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 This is episode number 1208 with Peter David Schiff.
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You can't do anything with Bitcoin that you can do with gold.
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We are headed for a monetary crisis.
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That is a fact.
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 Welcome to the School of Greatness.
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My name is Lewis Howes, a former pro athlete turned lifestyle entrepreneur.
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And each week we bring you an inspiring person or message to help you discover how to unlock your inner greatness.
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Thanks for spending some time with me today.
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Now let the class begin.
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 Welcome back, my friend.
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Today's guest is Peter Schiff, who is an American stock broker, financial commentator, and radio personality.
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He is the CEO and chief global strategist of Euro Pacific Capital Inc and host the Peter Schiff show.
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And I like to bring in different perspectives on all topics in life.
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And in this interview, we bring in Peter to talk about his perspective on cryptocurrency and Bitcoin.
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 And a lot of people I'm going to bring on that talk about the benefits, and he's going to talk about some of the other sides.
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So in this episode, we discuss why Peter thinks Bitcoin probably won't take off anymore, why dollars are more valuable than any kind of currency, why the US COVID policy is economically harmful.
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 what you can do to prepare yourself for the dollar crash, and so much more.
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And if you're inspired by this and you're wanting to learn more about financial growth and financial education, then make sure to share this with someone that you think would be inspired by this as well.
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And a quick reminder to subscribe to the School of Greatness as well as giving us a rating and review at the end of this episode to let us know the part you enjoyed the most.
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And you can do that over on Apple Podcast.
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 And I want to give a shout out to the fan of the week.
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This is Natalia from Belgium, who said, thank you, Louis, for your wonderful podcast.
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I started listening to it in 2017 and became a fan.
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Back then, you addressed the topic of trauma, which I didn't think about so thoroughly before.
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I was touched by your own trauma story and your journey following it.
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The podcast helped me go through a journey inside myself, and I wouldn't exaggerate if I say that it was life-saving.
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Wish you lots of further success.
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 So Natalia, we are so grateful that you were able to go on your own journey and start healing from the trauma that you face as well.
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Proud of you for taking it on.
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It takes a lot of courage.
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And a big thank you for leaving a review over on Apple Podcast.
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You are the fan of the week.
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Okay.
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I'm very excited about this one.
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In just a moment, the one and only Peter Schiff.
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 Welcome back everyone to the School of Greatness.
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I'm very excited about our guest.
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Peter is here to talk about all things money, Bitcoin, cryptocurrencies.
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And you're actually Peter, the first person I've had on to talk about cryptocurrency, Bitcoin, and kind of this whole new wave.
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There's been a lot of people that I've been interested in talking to this about, but I didn't know if it was the right time.
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And so I wanted to have you on first because everyone is excited about
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 cryptocurrency and the Bitcoin craze, especially where you are.
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There's a lot of cryptocurrency Bitcoin fanatics in Puerto Rico right now that I've heard are living down there.
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But you kind of have a different perspective about this.
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Everyone's saying Bitcoin is going to go to $100,000 by the end of the year.
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It's going to be the future, decentralizing the banks, all these things.
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But that's not really your opinion.
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Is that right?
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 Correct.
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And it's not everybody that's saying that.
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It's everybody who owns Bitcoin is saying that, but not everybody.
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And in fact, once you own Bitcoin, you have a vested interest in saying that, because the whole success of Bitcoin rests on more people buying it.
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 So if you own it, you pretty much have to prophesize.
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You've got to try to convert as many of your friends or colleagues as you can and get them to buy, because that's the only way the price of what you already own is going to go up.
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Because Bitcoin is not an asset that's like real estate, where you can collect rent, or stocks, where you could collect a dividend, or bonds, where you get paid interest.
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 It's just a token, right?
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It's like, you know, a baseball card, except, you know, it's not really that rare and you can't hold it in your hand.
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It's just a digital string of numbers.
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I mean, it's not like a commodity where you actually can use it for something, you know, like oil, you could, you know, use it to generate power.
