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welcome back my friend today's gas is Peter ship who is an american stockbroker financial commentator and radio personality is a ceo and chief global strategies of Euro Pacific Capital Ink and hosts the Peter shift. Shell and I like to bring in different perspectives on all topics on life and in this interview, robbing Peter to talk about his perspective on crypto, currency and bitcoin. Now a lot of people are to bring out the talk about the benefits and he's gonna talk about some of the other sites. So in this episode, we discussed Peter thinks Bitcoin, probably won't take off anymore. Why dollars are more valuable than any kind of currency? Why? The? U S covert policy is economically harmful. What you can do to prepare ourselves for the dollar crash and so much more

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vodka MAC have won a school of greatness, I'm very excited about our gas. Peter is here to talk about all things: money, Bitcoin, Crypto currencies and you're, actually Peter the first person I've had on to talk about crypto currency Bitcoin. In kind of this whole new wave, there's been a lot of people have been interested in talking to this about, but I didn't know what was the right time, and so I wanted to have you want first, because everyone is excited about crypto currency in the Bitcoin crisis, stay where you are. There's a lot of crypto currency, Bitcoin fanatics, importer, Rico right now that I've heard are living down there, but you gotta have a different perspective about this. Everyone saying Bitcoin is gonna. Go to a hundred thousand dollars by the end of the year. It's gotta be the future decentralizing the banks, all these things, but that's that's not where they are

canyon is right, correct and is not everybody that saying at its everybody who owns Bitcoin is saying that, but not you know everybody in effect, once you own Bitcoin, you have a vested interest in saying that, because the whole success of Bitcoin rest side, more people buying it. So if you own it, you pretty my chapter prophesies, you gotta try to convert as many of your friends or colleagues as you can and get them the by, because that's the only way the price of which you already own is gonna go off, because your bitcoin is not an asset. That's like real stayed where you can collect Rand or stocks, were you could collect dividend or bonds where you get paid interest, it just a token righted site. You know a baseball card except it's not really that rare and you can't hold your hand. It's just a digital string of numbers. I mean it's not like a commodity where you actually can use it for something like

well, you could use it to generate power, drive a car, I kick and heed your home or it's not like we'd or soybeans. You know where you can eat m, or it's not like gold, where you could may jewellery out of it or conduct electricity with it or use it in all sorts of industrial applications. Like other metals. Is it doesn't have any the properties of a commodity or or of an investment asset is like a kind of beanie baby except the needy. Baby was cute fuzzy and you can hold it and it was. You know you. It was something it these, but the corn is nothing, but what it does have now is a very high price for it as we're talking. Bitcoin is almost fifty thousand dollars to buy a Bitcoin eight onto via whole bitcoin, because you can break them down into like a hundred million situations. But if you bought an entire bitcoin, it cost you neo. Fourteen,

one thousand and forty eight thousand right now, where is if you'd bought one ten years ago? You know they were, they were less than a dollar started. So there are people that you know got incredibly well when I was talking to guide the other day, put fifteen thousand dollars in ether and it's worth over a hundred million still holding onto it. That's crazy, just a regular guy. You know just gave you a ride home from from San Juan, but you know see Mikey was that substantial, a guy, but you got a hundred million dollars worth of where they either when you get stories like that. I mean you, it's very difficult to turn fifteen thousand in one hundred million right I mean I've never die. They lay that right. I've rights, investment, business, my entire life and that's! What's generating a lot of excitement, because people think that it could happen again people are saying that its

early on, like you could buy Bitcoin at fifty thousand dollars. Bitcoin and it's gonna go up to two million dollars I mean this is no way that's gonna happen, far more likely to collapse especially since now you have you know a lot of people, smaller people getting in People who got in early on need those new people to come in, so they can get out, so they have to pump up the price, they have to generate a lot of hype and a lot of enthusiasm. But all this stuff is pie in the sky. since everything they say about how this is going to change the world and read We should encourage and you know Bitcoin fixes everything. It does a fix anything. It's all a fantasy. It's not real money. It doesn't have any substance behind it, doesn't have any real value,

It has a price but prices in value like they're. Trying to market Bitcoin is digital gold. Sep, it's nothing like actual gold. You can't do anything with Bitcoin that you can do with gold yeah you can hold on to it, but it's a store value, gold's store value, because gold is a very valuable metal and If you're not going to use the metal yourself, you can stored because somebody else can use it future for whatever they want to do with it. But you can't do anything with Bitcoin today, so storing it for the future doesn't make any sense goes. There won't be anything you could do that in the future. This stuff that are saying about it I mean sometimes superficially. If you dont, really dig down, I mean it can make sense until you actually dig out and realise that it's all nonsense, but there's a lot of enthusiasm among the people Once you get in it, you know you're, just part of the bubble and use our cheerleading ed, and everybody wants to believe in this fantasy that we can all get rich

You know as long as nobody cells and everybody keeps buying, the price can go up, but eventually some of these people that have of millions or even hundreds of thousands argued by actual stuff by just having a big stack of virtual tokens. You know you can't live in it, you can't drive it and people are gonna want. You home, they're gonna, want a new car. They're gonna want to travel they're going to want to spend their bitcoin profits. Well, that's when it all collapses because of the people who have been holding on deciding the cash out who they. cash out to a vacant soccer in a whole new crowd of people, and that's what you're trying to do. In fact, they're trying to soccer and the institutions, that's the the big payday. If they can sucker pension funds in doubt, since it by you. Do it right that would allow a lot of people the exit, but No, that that many institutions are going to bite. On this I mean the whole I

as well. You know you by UN or miss out on this huge gay. and how are you can explain to your clients how you stout on this big big game, but I think more managers will be more worried about what, if I put my money and a bit coin, and it goes to zero How do I explained doing something that dumb side, riding more people are going to get us. They stay away from it and you're you're speaking Someone is I'd, say pretty on educating on this topic, except for the fact that in our work a few videos here and there, and I hear some people who made some money and I've got some friends and crypto and enough tease and all that stuff and I've united what investing some five years ago when it kind of fella or maybe four years ago. I guess when it was like a theory, I'm starting to habits. A spike in Bitcoin went from. I think five thousand a twelve thousand or something like that and age. back down. And I like what am I doing. You know it's a so up and down- and I want to stress about this all day long, so I got out

put a little bit in and I caught the forgot about it until last year when the enemy world started to come about in a said. Ok is another thing that I think about and try to learn with that. The hype machine, this behind one of things you said is somewhat to play. You know all sides of this too, so I can educate myself I guess so. Lotta people, you know ten years ago, probably thought that Bitcoin you're never reach a thousand, let alone fifty to sixty thousand so is it possible that it could go to a hundred or or five hundred thousand, even though its really just a height machine? What anything is possible night? But the question is how probable was and is it worth the gamble? But you know the way Bitcoin is marketed. It's not marketed as a high risk gamble. They say it's a store, evaluates a safe haven, it's a digital goal, but it's nothing of the sort. I mean it is extremely risky

and I think ultimately, wherever it goes on the upside, it's going to zero on the downside. So if you're in Bitcoin, you have to get out of it at some point before collapses, except the mantra is never sell hotel right. You know you need diamond hands, that's part of it. Because the people who want to get out have to convince everybody else not to get out right so that they don't have the competition percent of the people who on big have never sold any. So even The price is gone way. Are they have actually reach any those gains. Now some people have actually borrowed against their bitcoin and others. in that, but that's an accident waiting to happen when the market crashes and others all this force, liquidation of Bitcoin collateral intercourse of collateral is collapsing in value and may be insufficient to make the lenders hall, and so there is a little bit of a financial crisis coming in that ecosystem win.

