made money speculating on other people's ignorance and other people's greed, but it's going to end very badly, but I do believe that

know what they're doing a gold money and what the internet is enabling is that we can have real money. We can use gold now in a way that you know our forefathers never could. This is a a real modern day. Gold standard, two dot, zero gold will worth worked. Better is money today that it's ever before and it worked great in the past I mean we've thrived America was built on a gold standard. The in cultural revolution happened on a gold standard produce the wealthiest country the world had ever seen on a gold standard right we've become broke right with his fee. That standard we've squandered the wealth that we created under a gold, But this is a way you know when Nixon took us off the gold standard in one thousand nine hundred and seventy one, he said it was temporary right. Well, we don't have to wait for the government to bring us back to a goal said you could do it on your own. You can put yourself people can now move to a gold standard. You can earn cup. These can pay their employees using gold money. They could pay him in gold. People landlords can collect rent in gold. I mean, I hope we could have an entire society right.

We're being sidetracked by this. You know the by this bubble in the in the crypto currencies, but the people who are buying these crypto currencies should be buying gold and, of course What they can do now. Is you know if you happen to have some crypto currency, you can sell them. You can go to goal money. They'll take your bill. Let you convert your caught big coin. All coins are whatever you got, ether, whatever crypt you can go and you convert it, buy real money and then this bubble, pops, you know, you're, you know, you're not left, holding the bag, is a lot of people. I think, unfortunately, are going end up losing a lot of their real you, their money, their purchasing power. They could have bought gold, but instead they bought pets, dot com- and they didn't. They didn't realize that that's what they what they were buying, I'm sold Peter Schiff. I love the car you just keep people hold on to that. Yes, but I mean in their hands like this is a real thing. Yeah I mean it and always complained about the lost the gold standard. I mean that, would

that's a a longstanding complaint. You go back to the constitution. Right. Gold is money in the constitution. It says that no state shall make anything but gold and silver coin legal tender, payment of debt, the federal Gov. It is only given the power to coin money. What are they? Coining? Golden? Silk I mean that that is. Is the standard that you know we You know the first time we mention the civil war. The first time we ever had paper money in America was during the civil war and the, Union issued it, but it was was green back. It was backed by gold and when the or ended? They stopped issuing them, but they issued based on an emergency wartime power. It wasn't that they had the right to do it legally, they said, it's a war, we need to win this war, and so that's the first time we had paper money, then it when away. It didn't come back again until one thousand nine hundred and thirteen with the Federal Reserve. Is it really possible? this can make a return. What can that gold stand?

We can actually be something that we all go off and I am convinced that we're going back to a gold standard, but I think the free market will lead the way, because if people start rejecting government money, if they start rejecting the dollar, they reject the Europe they reject the and then what is a cover? Gonna. Do I mean the source of the government's power? Really is the money they spend? That's where they they they buy their votes in a pedal, their influence. But if, if individuals and merchants just are saying now, I don't want that paper money, you want to buy my pride Amy and goal, but my services pay meeting goal and if more and more people opting out of that system and just start working in a gold which we know, works right. We don't need the government to make gold money gold is money long before the government came around what the government did is when they, took over money right, that's you know they would a base it right. That's where the term comes, the government would start they would make go. Coins and they would stick copper in there or other metals 'cause. They would try to create inflation, but when you had private money,

It was? It was cold, and so we don't need the government. The problem is these crypto and see if they're being marketed as the private sector is alternative. It's not gold is the alternative, but we now have as we you know, we, we now have the method of of using goal right because, like when I have this, this is my wall. Right, but we carry heavy, but I can carry if I have one hundred thousand dollars worth of gold. I have one hundred thousand dollars in this wallet. It's here and uh. I can use it to buy a pack of chewing gum. I could use it to buy a flat screen tv can use it to buy a car right, so I can buy tiny things with it. I can buy expensive things with it, and here it is I'm carrying it around right and I can use it to my site- might might mice my cell phone. I could take my cell phone and pay for stock An ownership of my gold will instantly transfer to a third party and of course, if you want to give money, if I want to give money to my kids, I can give them gold. Then they can spend it. Right, they can spend it using their debit card or they can directly spend it. So this is the real