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 Drive a car or you could heat your home or it's not like weed or soybeans, you know where you can eat them or it's not like gold where you could make jewelry out of it or conduct electricity with it or use it in all sorts of Industrial applications like other metals.
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It's it doesn't have any of the properties of a commodity or or of an investment asset You know, it's like, you know, I kind of like a beanie baby except the beanie baby was cute and fuzzy and you know You can hold it and you know
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 It was something at least, but Bitcoin is nothing.
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But what it does have now is a very high price.
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As we're talking, Bitcoin is almost $50,000 to buy a Bitcoin.
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Now, you don't have to buy a whole Bitcoin because you can break them down.
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 into like a hundred million Satoshis.
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But if you bought an entire Bitcoin, it costs you, you know, 49,000, 48,000 right now.
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Whereas if you had bought one 10 years ago, you know, they were less than a dollar, right?
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Or when it started.
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So there are people that, you know, got incredibly wealthy.
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I mean, I was talking to a guy the other day who put $15,000 in Ether and it's worth over a hundred million and he's still holding on to it.
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That's crazy.
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 Just a regular guy, just gave me a ride home from San Juan.
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But didn't seem like he was that substantial a guy, but got $100 million worth of ether.
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But when you get stories like that, it's very difficult to turn $15,000 into $100 million.
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I've never done anything like that.
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I've been in the investment business.
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 my entire life.
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And, you know, that's what's generating a lot of excitement because people think that, you know, it could happen again.
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I mean, people are saying that it's still early on, like you could buy Bitcoin at $50,000 a Bitcoin and it's going to go up to $2 million a Bitcoin.
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I mean, there's just no way that's going to happen.
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You know, it's far more likely to collapse.
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 Especially since now you have, you know, a lot of people, smaller people getting in.
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The people who got in early on, they need those new people to come in so they can get out.
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So they have to pump up the price.
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They have to generate a lot of hype and a lot of enthusiasm.
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 But all this stuff is pie-in-the-sky nonsense.
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Everything they say about how this is going to change the world and it's revolutionary and, you know, Bitcoin fixes everything.
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It doesn't fix anything.
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It's all a fantasy.
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It's not real money.
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It doesn't have any substance behind it.
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It doesn't have any real value.
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It has a price, but price isn't value.
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Like they're trying to market Bitcoin as digital gold, except it's nothing like actual gold.
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 You can't do anything with Bitcoin that you can do with gold.
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Yeah, you can hold on to it, but it's not a store of value.
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Gold's a store of value because gold is a very valuable metal.
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And even if you're not going to use the metal yourself, you can store it because somebody else could use it in the future for whatever they want to do with it.
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But you can't do anything with Bitcoin today.
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So storing it for the future doesn't make any sense because there won't be anything you can do with it in the future either.
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The stuff that they're saying about it, I mean, sometimes superficially, if you don't really
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 dig down, I mean, it can make sense until you actually dig down and realize that it's all nonsense.
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But there's a lot of enthusiasm among the people because once you get in it, you're just part of the bubble and you start cheerleading it and everybody wants to believe in this fantasy that we can all get rich.
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And as long as nobody sells and everybody keeps buying,
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 The price can go up, but eventually, some of these people that have hundreds of millions or even hundreds of thousands are going to want to buy actual stuff.
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Just having a big stack of virtual tokens.
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 You know, you can't live in it.
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You can't drive it.
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People are going to want a new home.
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They're going to want a new car.
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They're going to want to travel.
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They're going to want to spend their Bitcoin profits.
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Well, that's when it all collapses, because if the people who have been holding on decide they want to cash out, who are they going to cash out to?
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If they can sucker in a whole new crowd of people.
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 That's what they're trying to do.
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In fact, they're trying to sucker in the institutions.