Out of drops out market, but what's happening is the guy's got in a long time ago there are just trying to quietly unload as much bitcoin is they can before the music stops, and they do that by try new get more and more people entice them in based on the promise of you, no easy, rich he's right, you're going to get rich, you know, get you to revolutionize the world on this Bitcoin and you don't even need a job just bought his bit, quantum, never sell. It And you're gonna be really really rich and the whole argument is the dollar the euro. The yen. I mean they're, nothing right rather just pieces of paper, there's no substance behind them. And so, if people can you know dollars and use euros will why can't I just use Bitcoin right of the dollar can have value despite being intrinsically worthless. Why can't pick one? And but the problem is it done? that way, because the dollar, of course wasn't always intrinsically worthless, it was called, it was actually define,

the weight of goal or weight of silver, and then the government issued is that a reserve notes that were redeemable in the real dollars which were made of gold gold, silver and a gradual process. Where are we the real money away from the currency, but when you have the currency in a country, this legal tender, its work, currency, everybody uses the gun, It says this is how you your taxes, I'd so you don't want to go to jail. You got to have these dollars in every year. You got to send them into us, and so the fact that you need dollars to stay out of jail that ended up of gives dollars a lot of value right and that, of course, Dollar is the unit of account. Everything is priced in dollars. Your landlord is, you know you wants dollars, so I need to earn dollars because my rents in dollars, I go to the grocery store. Every is that for sales in dollars, so you have this world. Debt is bad. stop the dollar already, even though its intrinsically worthless. It still functioning

and the dollar loses value slowly? Every year inflation, it loses little value if we still have real money like gold can be losing any value would be stable. I guess the thing that I can hearing about Bitcoin is well, it's like gold, because there's a limited quantity and there never to make any more of it raised that we hear too well, that's part of the the pitch that its scarce, but gold is scarce because there's only so much of it. You know here on the earth and it's hard to find it. You have to minimise the ground in a very difficult process. Bitcoin is scarce because it was pro have to be scarce. It's an artificial scarcity, it's not a natural scarcity and the ideas that well that's never going to change right. The miners are never going to vote to authorize additional additional bitcoin right, I mean SIRI, it could happen, but let's accept you know for argument's sake that the the the bitcoin

proponents theory that it will never be more than twenty one million right. It's it's fixed at twenty one million, and let's given that well, so what because gold is scarce and it has value that is very unique and specific. To go right. Gold can do things that other metals can or it could do things much more efficiently than other metal, so its unique added scarce big wine is not unique it all. It doesn't have any real value. There are fifteen thousand five hundred or so alternative digital currencies token as such. I recall the main difference between them and Bitcoin is the name. It's got a different name. Some of the names are almost identical. Like Bitcoin Cash, you know Bitcoin gold or whoever

Take me to all kinds of things, and some of them have crazy names. You know, but practically speaking, there's not that much difference between any of these other tokens and in fact you can make another token. That is exactly like Bitcoin in every way identical to it. Just Rene Bitcoin do Bitcoin three, because for you can't make another gold, that's just like gold, it just there's it's not on the periodic table. Oh being scarce in and of itself doesn't give you value right. You know buddy can can come up with an original work of art and say hey. This is my only drawing its very scare I've only made one, but Does anybody actually want to buy it? I mean just because you scribbled something on a napkin goodies hated is that original right at its biology, ass, so

it has now value and bitcoin. Maybe it's scarce in a sense, but it's not really scarce. If this fifteen thousand other cryptic currencies, I could buy mom and it does. Of any value, so people will always want go right. Goal is not just about investment goals and actual com, oddity? That's use them in the biggest uses, jewellery and David in gold jewellery for thousands of years. I don't see any indication from the people. I know that they're gonna stop where gold jewellery. I mean a goal this as popular as ever bet that, probably more so now there when I was younger men where a lot more gold, specially certain culture, something so goal is a valuable nettle for the jewellery industry and that's not gonna change but is also very valuable in consumer electronics and new consumer electronics is getting bigger and bigger. So I think the industrial demand for

How old is going to continue to rise? So it's there. The only demand for Bitcoin comes from speculators. There's no real user of Bitcoin. You only buy bitcoin if you think the price is going to go up. So what happens? If people stopped thinking the prices going to go up? Well, then nobody wants to buy it. Will then what happens to price it collapses the price of gold perhaps because even if investors don't want it do you know the real world. Does men as the price comes down the river buyers, step up who need gold and they buy the gold and if the ices too low, no new gold is gonna get made because you know it costs right now would be a twelve hour. Hours? One thousand four hundred to mine, an ounce of gold that sells for about one thousand, seven hundred and fifty there's not a lot of margin in there. There's some depending on the mine sure what is the price of gold went to a thousand and stay there, Nobody would mine anymore. Well, then, there would be no new supply for the industry that needs enterprise would go up, but big

doesn't have any that immediate people stop want, gamble on it that dinners, no there's no buyers. Yeah, I mean you, you you create Bitcoin by solving math problems, they call it mining and they won't. Mine is many if the price cuts, as I guess, but it will matter because it will be no more demand because there is no. user for four Bitcoin and made it clear that the main use case forbid Quintus homage to get rich by buying. What, if it does create, let's say goes to a thousand dollars. You think actually people would invest more money than and try to good cause. I think I'll go back up. Poor What did you stay there? I don't think so. I mean Bitcoin has had a lot of big drops right and that's what gives people confidence that well, if it drops big again, it'll come back

you're not like you- went to a hundred. Then it went back down to a dollar or something and then then it went to a thousand and it went down the two or three hundred. Then it went to twenty thousand and it went down to three thousand. Then it went to likes fifty thousand or sixty thousand it with them. Thirty thousand, when that some people here they get all of it crashes again, but you know I think at this point. You know if it had that kind of drop from this level with all the money that is cut had come in, I think about half the people at home, Bitcoin bought it this year, so most of them are probably under water. The bitcoin is probably worth less than they paid and if they bought Bitcoin at fifty sixty thousand- and it goes, five thousand or thousand, but I don't think they're gonna, be out of a lot of em, we're gonna, be forced out of their own margin, thirty wiped out, but I think the enthusiasm or what will will go away. I think the institutions

anybody who is thinking about buying it will certainly not do it. I mean once they they see that kind of drop. Does that run a really say. While you know it's not going to have that kind of drop again because you know now, it's me stream? Now you know we have you're contracts we may be heavy tee ass. We have these institutions we want a growing business. No two days of the same one day, your hiring employees, the next, your launching a website and Dale technologies. Advisers understand your challenges and our here for you with the right windows, pc and tech solutions. You can evolve your business and stop at nothing for your customers call an adviser today at eight seven, seven ask Dell a start twisted their experience with windows, eleven p m. You like me, you're someone who wants to help me, but you don't always habitat time and that's what makes sure so convenient fuel human fuel.

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calm today for details, restrictions apply what about the crypto currencies where people are saying again, I'm an uneducated here, some asking from on onest point of view. What about the crypto currencies of people saying, while these have utility it's different, their bitcoin there's something based on it, the another, some actual value, more than just a name and the hype of it in the limited calmly. What about those crypto occurrences? Now I dont think that you actually need any of these crypto currencies. I think, to the extent that you can use blockchain to do a lot of these things. You don't need decrypting currency to do it. That's just a gimmick to get people to buy new it, because the ideas of this one has you saw by it and it's gonna go way up.

That people are just using it to get rich, that that's what they're using it for and they're trying to validate this story with this new coin, because it really does it costs a lot of money to create a new coin, because every avenue value is creative. But if you can convince other people to buy what you just created, you make a lot of money on minting these coins in getting people to pay something for what really amounts to nothing. But you know that the problem is, there is actually a serious problem with the fear monetary system we have now and we are headed for a monetary crisis that that is a fact. We ve been headed for this crisis for quite some time now. In fact, you know its long overdue and I think that

this. What we see now with this explosion of consumer price increases to me is a good indication that we started the process. I knew I dont. This is not transitory. I think this is the tip of an inflationary iceberg, and it's really what I've been saying for you no more than ten years now. Maybe twenty is what I've been talking about its now happening. It's just. I didn't realize that it would take too long for the whole thing to play out because we really kicked and can down the road for many many years, but in the process all the problems have gotten so much worse than they were, and so the crisis now has to be much worse because we're unwinding a bigger problem. It's a much bigger bubble, and so, as the air comes out,

it's gonna be a lot more disruptive to the economy, but a lot of people in Crypto and Bitcoin in particular. They ve got that part right that that there is the dollar's. Gonna lose a lot of value. The feds gonna keep printing the government's bar at all this money. We have so much dead. The FED can't raise rates to fight inflation. You know they have to keep printing more money to monetize deficits, up up asset bubbles, and so the dollar is gonna, lose a lot of value over time. In fact, Things are going to lose a lot of value in a very short period of time. Freedom, Other people, you talk, you hear your grandfather and you know they could tell you what things used to cost. You know when they were yeah. your penny for your petty candy eyes, always candy for a penny. You know what I said: sort of Milton Hollan, my father go to the movies that was ten cents enough for them to do stuff was cheap right and

