« The Joe Rogan Experience

#1002 - Peter Schiff

2017-08-23 | 🔗
Peter Schiff is an American businessman, investment broker, author and financial commentator. Schiff is CEO and chief global strategist of Euro Pacific Capital Inc. He also hosts his own podcast called "The Peter Schiff Podcast" available on iTunes and at SchiffRadio.com
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
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
i have a certain amount of things that have to do and that's on that list obviously family stuff have to don't i don't feel good if i don't work out i don't i don't perform very well the person be doing that but adama scatterbrain lately oh but i try with jamie and i were talking about adderall maybe i should get on the adderall folks so i get on their own as well as model and also i start talking like this you'll know i'll tell you first of all i will fuck tell you that's the last thing i would do is lie about being on some drug that is probably awesome i'll fucking tell you ladies and gentlemen but think not about that right now think about well or maybe on it's like four earlier or it is not on it alpha brain is absolutely nothing like adderall but what it does help
view with is your memory which is imagine what are fucking dope it would be without it what is alpha brain alpha brain is a cock enhancing nootropic nootropics are nutrients that potentially the building blocks of human neurotransmitters so with the lame point of view which obviously i'm a layman what they help you to do is remember things better they help with statistics actually proven with three very important things first of all verbal memory which means the ability two four more remember words and don't search for them as much i take it every day one i like to do in the morning lately what i've been doing is i mix it in i take a akita jen supplement it's this is not something that i'm selling this is something that
just something i use is called key genics and it's exogenous ketones in a drinkable form and i pour instant alpha brain into that i take that when i go to workout and that's how i get my my daily dose of alpha brain to do that too also in the morning because it kind of you know obviously want open podcasts i need to be at my best and my brain needs to fire at my best specially when i'm talking to someone super fucking smart like today peter schiff is here today but elsa verbal memory processing speed that's also a big factor and peak alpha flow state now anytime you talk about something that actually helps your brain people like bullshit snake oil which is why we have fun not one but two double blind placebo controlled randomized efficacy studies in center for memory not cheap but very important to have and these studies the findings were presented at the inn
for national nuro sigh mycological society annual conference you can read the studies online then one of the important things about on it is that at our our supplements have one hundred percent money back guarantee you do not have to return the supplement you don't even have to return the empty bottle but we're trying to do is provide you with the very best supplements that can find and the best way we feel that could prove to you that the very best is to give you an opportunity to try them and to make sure that you never feel like you're ripped off i don't know what percentage of people that try it that are satisfied but it's very very high and all my friends use it it's a big factor with a lot of guess that come on the podcast that i've introduced to it stuff i'm going to have bill romanowski on the podcast
he's a guy that i really found out about this stuff about new trope in general he has a company called neuro one again not now company not a company that sponsors the podcast just an excellent product and that is another neutro pic but i also recommend that you google nutro pics there's a ton of them out there and uh some of them are going to work better for different people you're going to enjoy the affect of other ones better then some i mean i think there's a lot of personal preference involved just like there is with caffeine just like there is with alcohol and a lot of other substances that are the way the mind works it's just of the amazing supplements that we have at on it another one that's a really big one to me is new mood new moon is a supplement that contains five htp l tryptophan and a bunch of that actually what's your bodies in your brains ability to
produce serotonin it's the essential building blocks of serotonin which is obviously one of the things that helps you feel good and so so much so that people who are on ssr eyes there on anti depressants doctors recommend you not taking five htp because you can get something old serotonin syndrome where you have too much serotonin one of the many things that we offer at on it one of the big things that we offer it on it is something that's free when you go to on it the first thing i would ask you to do is go to the onnit academy link it's in the upper right hand corner the website go there and you're taking to a section of the site that has hundreds of articles exercise on diet strengthen morning routines different workouts really interesting qa's with influential and fascinating people but it's a
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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
Transcript generated on 2019-10-05.