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That's the Big payday if they can sucker pension funds Endowments into buying into it right that would allow a lot of people to exit, but I don't know that that many Institutions are gonna bite on this
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 I mean the whole idea is well, you know, you better buy in or you're gonna miss out on this huge gain And how are you gonna explain to your clients how you missed out on you know, this big big game, but you know, I think more Managers will be more worried about what if I put my money into Bitcoin and it goes to zero How do I explain doing something that dumb, you know?
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So I think I think more people are gonna are gonna stay up to stay away from it
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 Yeah, and you're speaking, Peter, to someone who's, I would say, pretty uneducated on this topic, except for the fact that I, you know, watch a few videos here and there and I hear some people who've made some money and I've got some friends in crypto and NFTs and all that stuff.
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And I've, you know, I dabbled in investing some five years ago when it kind of felt like, or maybe four years ago, I guess, when it was like Ethereum started to have its, a spike and Bitcoin went from, I think, 5,000 to 12,000 or something like that.
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 And then it dropped back down and I was like, what am I doing?
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You know, it's just so up and down.
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I don't want to stress about this all day long.
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So I got out, you know, I put a little bit in and I kind of forgot about it until last year when the NFT world started to come about.
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And I said, OK, is this another thing that I think about and try to learn with the hype machine that's behind this?
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 But one of the things you said is, so I'm going to play all sides of this just so I can educate myself.
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I guess a lot of people 10 years ago probably thought that Bitcoin would never reach 1,000, let alone 50,000 to 60,000.
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So is it possible that it could go to 100,000 or 500,000 even though it's really just a hype machine?
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 Well, anything is possible.
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But the question is, how probable is it?
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And is it worth the gamble?
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But the way Bitcoin is marketed, it's not marketed as a high-risk gamble.
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They say it's a store of value.
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It's a safe haven.
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It's a digital gold.
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But it's nothing of the sort.
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I mean, it is extremely risky.
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And I think ultimately, wherever it goes on the upside, it's going to zero on the downside.
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 So if you're in Bitcoin, you have to get out of it at some point before it collapses, except the mantra is never sell.
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HODL, right?
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You know, you need diamond hands.
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That's part of the con, because the people who want to get out have to convince everybody else not to get out, right?
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So they don't have the competition.
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 80% of the people who own Bitcoin have never sold any.
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So even though the price has gone way up, they haven't actually reaped any of those gains.
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Now, some people have actually borrowed against their Bitcoin, and now they're spending that, but that's an accident waiting to happen.
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 when the market crashes and there's all this forced liquidation of Bitcoin collateral.
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And of course, the collateral is collapsing in value and may be insufficient to make the lenders whole.
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And so there's a little bit of a financial crisis coming in that ecosystem when the bottom drops out of that market.
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But what's happening is the guys that got in a long time ago, they're just trying to quietly unload as much Bitcoin as they can.
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 before the music stops.
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And they do that by trying to get more and more people, entice them in based on the promise of easy riches.
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You're going to get rich.
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Revolutionize the world.
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Own this bitcoin and you don't even need a job.
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Just buy this bitcoin and never sell it.
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 and you're going to be really, really rich.
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And the whole argument is the dollar, the euro, the yen, I mean, they're nothing, right?
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They're just pieces of paper.
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There's no substance behind them.
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And so if people can use dollars and use euros, well, why can't they just use Bitcoin, right?
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If the dollar can have value despite being intrinsically worthless, why can't Bitcoin?
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But the problem is it doesn't work that way.
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Because the dollar, of course, wasn't always intrinsically worthless.
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It was gold.
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 You know, it was actually defined as a weight of gold or weight of silver.
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And then the government issued notes, Federal Reserve notes, that were redeemable in the real dollars, which were made of gold, gold or silver.
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And it was a gradual process where we took the real money away from the currency, but
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 When you have a fiat currency in a country that's legal tender, it's one currency everybody uses.
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The government says, this is how you pay your taxes.
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So you don't want to go to jail.
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You've got to have these dollars, and every year you've got to send them into us.