over time. The money is lost value. It's not that movie tickets have actually got more expensive. Insists that the money that we used to buy the ticket has gotten less valuable. So you need to give the theatre more of those depreciated pieces of paper to to buy it take and that's the same thing very well. I think we're really going to experience kind of fifty years worth of currency depreciation. In maybe five years so five years from now you'll be able to tell people caught. I remember I'm five years ago these this was only five bucks right now it's fifty dollars or whatever I think, prices are really going to go to up. The dollar is good. Take a huge shit, I think it is purchasing power and then I saw years yeah, so people need to do something to protect themselves so that the big quarters got that right, but by an bitcoin, is in the answer to that problem, because there is no guarantee

at the price of Bitcoin. Is gonna go up with inflation, because it's not. anything else? It doesn't have any actual value and nobody actually means it see. The reason that gold is an inflation hedge is because people need gold and they're gonna buy the gold and people also need we need or We all are cotton, but you can't store millions of dollars worth caught in your house, and you know but you can store millions of dollars worth of gold in issue box, and you can you that gold you can exchange that gold for cod or any other commodity. You need right. So, if is losing value and then all commodity ices arising. If you can barter one commodity for another? Well, you know that's how you can save your purchasing power. That's why? Gold, though, can be money, because people can have gold, even though they don't need it, because they can you the goal and exchange that for this

they do need, but but Bitcoin but as I said, nobody needs Bitcoin, going, doesn't have any real price relationship with any other commodity or asset so weak have lots of inflation and the price of Bitcoin could collapse. It's not enough, play, hedges, not a store value. What people who are buying Bitcoin should be doing they should be buying gold instead of Bitcoin or they can I other real assets they could by real estate. They can buy stocks, they can get out of paper and get into something tangible, something real, but they're, not their buying into something fake their buying into this pipe dream. that you know. Bitcoin is gonna, go up more than anything else, because everybody is going to run into Bitcoin to get out. the dollar to get out of the euro when they're more likely to run out a bitcoin to get into dollars or some other currency now just put out a hypothetical second, let's say that: ten years ago you saw Bitcoin when it came out. You said you know what this is

little thing, but I'm gonna, throw in five ten grand justa let it ride when it said, whatever zero fifty cents or something or dollar whatever and the sudden it's a thousand five thousand ten thousand. Let's just say you are a massive position in Bitcoin out of luck. You know maybe so again and that you just held it? And while you open your account and look at this now, let's just say you had to go three, to five reasons for a case for Bitcoin or crypto currency, and you had a really go there. What you say would be those main reasons to invest, to hold, to put more n y you about look. I told that guy that had nibs paid fifteen grand for his hundred million dollars, ether like you got a cell. Half of them I mean you know, buy now. Obviously, if I'd run anyone you know when it was worth fifty million out, given him the same advice right, you got it, you, gotta cell, so the fact that its got up so much and he has a soul daddy. But of course you know that's what gives these p

all the confidence and why can't sell, because I don't want to miss, I don't want to miss the move to two other men. Gay or gain a really right. People get there's an old Wall Street adage bulls. Make money bears make money, but pigs get slaughtered. You gotta take some profits off the table. I don't worry about it. If it keeps going up, that's ok, you still own some and you sell some keeps on you guys to take some here chips off the table. You just can't leave all your winnings at risk all the time, because then you can lose all your wings and Imagine watching your fifteen thousand go to a hundred million and then watch it go to five thousand amino us all up in smoke and unit. You didn't, sell you, so if you happen to be somebody who was very fortunate or lucky you and you bought some bitcoin or any other crypto with a very small amount of money, and you held it all the way through and now you have a lot

amount of money you got a cell saw. You got to sell significant chalk, because otherwise you risk losing all those profits. But of course you know, I feel bad telling people to sell their bit Why? Because somebody else is going to buy it and that person is gonna, get stocks or some kind of like helping to facilitating why it is not on, encouraging one person to unload is Bitcoin somebody else somebody else's gonna lose because now they're gonna buy but you know, there's no way you can get out without somebody else getting in that's the nature of this game right. It's a pyramid, positive whatever it is. I mean at the end of the day, when Bitcoin completely collapses, the money that some people made will equal the money that other people lost right, you're, just transferring money from the people who bought Bitcoin to the people's sold it. So the only winners are gonna, be the people who cash out. Everybody else is going to be a bag holder. What would happen the breakaway last summer time twenty thirty fifty years-

I hope it does the last that law, because that means a lot more people are gonna lose money, because the only way I could last that long is more and more people pile anew, wishes means the bubble, gets bigger and bigger and bigger, and then there's the law. more losses when it please I mean, there's no way is going to succeed as money. I can't do that. What's the difference between investing in Bitcoin in investing in a stock that could go down and go down to zero or die penny stocks as well yeah and a lot of people think hey. No, I say people are reason people are buying. Bitcoin is because they think it's gonna go up and they say what people do that with stocks to what I agree they do.

But in many cases their wrong for doing out of it as part of the speculative media. That defend is created where people are just buying symbols without any regard to the underlying company or its prospects as a business that speculative fever was lit by the fat and the epitome of that is crypto currencies like Bitcoin. But you have to look at what a stock it a stock is a operating business and why are you supposed to buy a stock well because want to own a piece of that business? Why own a business while because a business makes a profit and the owner gets deprived, When you buy a stock when you buy shares of stock you're not bind the entire company or just buying a small

of it? But you also get a small piece of those profits which could be used if you're talking about a fortune five hundred company, the profits, are really big and an you you're entitled Louis share those profits. So if the company pays a dividend, you get you get some of that money as the stockholder or if they dont pay dividends it they just use their income to buy them. Shares that causes the price of the shares, the go up and you own some of those share. So you have a vessel Interest in this excess of an operating company and you invest in stocks. Were you thinking Company is fairly valued, are undervalued and you're, making a bit of a bet on the future prospects of that business. Are they going to keep on earning money? Are they going to earn more money? Are they going to raise their dividends? But you know you're buying actual big. So it's not about going up right, I can buy stock in a company and it never to go up if they pay me a dividend every year the dividend is a good return,

Maybe a stock pays a seven eight percent dividend. That's a nice return on your investment I'd every year to get that cash flow so be quiet, on the other hand, you're not buying into anything you're just buying that digital token. That token doesn't just earnings that it can share with you. You just sits there on the blockchain and you we pass at around, but it does it do anything So the only way you can make money on a bitcoin is if somebody else buys it from you at a higher price. That's not the case with stocks and of course nobody has to buy the sock because the company combined, back its own shares with the income that it has now? Let's say you buy a stock company that doesn't have any income. Well, that's too, company may go to. Zero is very speculative. Now, maybe buying a stock that early on you know they ve been around for a little bit.

they're, losing money now, but you think that in future they start making money that it is going to take a little time. Well, maybe that better pay off, but if it never makes any honey and eventually goes bankrupt and you didn't sell you ve lost all your money right. The same way, you can lose all your money in Bitcoin, but the differences with Bitcoin you're sure you're guarantee to lose all your money, if you, if you don't get out, but when you buy the stock. You still you may not, because you may be right. That company may in fact succeed generate profits, paid dividends and beer out, but there is not is very different. then Bitcoin whatever people say what real estate people by rules take us. They think it's gonna go up right, but they also collect rent. You have a piece, a real state your ran it out. You don't have to go up. You just collect your red cash flows, you make money, you know or you by real estate, for your personal use, you own a piece of property. Now you don't have to pay. Somebody else. Rent I own, this property is mine. I can develop bid, I can do

far made. I get my whatever I want it. We use it for I can use its property, does not have that has utility and has value. I mean you need shelter he's a place to live, but again I said nobody needs Bitcoin framing, except for two to try to make more money. If that's what, The deal well yeah I mean, but you who could hold out with Eddie them right is at its height machine based on your year perspective. I'm curious! You now you you talk about border. I know you This and the people that are talking about Bitcoin all the time have a vested interest in it because they have a lot of their money in it and they wanted to keep going up. I know you ve got a lot of vested in gold and so something you talk about a lot. But what do you think the future is for cryptic currencies in the next? I guess five to ten years, then do you think again, the last ten years it keeps kind of growing it, seems to be with a lotta ups and downs, but where do you think the next five to ten years are with the economy?