This is what these crypto currencies are promising to be, but they never will be, but I think a lot of people are getting greedy. A lot of people think all these things are gonna be worth a million dollars a piece, and you know pie in the sky and it's like that. Greed overwhelms them and they can't think rationally. You know in any It doesn't agree with them, doesn't get it? And I had this. You know the same mentality permeates every bubble. People can't think rationally and you know as price goes up. You just become more emboldened in what you believe, because you're getting rewarded by the market for your mistake, but you don't think it's steak because you're getting rich and you're looking at people like me, look you know Peter he's not buying you look at all the money he's not making he's a fully should be buying these crypto currency. So you know that there's an old expression too, don't confuse a brain. The bull market there's certainly a bull market in crypto currencies. I think it's a bubble and I think the people for making money some of them are going to get lucky. Some people are going to cash out and they're going to make money

but the money that people make is going to match the money that people lose 'cause you're going to have a lot of people who are going to come in late to the party they're going to buy they're going to be left holding the back now. Of course, going to be a lot of losses that aren't real money. Let's say somebody bought Bitcoin few years ago and they two thousand dollars- and now it's worth one hundred thousand, but they haven't sold because they think it's going to ten million. If it goes to zero, all they loss was one thousand even was worth a hundred thousand, but mentally they lost a lot more because they thought they had all this money and mentally they got used to have it all, and it's going to be even more so there. Going to be a lot of dreams that are going to be shattered, right, 'cause, a lot of paper profits are going to just go to money. Heaven because they're just not going to be there. But ultimately the only real money that's going to be made is by the people who cash out 'cause 'cause this just a self generating ponzi scheme, it's all about needing new people, and that's why I think a lot of people into the crypto currencies they get so upset when somebody

he doesn't get it because they need more people there bigger market. They need more buyers to come in to keep paying a higher price to keep it all going. And so somebody comes out and cries in it. You know say: the emperor has no clothes. You know, because if a lot of people, this they want to sell their crypto currencies, the price would collapse and then what would happen me? What happens a bit going goes from four thousand to one south: How do you now make an argument that it's money? How do you? How do you consoled the people that bought it? four thousand and now it's at one thousand and then what if it goes to. One hundred and then what if it goes to zero now you know there was a time. Bitcoin went up to one thousand, and then it went down to two hundred and then it rallied. So now people are convinced, ok! Well, if it sells off, it's just going to rally back what, if it doesn't it doesn't, it doesn't have to come back and keep on falling, especially since there's so many crew. Currencies now that compete with Bitcoin I've said you know how many people

search on on Yahoo verses. Google, I mean Yahoo was before Google or how many people are on my space today. Right I mean you know people on Facebook. So how do you know that that that big coin isn't the the the Myspace of Crypto currencies? But again I don't think any of these crypto currencies will work, but I do think they will work at they backed up by goal. You can have a the currency, backed by gold. The only problem there is. The government won't like that, because that'll work so well that the cover will shut it down. The government will go, and so they why I like how the show down. Well, they might say, there's money laundering going on it. You know, but that's why gold money see gold money does all the know, your customer. They know all the K. U K, Y C. So when you open up a goal, money count and you own physical gold, they do make sure they get your photo id. They get all this information on you so they're. There comply with government rules and regulations. So there's no there's no did nobody's extorting money using gold money, there's no criminals. I mean that is where I live. You know people have argued the. I pointed out that, yes, the one place that

Bitcoin seem to be used as money is in crime right I was going to blackmail you and I was going to threaten to shut down your podcast and less you send me some money. I can do. And payment in Bitcoin and the I'm doing. That is because of the anonymity. I think that you know I can get away with the crime and I don't care the Bitcoin loses twenty percent of its value between the time you give it to me in the time I cash it in, because criminals are used to paying to launder their money. They just want whatever they get his gravy, but you know if I'm a merchant and I'm celibate, I sell gold right. I sell gold and my my charging in my gold business is about one percent. So if I sell go for ten thousand dollars, I bought it for nine. Ninety right, I have a little bit of profit. I can't afford to do that business and bit coin I mean to be coin can move two percent of wiped out all my profit. I've lost money. I need something that is very table? But if I'm a criminal, just extorting money, but matter so it can work for criminals, but that's where the governments could crack down on it,

but I got to wrap this up. So if people wanted to get involved in this, what would be the best the source for them to get information on how to get started. Well, they should go to the website. Goldmoney com, just open up an account online and the butte If this is too- and you could do this yourself- they have a referral program that, as you refer people, you send them your own link. So once you open up your goal, money account, you get referral, link and now you can send it to your friend and now open up an account. You get some free gold, you actually get paid an and so, as you educate people is kind of like a marketing, but they will compensate you in extra goal and