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And so the fact that you need dollars to stay out of jail, that in and of itself gives dollars a lot of value.
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 And then, of course, the dollar is the unit of account.
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Everything is priced in dollars.
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Your landlord is, you know, he wants dollars, so I need to earn dollars because my rent's in dollars.
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I go to the grocery store.
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Everything that's for sale is in dollars.
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So you have this world that is based on the dollar already.
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Even though it's intrinsically worthless, it's still functioning.
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 And the dollar loses value slowly.
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Every year, inflation, it loses a little value.
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If we still had real money, like gold, it wouldn't be losing any value.
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It'd be stable.
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 I guess the thing that I keep hearing about Bitcoin is, well, it's like gold because there's unlimited quantity and they're never going to make any more of it, right?
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Is that what you hear too?
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Well, that's part of the pitch that it's scarce, but gold is scarce because there's only so much of it here on the earth and it's hard to find it.
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You have to mine it out of the ground and it's a very difficult process.
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Bitcoin is scarce because it was programmed to be scarce.
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It's an artificial scarcity.
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It's not a natural scarcity.
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 And the idea is that, well, that's never going to change, right?
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The miners are never going to vote to authorize additional Bitcoin, right?
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I mean, in theory, it could happen.
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But let's accept, for argument's sake, the Bitcoin proponents' theory that it will never be more than $21 million, right?
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It's fixed at $21 million, and let's give them that.
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 Well, so what?
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Because gold is scarce, and it has value that is very unique and specific to gold, right?
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Gold can do things that other metals can't, or it can do things much more efficiently than other metals.
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So it's unique, and it's scarce.
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 Bitcoin is not unique at all.
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It doesn't have any real value.
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There are 15,500 or so alternative digital currencies, tokens, assets, whatever you want to call them.
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The main difference between them and Bitcoin is it's the name.
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It's got a different name.
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Some of the names are almost identical, like Bitcoin Cash, Bitcoin Gold, or whatever, all kinds of things.
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And some of them have crazy names.
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 But practically speaking, there's not that much difference between any of these other tokens.
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And in fact, you can make another token that is exactly like Bitcoin in every way, identical to it, just a different name, Bitcoin 2, Bitcoin 3, Bitcoin 4.
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You can't make another gold that's just like gold.
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It's just, you know, it's not on the periodic table.
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 So being scarce in and of itself doesn't give you value, right?
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You know, anybody can can come up with an original work of art and say hey, this is my only drawing It's very scarce.
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I've only made one but I mean does anybody actually want to buy it?
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I mean just because you scribbled something on a napkin and you say hey, this is an original right and it's my only so
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 It has to have value.
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And Bitcoin, maybe it's scarce in a sense, but it's not really scarce if there's 15,000 other cryptocurrencies that I could buy.
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And it doesn't have any value.
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So people will always want gold, right?
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Gold is not just about an investment.
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Gold is an actual commodity that's used.
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I mean, the biggest use is jewelry.
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And, you know, they've been making gold jewelry for thousands of years.
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 I don't see any indication from the people I know that they're going to stop wearing gold jewelry.
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I mean, gold is as popular as it's ever been.
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In fact, probably more so now than when I was younger.
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Men wear a lot more gold, especially certain cultures.
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I mean, so gold is a valuable metal for the jewelry industry.
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 And that's not going to change.
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But it's also very valuable in consumer electronics.
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And consumer electronics is getting bigger and bigger.
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So I think the industrial demand for gold is going to continue to rise.
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So it's there.
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The only demand for Bitcoin comes from speculators.
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There's no real user of Bitcoin.
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You only buy Bitcoin if you think the price is going to go up.
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So what happens if people stop thinking the price is going to go up?
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Well, then nobody wants to buy it.
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Well, then what happens to the price?
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It collapses.
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 The price of gold isn't going to collapse, because even if investors don't want it, the real world does.
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And as the price comes down, the real buyers step up who need gold, and they buy the gold.
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And if the price is too low, no new gold is going to get made, because it costs.