dollar really losing its value? Ma am here you say in the next five years. Yet look at you know. Obviously more money can be suckered into this ball. I mean who am I to say that they cannot succeed in growing the bubble bigger. I may look how big the overall bubble is grown in how many years they ve kick the can down the road. Yo, I don't know you know, I mean there's a good chance that we're nearing the end of it now that it's already so crazy with excitement that does already so many people in it. That's a trade is already so crowded that there's little upside left. In fact no Bitcoin is lower today than it was in, I think, in April of this year, so you know Why has it got up with all this high all this advertising, you watch and network like CNBC every other add as a Bitcoin crypto out I mean it's nonstop really the network,

in order to go on the network you're pretty much chapter, professor love, Bitcoin, everybody loves Bitcoin, all the anchors, everybody loves it, even though they also love the FED. They love Bitcoin too, because you know their advertisers. They want to appease the advertising they won't even let your unless you know our positive on big point and then another bring it on these shells that are working in crypto current companies and our own always Bitcoin and they ll say well. What do you think of Bitcoin today I mean: should people sell it, of course Everything is great. They they they bring These guys are like their objective, but they have a huge vested interest in in propping up Bitcoin, because their entire livelihood is depended on Bitcoin, rising so they need people who keep buying it. So there never gonna be objective. It's always like yeah can go up the word about its great bye. Bye. Now some people, civil Peter. You say the same thing about call right: you need you need people by go, no oil,

we're going to go up whether I convince people abide or not made the goma, It is so big. I have actually no ability to influence it where's encrypted crypto small enough that person we did whose employers yeah yeah, I mean you, know you're not going to have an effect on gold. You know by tweeting about it, like you know like big, but and I don't need a bit All this, a small part of what I advocate. People do I mean, I think, also goes store. Value is a good place to keep your savings if you dont have a better use for it, but it's not an investment now. I think right now call this underpriced, so I think in a way it it's it's. It's got features of an investment now be I think it's really cheap, because the market- and this is ironic when it comes to goal because we're getting all this inflation or at least people are seeing all the inflation we're all talking about inflation, because groceries are getting more expensive energy.

Everything is going away out of it, and and and people are saying, but looking goal, coal. Is going down we're having always inflation and goals going down. It must not be an inflation hedge anymore and what people? get is a gold twenty years Go was under three hundred hours now, so it's it's. It's got up a lot when supposed had no inflation. We actually had. Inflation is just that we weren't talking about it, but is hurting gold now is Traders are making a bad bet. You have highly leverage traders who control a lot of money. They are convinced that when the FED Titans monetary policy, when it ends cutie and starts raising rates to fight inflation, this Can I heard gold because historically, when the FED is raising rates, it could be bad for goal, The is not going to raise rates nearly enough to hurt gold. In fact, this backing to raise them enough to bend the inflation car.

they're, not really going to fight inflation, they're, just pretending they are going to fight inflation. They may name they may never even get into the ring right? They they damages concede the fight, without even you know getting involved, but it do get in a ring. They're gonna get knocked out by inflation, because violation is already double digit. If you measure it honestly, but even with the governments in oh God, doctored up sepia, I you know seven percent inflation. You can't fight seven percent inflation with one point: interest rates. If we can get that high, you need much higher interest rates and that too, to make a difference and the just can't go there because of its monetary mistakes of the past, its the whole nation so leverage up on debt, the federal government's national debts. Almost thirty. Truly we just passed twenty nine trillion. I think I remember like the Eightys and Ninetys hearing like I was at a trillion, are two trillion or something like bag. It, and I can remember, yeah

for it. First broke a trillion around nineteen eighty when we elected Ronald Reagan, so its thirty times greater than that, but right now that the costs to the government of the interest expense other national. That is really about one percent. That's it the average cost. Well. What? If the FED had to raise interest rates to five percent that the national debt, you know what the cost would explode, because we have to refinance all that because it's all short term paper, somebody like a third of the debt in a mature in the next year, and a lot of that that that that's maturing is that twenty five basis points you know like a quarter

one percent, what if it matured and then they had to roll it over at five percent. I mean that the cost of the government is astronomical. He doesn't have the money, but also corporations have tremendous amount of debt they issued debt to buy back stock individuals have debt, they borrowed money. To buy homes to buy cars, to buy all kinds of crap on their credit cards would happens when interest rates go up, so nobody could afford the type of interest rates that would be necessary to actually reign in this kind of invasion. That's what people just haven't connected those dots, yet they just assume that defend could raise interest rates a little bit and ask it to solve the problem. It wants. No problem it'll actually unleash an even bigger problem, which is why the feds really not going to do anything and inflation is just going to keep getting worse

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single, centralized workplace in its made it so much easier to manage and oversee, are growing and mainly remote team and set up systems that best support and streamline the workflow of every greatness team. Member Monday dotcom work. O S is how effective teams meet their goals. If you manage a team visit Monday dot com, slash podcast for your free, too weak trial, that's my dark com, slash podcast, we are free to weak. Because, if the FED could fight inflation, they would have already done it. They wouldn't have been lying in pretending it didn't exist or claiming it was transitory. They would have taken some pre emptive action before I got this bad The reason they did it is because they were afraid of the collateral damage to the economy. Well, if they didn't, on a fight inflation earlier when it was smaller, because they were afraid it would hurt the hobby they're not going too far the future when it's even bigger and fighting it

would do even more damage to the economy, so they're all talk right. There they're all bark and no binding when it comes to inflation fight again, when the markets figure that out. Then goals gonna go ballistic because people are going to realise that the dollars a bottomless pit What are the three other? Would you say, wise investments other than gold that people should be making in the next one to three years and not not not crypto, not gold? What would you say this three? Otherwise,

well, what I think is really gonna be happening over the next several years, as this plays out is the? U S dollar, which is now the primary reserve currency for the world. The Eu Us dollar is gonna, be phased out of that role, and you have to understand how vital that role is to the american way of life today, because once upon a time in America, we manufacture pretty much everything we consumed. In fact, we manufacture so much that we had extra and we were the world's biggest exporter of manufactured goods. All sorts of good consumer electronics, like all this stuff, that's now made in Japan, are made in Germany are made in China. We

it all that stuff here ourselves, we don't do that anymore. We did we we we don't make much relatives what we consume. And how do we do that right? How do we get to by all this stuff that we did make? Well, we get to print money which is easy to do right, just crank it off a printing press in fact defend those nets printed. It just you know, conjures into existence just on a computer. Just

makes up some dollars and, and then we use those two by all the stuff we didn't make and that enables Americans to really live a standard of living that is unrelated to our actual productivity were living way beyond our means and obviously that's fun. We get to consume a lot of stuff that we didn't have to make. Making stuff requires resources, land, labour capital. We get the stuff without the resources. So we get to do other stuff, like a lot of people, are involved in services right instead of having to work in a factory make stuff we we do so services and things like that, because other people are making the stuff. Fourth, we don't have to deal with. The factories will have to deal with the pollution right. We just get all the good stuff. We don't have any the bad stuff. We know we leave all that to the Chinese. Well

the Chinese are willing to work really hard to produce goods for Americans to consume, because they have confidence in the dollars at their receiving. In exchange that, in the future, they'll be able to take these dollars and and buy stuff. The day and in the meantime, Del Investment, our treasuries or other assets? but when they really lose confidence in the future value the dollar, because we're just praying to many of the dollars in a class and then the price of all this stuff is going to skyrocket. What's going to happen, is the IMF and standard of living is going to drop precipitously because we're not going to be able to live beyond our means anymore? We're going to now be restricted to living within our means, or maybe even beneath our meets, because we have to pay off a lot of debt so Americans are going to be able to consume only what Can produce there were run. billion dollar month trade deficit, we're gonna have to balance the books and produce, so we can catch

also, we ve been able to borrow a lot of money from foreigners. That's not going to happen anymore, Americans are gonna, have to go from a nation of spenders to a name. Of savers, but when you do that an economy built on profligate spending is gonna, call right. Seventy percent of our gdp we're all spending. But what? If we stop spending and start saving again, which is what we need to do well, that whole phony economy comes collapsing down. So there's gonna, be there. Transition, but when the dollar goes down, that means that other currencies by definition are going up against at all. and so, as Americans are losing purchasing power, other people are gaining depend power that we lost, so the work the still going to continue to produce goods. It's just instead of Americans consuming those goods, not Americans, Wilkins because for them the prices will be going down for Americans surprised we'll be going up, and this

with assets as in Amerika stocks real estate, we'll be marked down. assets in other countries in relation to our assets will be marked up. America's gonna become poorer as a nation what countries are gonna become richer and in fact America has a major burden that the global economy has had to bear because work, three hundred plus million Americans we're not pulling our wait right. The world has to carry our water, they ve had to produce the stuff, that. We consume the money that we borrow means they have less to consume themselves and they had less savings to invest in their own economies because they ve been in six hours or lonely does so with a doll crashes, and people are no longer hoarding dollars and treasuries. The goal we'll economy could really improve. Certain countries will really benefit from that burden being lifted from its shoulder, so in future