You open up your account they'll, give you a little free gold. You get a little free goal for referring. Somebody could sponsor it on the spot. You should have a little bit of free gold. Yes, you can. I mean back like the number of people that you have on the PA. Get you can get a lot of free goal to seems like you could have a big ad. Whole podcasts was a big, a big fake ad for free yeah. Well, it's well. They do it's really for the concepts of freedom. Gold is economic freedom right I mean that's like even Alan Greenspan. That was the title of his as the golden economic freedom, but it is- and you know the more are people that we can move into their own personal gold standard, the more people that can save in golden the beauty of like a gold money account you have your money in a bank account what if the bank fails, this money is banked. Your go. All these bank, but you own it it's not being loaned out to anybody. It's in a storage facility with your name by Brinks, so you can see when you put your money in the bank account they loan it out to somebody. You know me: ask

this government insurance, but so what they just have to print a bunch of money. You're, you can bank your gold without having to put it into the banking system. There's no balance that you have to worry about, or bank failures. You have to worry about. Inflation, doesn't matter how much money. The government prints they're, not mining. Any gold gold is going maintain its value. So, to the extent that you don't spend it right away! It's going to gain value between the time you just deposited or the time you earn it and the time you go to send it, so it's a great store of value, but thanks to the internet, it is the best medium of exchange, it's 'cause, it's so easy. Now to do it, so you can go, You know you could promote it, the listen to podcast to meet the podcast. I mean again Peter you know you don't like you, because. Promoting gold money that you, if I thought, going to work. Believe me, I've been all over it right I mean I I I have. I have a person, a very high principles and and standards. You know I started selling gold one before had a goal company. I used to tell my brokerage accounts at your pacific capital. I would tell the book

buy some gold, then I would just send him to go by I did sell it and the money that they use to buy gold was money I couldn't manage. Now I make money managing money for Fiore commissions and people took their money and bought gold. I wasn't making any money, but I thought they should buy it because it was the right thing to do and I got in love with gold money, because I thought that they were on to something I thought that they were doing something big. It's more! then just about money. It's about a crusade to take back our freedom, which I think believe begins with money. Taking the power away from government is reject being the source of that power, which is the money they spend to corrupt the economy. So to the that more and more people I mean this is the most important vote it doesn't matter Do you vote for an election vote with your feet on the money vote away from FIAT based system and and vote in favor of goal right. That's that that's the monetary sis, so that our founders believed in that's what was in Bob in the constitution and that's what worked when you get that sweet car

hard that's made out of actual this sweetheart feel good. Yes, you get, you can get a plastic card for free. I don't want that, but you have to pay for the goal. Cart, but the beauty of it is it's worth its weight in gold. So, even though you have to pay for it, you own that goal, it's worth it. Yes it's actual gold. You can melt, it feels good to have. Yes, I mean you, don't have one of my life. People have to people have to understand he. What, if you want to, let me hold one more time. Yeah one holds Jamie yeah. I feel that feel that There's not that many people that have those those are but feel that that feels legit. Doesn't it actually better than backyard playing at are way better than you know what an they actually have. All the concierge. You know they they signed up to. You can get all those benefits to the like. You can and with American yeah they made signed. You observation the stuff: yes, they have Akashi errors, they have all those programs, so you don't give that stuff up. You just have have real money behind your just have to make sure that if you throw it in a restaurant that you get it back, I like it, listen

and come back next time you're here. Hopefully this will have taken off and you can, you could say see. I told you yes, thank you so much man so high place fast. They will really is a three hours around him yet flew by you know. We started late as a three hour. Yes, we're good. All right was amazing. Thank you. Thank you. Everybody thanks to the the podcast. I hope you guys enjoyed it. Thank you to our sponsors Thank you to Legalzoom, go to Legalzoom dot com, slash, prepare during National will make a will month, and it's also national young Jamie month, so I'll make sure you bow down or whatever you gotta do. Thank you also to m v m t dot com, the movement, watches and now sunglasses, beautiful, high quality premium, Sunglasses m v m t dot forward, Slash Rogan, fifteen,

the word Rogan, the number fifteen get fifteen percent off, see that's why they have Rogan fifteen, seeing you fifteen percent up to fifteen percent off with free, but being n free return. Excellent watch is super high quality, very nice, of course beautiful day mine and it's from the company that makes those killer. Watches is MV mt dot com forward Slash Rogan, one thousand five hundred and fifteen percent off with free shipping and free returns. Watching every episode, two on it. Dot com go to an it use the code word Rogan and save ten percent off any and all supplements O'Reilly's in German. Oh so, tomorrow we're you have Sean Carroll on the podcast. Sean Carroll is an astrophysicist ooh. We can ask him all sorts of stupid, fucking questions because

DOM he's a cosmologia Stan a physics professor specializing in dark Energi in general relativity. I have to really button down on my my my questions, my cosmology, if you have any, I will offer up just like today was very valuable today by the way I put up on on Twitter that Peter Schiff going to beyond and if anybody have any questions about. Fine pants, and you know any of the things that Peter Schiff was talked about in the past. You guys gave me some really good ideas and really good question, so I'm going to do that tomorrow for Sean Carroll. Thank you, everybody for tuning in appreciate you guys and will talk soon. Alright, much love to you all, bye,