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 Right now, it would be $1,200, $1,400 to mine an ounce of gold.
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That sells for about $1,750.
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There's not a lot of margin in there.
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There's some, depending on the mine.
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Sure.
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But if the price of gold went to $1,000 and stayed there, nobody would mine anymore.
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Right.
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Well, then there would be no new supply for the industry that needs it, and the price would go up.
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But Bitcoin doesn't have any of that.
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I mean, if people stop wanting to gamble on it, then there's no buyers.
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Yeah, I mean,
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 You create Bitcoin by solving math problems.
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They call it mining and they won't mine as many if the price crashes, I guess.
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But it won't matter because there'll be no more demand because there is no end user for Bitcoin.
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I mean, the main use case for Bitcoin is I'm going to get rich by buying it.
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 What if it does crash?
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Let's say it goes to $1,000.
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Do you think actually people would invest more money then and try to go because I think it would go back up or would it just stay there?
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I don't think so.
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I mean, Bitcoin has had a lot of big drops, right?
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And that's what gives people confidence that, well, if it drops big again, it'll come back.
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 You know like it went to a hundred and then it went back down to a dollar or something and then it went to a thousand and it went down to two or three hundred.
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Then it went to twenty thousand and it went down to three thousand.
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Then it went to fifty thousand or sixty thousand and it went down to thirty thousand.
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So people keep thinking oh if it crashes again.
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 But I think at this point, if it had that kind of drop from this level with all the money that has come in, I think about half the people that own Bitcoin bought it this year.
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And so most of them are probably underwater.
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The Bitcoin is probably worth less than they paid.
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 And if they bought Bitcoin at $50,000, $60,000, and it goes down to $5,000 or $1,000, I don't think they're going to be waiting it out.
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I mean, a lot of them are going to be forced out if they're on margin.
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They're going to get wiped out.
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But I think the enthusiasm will go away.
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I think the institutions
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 Anybody who was thinking about buying it will certainly not do it.
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I mean, once they see that kind of drop, because they're trying to really say, well, you know, it's not going to have that kind of drop again because, you know, now it's mainstream.
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Now, you know, we have futures contracts.
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We maybe have ETFs.
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We have these institutions.
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 What about the cryptocurrencies where people are saying, again, I'm uneducated here, so I'm asking from an honest point of view, what about the cryptocurrencies that people are saying, well, these have utility, it's different than Bitcoin, there's something based on it, you know, there's some actual value, more than just a name and the hype of it and the limited quantity.
0
SPEAKER_02
What about those cryptocurrencies?
0
SPEAKER_01
 Now, I don't think that you actually need any of these cryptocurrencies.
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SPEAKER_01
I think to the extent that you can use blockchain to do a lot of these things, you don't need the cryptocurrency to do it.
0
SPEAKER_01
That's just a gimmick to get people to buy into it because the idea is, oh, this one has you, so I'll buy it and it's going to go way up.
0
SPEAKER_01
 that, you know, people are just using it to get rich.
0
SPEAKER_01
That's what they're using it for.
0
SPEAKER_01
And they're trying to, you know, validate this story with this new coin because it really doesn't cost a lot of money to create a new coin, right?
0
SPEAKER_01
Because they don't really have any value, just create them.
0
SPEAKER_01
But if you can convince other people to buy what you just created, you make a lot of money minting these coins and getting people to, you know, pay something for what really amounts to nothing.
0
SPEAKER_01
 But the problem is, there is actually a serious problem with the fiat monetary system we have now.
0
SPEAKER_01
And we are headed for a monetary crisis.
0
SPEAKER_01
That is a fact.
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SPEAKER_01
We've been headed for this crisis for quite some time now.
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SPEAKER_01
In fact, it's long overdue.
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SPEAKER_01
 And I think that what we're seeing now with this explosion of consumer price increases, to me, is a good indication that we started the process.
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SPEAKER_01
This is not transitory.