What I'm doing myself and what I'm encouraging my clients is. I want to invest in countries that have the most to gain from America's loss. I want to own currencies that have the most upside potential against the dollar. I on assets and businesses that are going to benefit from where Fear, not american customers. Having increase purchasing power just like it, point. America was a young country and a relatively poor country and over them where's, the nineteenth century and early twentieth century became very rare. If you invested in America. Eighteen sixty eighteen seventy eight! I you made it money as we rose to become this major power. I want to invest in countries that are going to see a a large increase in the relative wealth, so if any of your listeners right, if you want to construct a portfolio that will do well in we know, if what I'm saying comes up,

ass, where we have stagflation you as weak, dollar dollar loses its reserves. That, as you know, we go through is my portfolio we'll do extremely well. If you look at the last decade, that was Lord. To what we're going to experience, but this can be worse, it was a nineteen seventies, and with a nineteen, seventy started, an ounce of was thirty five hours, by the time it ended. It was eight hundred fifty, with three dollars a barrel, it went the thirty in in nice in seventy. You could buy. Or german marks for the dollar. By the end of the decade, maybe one and a half this was I was about twenty three cents, knowing beginning the seventies. It got up to eighty says by the council, all these currencies went up. The gene but he's young used to get three hundred and sixty and the dollar in nineteen. Seventy. you don't. You know I don't get a hundred, but I think it got to maybe one thirty one, forty one, fifty in nineteen eighty but huge drop it

people invested in commodities in for stocks during the Kay the seventies. They made a lot of money state in: U s thoughts, they lost money. If they stayed in response, they lost even more money. I had so. I think what we're going periods in this decade is going, far worse. Financially than nineteen seventies, Americans, who remain invested dollar job at assets, but if you get it, of the dollar and invest in Ashley like what I'm doing get into foreign stocks getting commodities. I think you'll make even more money in this decade than the Americans made? Who did that in the seventies, because, if you understood the sixties due to problems nineteen seventies had their roots in all the money we printed in the nineties, sixties, to fund big government to fund deficits. The war poverty, great society programmes, the Adam work owing to the moon. The garments spending a lot of money start running

ever since the FED printed money and then the Seventys, and now we kept printing it. It wasn't. It'll vulgar came in with a note in the eighties that we actually kind of monetary policy The problem is, we can't do that now, because we have so much more debt. Now, though, we had then, as financed with short term paper, don't have the ability to swallow the bitter tasting medicine that we swallow then being this time it would kill us we'd actually die from that from that that the medicines will be like a toxin. there's nothing! We can do so. If you stand that the inflation has been created in the prior decade and that we're still creating is worth it. thing from the six years for seventies and what happened was united, everyone. We went off the gold standard and that's what really accelerated it well This time the world's gonna go off the dollar standard and that's gonna, be even worse, the dollar than going off. The gold standard was, and so people need, now. You know because you can't be too late. I mean you're. Gonna have to be

early and obviously I've been very early guess. I've been prepared for a long time, but it's better ten years early than one day late. If your day late, then you're done now. I don't think be ten years early? If you started now, because I think it's very unlikely We can get away with ten. More years can kicking You should already see the signs and everything is imploding right, and how do you manage the investors with a big believers and Bitcoin Crypto says who are telling you you know, I appear the sounds great, but you're wrong, cause I'm seeing this growth over here a lot of money or looks like a lot of money on paper had it. How do you manage those conversations while I dont really manage, I mean for

some are just a lost cause. I mean they're just going to learn the hard way. A lot of these crypto people are very young and because they're very young, they don't really have a lot of money at risk. Cuz they didn't have time to earn a lot of money. You know the best time to lose. A lot of money is when you're young cuz, you have a lifetime to earn. act and the experience in and of itself has lotta value because it may help you avoid making a bigger mistake in the future with even more money right, so it so it's it's a life lesson. It say it's a growing pains learning experience. You know, that's where wisdom from like all these young people that have been quietly, they make fun of me. They call me boomer right up, I'm old, I dont get it, I'm not with it they realize it that guy used to be my twenty two? I understand you know how you think you know everything when you're a kid and using the parents and grandparents are fools because they don't know the new stuff

but as you get older, you appreciate just how much your parents knew your grandparents, though I mean this, is this is natural, is. Is this then gone on. Probably for thousands of years I mean I'm sure you know there is a twenty something cave and I thought, as is old man, you Know- did understand the new clubs and how they work there would have Rita, and he was so that that they're gonna learn the law. Then and now, but there are some people who Our older, who have put a considerable amount of their retirement savings in new be quiet or other assets and that's going to be a real unfortunate situation. because there are losing a lot more money and they don't have wife, I'm ahead of them, make it back. They already spent alive I'm earning it, and now they blew it. So that's gonna be the biggest problem that they all people who went in over their head now,

they always gambled with a small amount if they took a two percent? Five percent? Ok, you know blow Ashura, you know key threats, But my concern is that people just took too big a position, never took any profits off the table. some of them even leverage their positions and took on debt, and so there walk away with nothing? so, but I can't Indeed, it is frustrating. Sometimes I mean I've lost some clients along the way. Fortunately, now that many were there like nominate put it all in Bitcoin. Unlike you know, I try to talk him out of it. It's like. Can public service I'm trying to do the right thing in and keep people making a mistake ass along. If you want to buy a little bit of it will give your eyes they if you're right, to really get to go up this much. You don't need to have the much money and a little bit of long way. I mean yeah, but now they get too greedy, they weren't they. They were, they were more. There was war, had the oven

do you have any money and Mary Crypto currencies, or did you now through the on and a little bit now I've I've never bought any. I mean it's not like you know a brand about them and obviously I wish I bought some biggest I've. Gotta sold it made money, but you know that the other thing you never know it's very easy for me to save us when I first heard about because it was really cheap. I mean relative to where it is now right I mean not cheap in absolute terms, I mean if it was ten box. When I heard about I mean it was ten bucks for nothing, at least that's how I looked at it back then, but yeah if but let's at a bar with sad through ten grand in or maybe I even did fifty grand or a hundred grand amount of other done something that crazy. I certainly could a throne five or ten grand at it like you know no problem, I had the hundred grand, but I would have thought you'd I want to put a hundred grand and that we need better. Look. I put hundred grand and other things at went as Europe mean I've. I've done speculative things, yes Could it be that you know I'm the only, coin I ever got was given to me

What's that maybe, if I had a lot of it, I would have taken care of it? Wasn't that much I like a third of a bitcoin bye. Bye argued, I I I in a wallet that someone set up for me and they only they gave me was a pit had this for letter pin, but I didn't know what that actual seed frayed was or the password and so the guy that set up for me didn't remembered either nobody down and love it is my wallet one days at all. You know we did some kind of refresh your pen does work anymore. So we need new mass whereby what we're. All I know is a bit by bit well, I everything I always got. Fortunately, with it appears to me that what you ve you been for while you ve got a lot of wisdom and around money around investing give you have made a lie: evil you ve lost. Some speculations sounds like

What are the new bit around a lot of wealthy people? You ve been around of wealthy people who sustain their wealth decade after decorated you'd been around wealthy people who, for we lost their wealth, I'm assuming as well from decisions Sancho real of got, have made their wealth lost. Our wealth then made it back. It's like and I'm curious. What are the key differences in your mind between a rich mindset and a poor mindset? Well, I think the people I mean I forget about crypto rich, I mean there are people, it just got lucky right. Some of the data really do a lot of work. Eight date they took a flyer and even though they bought something that is ultimately gonna go to zero. Other people made the same mistake. They did so

They are there. Now they ve got all this money on paper, but as far as people are getting rich, you know the old fashioned way in a word. You you earn you, you earn it. I mean those people are hard workers state that they they persevere, they they are not afraid to fail and and and learn from our mistakes and and keep on trying and overcome adversity. It. A success in general, doesn't come easy admitted. It takes a lot of work. You know you have to believe in yourself at the bleeding. What you're doing you have to be committed to what you're doing it ought to be to be tenacious, and you know you gotta have a positive attitude.

About what you're doing, if you, if you put your mind to it, and you work hard, you can succeed, I mean you know. It's certainly harder. I think, to succeed today, given the obstacles that exist for most people, you know because of government regulations and taxation. We don't have his vibrant economy. That is as easy to succeed. but in some ways in certain areas, if you're in the rice sector is easier than ever, look at all these millionaires, billionaires in the tax base NOME or social media. Whatever crypto they ve come up with. I as it don't even work where they ve got businesses that have never even made a profit, but they ve been able to get rich suffering people into giving the money to buy their stock. So for certain people. Success has never been easier because you can succeed, even though you don't really deserve any more. You haven't produced anything a value, but the majority of people

So it is only so much room at that table right you for it. For that sure the vast majority of people you know, really have a much more difficult time succeeding. Then my generation did and an end even better, like my father, my grandfather's generation in this country, where it really was a lot more economic freedom. The government was just not in your way right. You just you had a clear path to success. Without the government micromanaging everything you did and and layering on all these additional levels of cost that you would need to overcome before you could succeed, but you didn't have all these government imposed barriers, but for the people that can get a seat at the table, the rewards phenomenal show you get so much reward with so little effort and people are starting businesses and within a few years of starting them, they ve got.

Billion dollar evaluations, they only made any money, but some out yes, this business that you just started is worth two billion dollars. It's like we do anything and what this is all part of the bubble right and this is going to end in scan it. Just like you know the dot com bubble, how many people got rich in the late nineteenth. Ninety starting companies that went bank They never made a profit, but they made a hell of a lot of money for themselves where they make money of the. you start a business and you never made a profit you made a ton of money off that business. Haven't you make the money? If you did make a profit? Well, you you! May because you passed out, you got people to buy into your business despite the fact that it was losing money So the people who made money on these dot com companies that went bankrupt is because they convinced the problem. to buy into their cockamamie idea, and why did the poor by these companies that didn't make any body because they thought the stock price would keep going up. They were gambling

They were doing just what the people buying the crypto is are doing now. the people are going to make money offer. This are the ones who are selling all the crap, the ones that are clear, The coins and dumping, the ones that are making the end of cheese and selling them poor by these entities that are not make any money. They're gonna lose a bunch of money. But if you want to make money in enough tease, you can them, and then you sell them because it does take a lot of effort to create one and you can get it a value because some full thinks solid and the future, don't even greater for who pay even higher price. What our three things you wish people understood more about money, in general, rule number one. They need to understand what it is and what is my biggest money is not just a piece of paper not money. I mean money has its roots in border. We make thousands of decisions every single day, big decisions, time decisions and body

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so before man invented money and money is an invention. I'd money is just not in a natural thing: so before we invented money, we traded with one another and There is a new traded. Obviously, is people specialise in certain things? Let's say you know a basket weaver and I just we ve baskets all day and because I do nothing but weaving baskets, I'm pretty damn good at I make nice baskets right, but I dont know how to make shoes. I don't know but there's another guy who's, the shoemaker and just make shoes, and he makes really nice shoots well. What I can do is I can take my baskets and and trade him for a parachute which is great unless what if he doesn't need a basket? How my again issues. I got his baskets right. He doesn't want my basket some find a shoemaker who wants who wants my basket? So it's it's! It's not that efficient, but what happened was people. This fact

now, but hey. There are some commodities that everybody will take that and that commodity could be money. So stead of trading. My baskets for shoes, I I I sell my baskets for money, but money to be another commodity. So, let's say money what a good money is gold right, because people use goal there could be. Minor, whose mining some gold right, but that gold, even oh the shoemaker, does it need the goal. He knows that he could traded right for somebody else. Even better example is cigarettes being used. As me The g eyes were using. Cigarettes is money in Europe after the Second World WAR, but in prisons furlough that the press, there's? U cigarettes for money now, I are cigarettes money well, because people smoke you smoke, you need a cigarette and this as you know, they're all pretty much.

The same one cigarette. You know you know you, can you can exchange but not everybody, smokes right what a farm in prison- and I don't smell- What good are cigarettes to me out of smoke, but there are people are due smoke and since some people smoke, I know well, need to cigarettes myself, but somebody else will so I can still take those cigarettes because I can trade em You know when somebody else will take them, even if they don't need them the only reason that anybody will take is because somebody smokes right of your prison without a single smoker. The cigarettes are worthless somewhat Gotta want to smoke at least enough. People have to be smoke, or so, there's people that are going to use gold in jewellery and electronics. So what money is is the most liquid com it's a commodity, that's the easiest to trade, because other things have been money besides goal, but

as is, if I give you a basket for a pair of shoes right, you gave me a pair of shoes. I gave you a basket, we we exchanged value for value, and it took time for me to produce my baskets. It took the time to make the shoes and you know we swat well. If I give you gold for your shoes, I've, given you a real commodity, but he had a my neck old. Get it out of the ground, took make it into a coin, now, I'm giving you something of value and you're, giving me something of value so that that's my it's it's a commodity, that's the most liquid and the most readily exchanged for another commodity, because when you're bartering, you have to want the thing that the other person has to trade The jury of money. Is you don't have to want it? You know you you, you just you're going to be able to achieve

Yet with somebody else right, son, but and so then we got currency. Here's where currency came along, I took my gold, my money and I went to a blacksmith and the blacksmith kept my golden vault and he gave me a piece of paper. That said, you know I o Peter shift. You know announce a goal and we I gotta for you, my safe red eye, this piece of paper that synthetic titles. Bear to go to that blacksmith and get the answer goal so now, if this is a reputable blacksmith, I'm in town and but he knows his notes. They know what they look like. They know we as they recognizes signature right eye. He'd say how what to buy something. I don't actually have my gold it's down at the blacksmith, but here's the I owe you for the gold we take that may well, ok, yeah! So now that piece of paper starts to circulate as a substitute for money. It's not. The actual

It's a piece of paper, but it represents that money, because whoever bears that piece of paper can go to that blacksmith and get the gold. She said, no one feels like going down there. You know, maybe it's it's. It's a long horse ride to get over there. You know she added screw it I'll, just leave it there and obvious useless piece of paper gets. We trust this guy he's a reputable and so that that's that's courtesy. I because currency is a money substitute that derives its value for the money that backs up now. Go Whence eventually did the same thing. Governments that here we ve got gold here and what we're gonna do is issue currency back by gold. If you get early federal reserve notes, they say paid to the baron demand ten dollars, Goal Twite our go right. They were. I owe you, four goal there. They were we're Federal Reserve notes. They would say this note is renewable and lawful money at any Federal Reserve Bank even I would say, ten dollars on it, it did, it said payable on demand ten dollars in gold, so that that

No, it wasn't ten dollars. It was a that entitled you two ten dollars. Was ten hours. It was gold, it was a specific Mount a goal that number held on deposit, so the currency was a substitute for money. now eventually what happened is we re defaulted first gradually, first with Roosevelt and therewith Nixon, But- gradually took the real money away from the currency. and so now we have currency, that's not backed by any real money. That's call, theocracy. Fear is just by decree right what game Real currency value was the money that backed it up. The goal But what gives fear monetary value? Just confidence now part it gives it value is, as I said earlier, the government makes it legal, under says you have to accept it. Demands it and payment of taxes, sure We all need money to pay taxes.

Its value. My father used to give me this example of how to describe that. He said you know what it there's a, you know when every sagey impeach up but but then he says you know what, if you give me five dollars I'll give you this piece of paper that says you know, I won't beat you up. and so, when I see you, you just better have that piece of paper show it to me and if you got my my note. Our I'll leave you alone right wall was son. That piece of paper has value because of you. a piece of paper. This boy's document kicked crap body so that now you know you maybe you could circulate. You can sell that someone else who can be gone, pay outside this piece of paper because of you don't have this piece of paper, this guy's gonna. Kick your ass all right! I need that piece of paper right now that piece of shit as because I I avoided asking right, because because I've got I've got the paper space where the government hate. You know you don't want to, jail. You better have these factors are a piece of paper, and every year you know you got to pay taxes in this. What we want, we don't

anything else right, so that gives it Oh you, but again would also gives it value is that everybody is using it every place. I go. I mean anything if I want something I can buy with dollars, Now that doesn't mean I'm always can be able to buy things with dollars. I mean paper currencies collapse, all the they go to zero. They I mean there hasn't been a fear currency that survived. I mean we here. Government started issuing these hundreds in years, I mean as soon as they developed a printing press right. You had governments coming up with this crap right, but before they did that, you know they had to find other ways to the base. The money, in fact that's where the word debasement, comes from biggest liked, or go back to Rome right in Rome. They used gold is money. Read the dinner was was goal. What what? What? What happened? When the Rome expanded right, they built up the welfare state you know with the circus, says, Brandon Circus and all that, and they

bandit their military empire, they didn't have the money to pay for so what do they do? They made their gold coins, but they stuck like copper, the middle, so they based the currency by putting base metals in with the precious metal, and so they created to many coins right. So they had a lot of inflation in Rome, even though they didn't have a for press because they expanded the monies well. That's where the word inflate comes from to spend the money supply they did that making coins at a base. Metals instead of gold, but they are, they tried to All people because they put the gold on the outside you know, but once paper came along, always so much easier to counterfeit. That right has come up with some paper, but history is littered with examples of paper currents. Is that of God zero I mean they ve all got zero right now! Oh you know the world is on this fear standard that really began in earnest and nineteen. Seventy one we ve got this global experiment in fee occurs.