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SPEAKER_01
I think this is the tip of an inflationary iceberg.
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SPEAKER_01
And it's really what I've been saying for more than 10 years now, maybe 20.
0
SPEAKER_01
It's what I've been talking about.
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SPEAKER_01
It's now happening.
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SPEAKER_01
It's just I didn't realize that it would take this long for the whole thing to play out.
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SPEAKER_01
 because we really kicked the can down the road for many, many years.
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SPEAKER_01
But in the process, all the problems have gotten so much worse than they were.
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And so the crisis now has to be much worse because we're unwinding a bigger problem.
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SPEAKER_01
It's a much bigger bubble.
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SPEAKER_01
And so as the air comes out, it's going to be a lot more disruptive to the economy.
0
SPEAKER_01
 But a lot of people in crypto and Bitcoin in particular, they've got that part right.
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SPEAKER_01
The dollar is going to lose a lot of value.
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SPEAKER_01
The Fed's going to keep printing them.
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SPEAKER_01
You know, the government's borrowed all this money.
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SPEAKER_01
We have so much debt.
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SPEAKER_01
The Fed can't raise rates to fight inflation.
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SPEAKER_01
You know, they have to keep printing more money to monetize deficits, to prop up asset bubbles.
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SPEAKER_01
And so the dollar is going to lose a lot of value over time.
0
SPEAKER_01
 In fact, I think it's going to lose a lot of value in a very short period of time.
0
SPEAKER_01
A lot of people, you talk to your grandfather and they could tell you what things used to cost when they were young.
0
SPEAKER_01
Oh, you know, penny candy.
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SPEAKER_01
I used to get all this candy for a penny.
0
SPEAKER_01
 25 cents for milk.
0
SPEAKER_01
Yeah, yeah, hold on.
0
SPEAKER_01
Look, my father used to go to the movies.
0
SPEAKER_01
It was 10 cents, you know, for the, so the stuff was cheap, right?
0
SPEAKER_01
And, but over time the money has lost value.
0
SPEAKER_01
It's not that movie tickets have actually gotten more expensive.
0
SPEAKER_01
It's just that the money that we use to buy the ticket has gotten less valuable.
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SPEAKER_01
So you need to give the theater more of those depreciated pieces of paper to buy a ticket.
0
SPEAKER_01
And that's the same thing for everything.
0
SPEAKER_01
Well,
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SPEAKER_01
 I think we're really going to experience kind of 50 years worth of currency depreciation in maybe five years.
0
SPEAKER_01
So five years from now, you'll be able to tell people, God, I remember five years ago, this was only $5.
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SPEAKER_01
Now, it's $50 or whatever.
0
SPEAKER_01
 Prices are really gonna go to up the dollar is gonna take a huge hit.
0
SPEAKER_01
I think In its purchasing power in the next five years.
0
SPEAKER_01
Yeah, so people need to do something to protect themselves So so that the Bitcoin has got that right but buying Bitcoin isn't the answer to that problem because there's no guarantee that The price of Bitcoin is gonna go up with inflation because it's not tied to anything else It doesn't have any actual value and nobody actually needs it
0
SPEAKER_01
 See, the reason that gold is an inflation hedge is because people need gold and they're going to buy the gold.
0
SPEAKER_01
And people also need weed or oil or cotton, but you can't store, you know, millions of dollars worth of cotton in your house.
0
SPEAKER_01
 But you can store millions of dollars worth of gold in a shoebox and you can use that gold, you can exchange that gold for cotton or any other commodity you need.
0
SPEAKER_01
So if money is losing value and then all commodity prices are rising, if you can barter one commodity for another, well, that's how you can save your purchasing power.
0
SPEAKER_01
That's why gold though can be money because people can have gold even though they don't need it.
0
SPEAKER_01
 because they could use the gold and exchange that for the things they do need.
0
SPEAKER_01
Sure.
0
SPEAKER_01
But Bitcoin, nobody, as I said, nobody needs Bitcoin.