But out. Everything is an experiment, because in an experiment you don't know how it's going to end. We know this is how this is going to end its gonna end in disaster. We just don't know when, but we know it's gonna happen because it's always happened. We haven't reinvented the laws of economic, some units. Are you keep printed paper and eventually it has no value, and the problem is when you give a government, a printing press, it's gonna use it. I mean we know that I mean specially and democracy where the they want governments to be Santa Claus. They want to give people something for nothing like look at what the government is promising now in the new the bill back, your bill. What's in their free preschool, everybody gets to send their kids to preschool done costs anything. It's all gonna be free. All that's great! I what else everybody can have paid. Leave you get a month off with ninety said: pay all you gotta do is say that you know you're taking care of sick buddy. You know

whatever and you get you get it you get a month off at ninety percent of pay. That's great a you know who does it want to take a month off every summer? You know all this. Free what words of money going to come from the pay for all this, because the governed and have any money, the government only has what it takes. So for the government can give one person money it s taken away from somebody else, but they're not raising taxes and meet there. about raising taxes on the billionaire's. There's a day, there's not that many billionaires and they're not gonna pay a lot attacks. It they're, gonna they're, going to avoid the taxes, and they're not even raising them that substantially compared to the spending. There is a huge gap there, so where's a gun get to get the money, the feds going to print it, and just because the government Prince Money and gives it to you doesn't mean it's free. because what it does is destroys the value of the money that already have you so you're back, We're getting your own mother, you just don't realize it because they govern destroying the values a let's I have you know

a hundred dollars and the government prince up ten, dollars and gives me that ten dollars, while the hundred dollars I had before, is only worth ninety now. So I I've just right back where I started. generally in the process. They destroy some value, so maybe they give me ten dollars, but A hundred dollars is worth eighty, and so now I got the equivalent of ninety. Even though A hundred and can it spends like the American really getting poor as the government is taking credit for making me richer because of inflation, yet inflation is a government silent partner. I mean inflation is always a function of government. Government creates inflation, They try to blame other people greedy this, This man are raising their prices right there gouging know they're, not in fact you don't. We got to the producer price index came out tonight and Euro rear its up nine point: six percent, that's a record since they have been given to the producer price index. What has not yet that's wholesale prices. That's the prices that businesses their their costs,

that is, the biggest euro rear increase, since they ve been keeping track. My really sure when they started, but that the biggest one but Super price index. Over the same time. Period is up six point: eight percent. That means that businesses aren't gouging their customers. The customers were gouging the businesses that businesses absorbing a good shot. of the inflation themselves, they have and pass it on. Yet I think you're going but government always wants to blame the public for inflation. your greedy you're spending too much or so Why shortage is all you others, not enough supply yeah when you print too much neither is never enough supply because the governor imprint. All the money was so think about the the lunacy of our covered policy and forgetting about you know they, the efficacy of the lock gowns and whether or not that the threat of covert as a health threat was as big as it was made out to be just forget about them

we'll talk about this, the economics of it right. So the government's response, the cove. It was ok neither shut the economy down every need the lock down. People need to stay at home, don't go to work because we don't want need a risk. Getting sag or infecting at him ever buy, so everybody stay home. Stop working right this codification at all, right. Well, if we're gonna do that, what do we need to do? Well, we need to stop spending money because you know we're not earning we're, not working so we gotta, like really cut back on stop. We gotta economise but the governments are not enough. We want you to go home, stop working, but don't stop spending keep on spending, as if you stop a job and in fact we're going to send you the money that you use on and in full. Working to send you more money so go home and don't go to work and working to send twice as much money as we were setting you when you had a job, By the way you have to pay rent either while you're on lockdown, because that would be unfair, so you

spend that money to oh and by the way, you're not to make payments student loans. No interest, no principle. So you got Just go shopping. Just stay at home, go on Amazon and bye, bye, bye! That's what we people to do, but we making anything people aren't working, see you go to work. You earn money because you can play to society. You are helping to use goods and services and as a result of your effort, you get paid money so that You can buy some of them. And services that you help produce but if you just sit at homo your couch and up on line- and you didn't go to work and do anything you're getting money to buy stuff, but you did nothing to make to stuff. So there's no stuff, there can't by what has been made so geniuses are now shock that there's a apply shortage. Oh no, they could have predicted this. Oh, of course predicted it on my part. Guess I set it in March twenty twenty. This is,

fallacious area event. People talk of deflation, don't don't talk about we are flooding the economy with money as we're stopping the production of stuff, we have less thought and more money to buy stuff, pricing to go up. That's why our trade deficits are exploding. Because we're buying stuff that people are making in other countries. So we have these record trade deficit. Look at these ships that we can't even process the stuff We don't even have the capacity to unloaded, there's so much stuff come in so pray These are going up. Shipping this the disaster- but this was obvious mean anyway so my pockets knew exactly that. This was gonna happen. It wasn't a surprise, but now the FED is trust. Claim it's the shortages that are the reason a price are going up. No is because everybody has always extra money if the FED did the right thing during Cove it nobody would have got an extra money to spend so yeah. We would have had less staff.

But we would have had less demand for the stuff. So so the rest, that prices are going up with the supply shortages is because the gun Did the wrong thing created more money actually, FED should have done was shrunk to money supply the Federalist said: oh, there is less economic activity. production. We need less money, you know We need the supply of money to go down with the supply of stuff. That's what a rational cause you be. They did opposite and, in fact, if you go back to the origins of the Federal Reserve. Nineteen. Thirteen when it came about the reason we have a feller reserve, the main rationale they said we need the FED, so that will have an elastic money supply and what they met. that was a money supply that grew when the economy expanded and then contracted when the economy contraction. Had a record contraction after cove it we should have had a huge country actually the body supply but of course, defended want to do that because they have all these asked

bubbles. They have a prop up. It's all. The whole economy is so grew up. That defend can't afford to do the right thing. So it keeps doing the wrong thing, but that really accelerated this explosion of prices. But you can't just blame a supply shortage the biggest stuff has to be produced. Only lets say the government just printed up a million dollars and gave everybody a million dollars right let's say: all these newfound millionaires decided they wanted to buy. You know a ferrari, you know what their money or MOSS writer Lamborghini whatever and now the Lamborghini factory in ITALY gets in order. from every American that wants to Lamborghini and it's like what What are you going to do want me to Jack the price way up, because I can only make what I do, how many make a year? One hundred right, I mean there's only there's a limit. They make it by hand, they just can't mass produce them. So, what's going to have to happen, he's gonna, skyrocket, right as it is because they are. This is terrible. There is a shortage of lamborghinis.

But it can have what, of course, every We can have what that's the point. That's what pricing is trying to do, you print a lot of money, you're just going to make lamborghinis more expensive, but then you can't blame the increase in the prices as well as a shortage of lamborghinis course not theirs. surplus of money, that's the problem. So rice has to go up, and so that's what but again they were pretty lawless money or try to blame it on supply its demand. That is the problem the demand is coming from excess money for it. You ve written a number of books on the market crashes and what's happening in history and what predictions you ve made with crashed and things like that when there is this much inflation, when I think of seven percent to close a seven percent, does that mean a crash is coming or ha? What does that actually mean? And how do we? How shall we be thinking about unfair?

in preparing for something potentially future that happened. Yet what is a crash in the value of money and be my first book and obviously the word crashes Cotta made its way in a lot of my books, but my first book was called: crashed proof had a profit from the coming economic collapse and I wrote that book in two thousand and five, two thousand and six it came out in early two thousand and seven as what I prefer the crash right and in fact, when I started the book, I almost wrote specifically about the housing Babo. I was I was gonna right because the housing bubble was so big so you know I I I I wrote about the housing bubble, a lot you know I I I help set up a hedge fund, a short the subprime Margaret I was trying to get my clients. A short subprime, I, when I was

can see one of my early talks. I went to this western regional mortgage bankers Conference and you can see that Youtube video Scott about half a million views. Now that was from two thousand and six and the main reason I even went to that conference. Although I got the year before, but the memories, I came back was because they gave me a room where I could explain the hedge fund, a short subprime, because I thought some of these mortgage bankers no work, because I basely told telling them that within a year to two I'll be out of work that they might want a hedge, their occupation. by putting a little money on the don't pass line, and I was explaining how subprime was going to collapse and here's how you can make money on it and you're that you know later became the topic of a of a book and then a movie right, the big short, but I was out there talking about that trade long before the movie. I was trying to encourage people to get short in that when I wrote the book

crash proof. I decided to basically make real estate one chapter of the book. I want to write a broader book on the problems in the economy, not just a problems in the real estate market, but the premise that I had laid out in my first book- and then I had to you- know reiterate that in later book, the real crash. What I saw what I wrote back then in two thousand and five or six, I said ok defenders inflated this housing bubble. The entire economy rests on the foundation of this bubble The housing bubble was a function of artificially low interest rates, government guaranteed mortgages. The moral has Fanny, Freddy Defend, is kept interest rates artificially low. That's that's fuel this bubble in an and as a result of the appraisals, bad. You know the rating agencies, I mean everybody's asleep, the switch they're all drunk on government Kool aid and when

they prices fall as can be disaster right. I said banks are going to fail. A fanny friend, you're gonna go bankrupt. I mean pretty much it happened in two thousand and eight. I laid that out right in the years preceding it, both on repeated appearances on news networks in my book. I knew this cry. This was caught. It then, what I when I wrote in my book you what I said was that after the real estate bubble pop real, say price and we're gonna, crass thirty to fifty percent, I wrote we'd have ten percent unemployment trillion dollar deficits the worst recession since the great depression, you know check, check, check. All that has happened, then I wrote that in response to that defend was, slash interest rates and print a bunch of money. Now: that's what they did they Call the queue I didn't know what they were going to call it, but I knew they really do before they get it, ok so after this bottle pops they're going to try to reach, the bubbles are going to print all this money and because of that

we're going to have a dollar crash. That is the only that I got wrong. I don't think I got it wrong. I think I was way early, because I thought that they were going to try to reflate the bubble in real estate and reflect the bubble in stocks. didn't think they would succeed? I assume that they would fail. I was wrong, they actually be. up and even bigger bubble than the one that popped in two thousand and eight, but I don't think there's any way that they can inflated bigger bubble than the one we got now and when this one pops there done Babo blowing, so we're gonna get the dollar crash that I've. Ben saying was the ultimate end game all law, and I just don't think You no more room on the road to kick this camp that we're gonna have to deal with it. Just now, you're talking about a third joined, our debt. That will be thirty, five, forty trillion you know what I wrote are the real crash. Crasweller cramp wrathful was five trillion or something I mean it's gotten so much bigger and

This is not just in real. It's in everything, stocks, real estate, bonds, crypto, currencies, there's bubbles all over the place. I thanks to the FED so there's there's no new bubble that taken inflate because they're all you know inflated simultaneously got it. So what can we do to prepare for the dollar crashing yeah we'll get out of dollars right. Don't dollars and don't dollar denominated assets, Danone, real estate, that you know that pays dollar rents on stocks with dollar dividends. Try to internationally and that the other worse than you can own is boss by whether it's? U S, treasuries corporate bonds, muni bonds, because that's just dollars in here you get paid

the future. In the meantime, the interest is very low and eventually inflation is going to destroy the value of that they interest, but all your principle, which is in even bigger factor, but what I'm doing again and what I'm helping my clients do. I have a family of mutual funds Year, Pacific funds I have separately manage it I'll, send our run on investing in Non Eu Us dollar assets on investing in stocks, companies on owning companies outside the United States. That will off income in these currencies that are going up where these companies are in their revenues in currencies that are to be going up. Their assets will be appreciating in dollars. Terms. I I want to get out of harms we're gonna get out of Dodge just like it. One point people might have taken refuge in the states. If they were worried about their own local currency collapsing, other local economy, they would use,

got the. U S is a safe haven. Well now, Americans need a safe haven because, where the upper centre of the problem- and in fact, when I was talking about and writing about the two thousand financial crisis. At that time, I assumed that when the crisis blew up but would be smart enough to run away from the? U S. Instead, they rent words the? U S, people, the dollar went up. I thought it was going to go down. Of course, by the time the crisis had to happen, dollar was at a record low, so I wrote my boy the dollar was collapsing between the time I wrote my book in my book came out in January of two thousand and seven the summer of two thousand and eight, the dollar is at an all time record row. I told people it I was gonna fall and if it is false, actually before the crisis saint, they would go when, when the crisis hit in August. Two thousand and eight goal was a thousand hours now when I wrote my

was under four hundred. So I was telling people by goal for the crisis. It went up before the crisis. Find the crisis hit. It actually came down, but I think the world is going to make the same mistake again, especially when the crisis is dollar right if the, if we have a dollar crisis, if we the? U S: Treasury bonds, sovereign debt crisis, There is no way that you can run towards the Phoenix in crisis right so that people can take refuge from the dollar in the dollar. If they want to get out a U S treasuries, they can't buy treasuries as edge from treasures they they're going to have to sell. I think, this time my game plan is going to work out in a perfectly so people. This need to be position ahead of this. And the other is the did devaluation. Just even if I'm wrong, I mean, if the? U S doesn't collapse that doesn't. the rest. The world is gonna, I mean if you invest abroad, that does mean you're gonna lose money

In effect, the evaluations are much better. Emerging markets are historically cheap compared to the. U S, lot more growth potential. There are the. so, even if the? U S doesn't implode that doesn't mean you can't make money investing outside the? U S! In fact You made a lot more money investing outside the Eu S in the first decade of this century. no from two thousand and one to two thousand eleven timeframe. The! U S stock market was doubt you to make money in you, doctor you yet you had a lost decade in America, but you A of money in emerging markets made a ton of money and commodities and gold so all we have to do is have another one of those decades, but I think I think it's going to be even better. I think the gains in this decade for those asset classes will be even bigger. In relation to what the? U S market, does many, even at the? U S, marking goes up. I think these foreign markets will work much more sure, especially because you'd they'll have the tail wind of a weakening.

because if the dollar goes down by fifty percent, your foreign stocks double just on that basis alone, even if they haven't appreciated, they still double just on the foreign exchange. There's been a wealth, formation- and I know you ve- got a lot more great content on Youtube and on your Peter Schiff Show on your part cast. You got some incredible books as well. With the main place. We should be check it out. Information we can send people to, for you certainly are my own podcast casts shift radio. I try to do at least two podcast a week. Sometimes I do three or on a rare occasion for, but I try to do at least two I mean there's once in a while? I only get one in you know. I mean I, I have other things that are doing we're, sure, that's, that's too Radio dot com is ever achieve. Radio dot com is the website where I host the cast. You can also

anybody. That's you know I or stitcher, or these various places, were they house podcast I'm up on a lot of these platforms. a lot of people still listen to me on my youtube. Shall I really got started on Youtube even before it was applied cast? I was just doing some Youtube videos, and so that's where I started a cold Nor is it even though most of my content now is just audio, although I building a studio again right here, my house, in Puerto Rico, and when I finish it and get new equipment and there are probably going to start doing the podcast with again I did it for a while people liked it but or bit more effort, and sooner doing, I'm just audio made it easier so, but I will go back to that, my can't channel my Youtube channel issues. The shift report are you just go to Youtube and Peter chef in you'll see again it's about four hundred. Seventy thousand subscribers cool may shortly go this stuff up on yeah Peter

acknowledge, it, for you know, sharing your wisdom. We gotta lotta wisdom, a lot of experience and educating us on the principles of kind of like how money works, and you know what happens with inflation and all these different thing that are happening to make its simplified for someone like myself, that may not understand where we ve been here, We were right now where we could be going. So I really appreciate you days wisdom. Thanks for the information and excited to with world appreciate you, ok, my pleasure you so much for this. Linked to this conversation, if you enjoyed it- and you want to dive into another similar school of greatness episode, check out the links in the pod cast description. I've done more than nine hundred fifty episodes of the past seven years, and I want to bring you more inspiration just like this. We

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