0
SPEAKER_01
Bitcoin doesn't have any real price relationship with any other commodity or asset.
0
SPEAKER_01
So we can have lots of inflation and the price of Bitcoin could collapse.
0
SPEAKER_01
It's not an inflation hedge.
0
SPEAKER_01
It's not a store of value.
0
SPEAKER_01
 What people who are buying Bitcoin should be doing is they should be buying gold instead of Bitcoin, or they could buy other real assets.
0
SPEAKER_01
They could buy real estate.
0
SPEAKER_01
They could buy stocks.
0
SPEAKER_01
They could get out of paper and get into something tangible, something real.
0
SPEAKER_01
 But they're not.
0
SPEAKER_01
They're buying into something fake.
0
SPEAKER_01
They're buying into this pipe dream that, you know, Bitcoin is going to go up more than everything else because everybody is going to run into Bitcoin to get out of the dollar, to get out of the euro, when they're more likely to run out of Bitcoin to get into dollars or some other currency.
0
SPEAKER_02
 Now let's just put out a hypothetical for a second.
0
SPEAKER_02
Let's say that 10 years ago you saw Bitcoin when it came out and you said, you know what, this is a silly little thing, but I'm going to throw in five, 10 grand just to let it ride when it's at whatever, 50 cents or something, or a dollar or whatever.
0
SPEAKER_02
And all of a sudden it's 1,000, it's 5,000, it's 10,000.
0
SPEAKER_02
Let's just say you had a massive position in Bitcoin out of luck.
0
SPEAKER_02
Maybe you threw something in and then you just held it and wow, you opened your account and look at this now.
0
SPEAKER_02
 Let's just say you had to give three to five reasons for a case for Bitcoin or cryptocurrency, and you had to really go there.
0
SPEAKER_02
What would you say would be those main reasons?
0
SPEAKER_02
To invest, to hold, to put more in?
0
SPEAKER_01
 Well, are you talking about, look, I told that guy that had, you know, paid 15 grand for his hundred million dollars worth of ether.
0
SPEAKER_01
Like you got to sell half of that.
0
SPEAKER_01
I mean, you know, right now, obviously if I had to run into him, you know, when it was worth 50 million, I'd have given him the same advice, right?
0
SPEAKER_01
You got to, you got to sell.
0
SPEAKER_01
So the fact that it's gone up so much and he hasn't sold any.
0
SPEAKER_01
 But of course, you know, that's what gives these people the confidence that, well, I can't sell because I don't want to miss the move to 200 million or a billion, right?
0
SPEAKER_01
People get greedy.
0
SPEAKER_01
There's an old Wall Street adage, bulls make money, bears make money, but pigs get slaughtered.
0
SPEAKER_01
 You got to take some profits off the table, right?
0
SPEAKER_01
Don't worry about it if it keeps going up.
0
SPEAKER_01
That's okay.
0
SPEAKER_01
You still own some.
0
SPEAKER_01
You sell some, you keep some.
0
SPEAKER_01
You got to take some of your chips off the table.
0
SPEAKER_01
You just can't leave all your winnings at risk all the time because then you could lose all your winnings.
0
SPEAKER_01
And imagine watching your 15,000 go to 100 million and then watch it go to 5,000.
0
SPEAKER_01
I mean, it's all up in smoke and you didn't sell anything.
0
SPEAKER_01
 So if you happen to be somebody who was very fortunate or lucky 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 large amount of money, you got to sell some.
0
SPEAKER_01
You got to sell a significant chunk because otherwise you risk losing all those profits.
0
SPEAKER_01
 But of course, you know, I feel bad telling people to sell their Bitcoin because somebody else is going to buy it and that person is going to get stuck.
0
SPEAKER_01
So I'm kind of like helping to facilitate a crime, you know, because I'm encouraging one person to unload his Bitcoin.
3
SPEAKER_00
 local economy, they would seek out the U.S.
3
SPEAKER_00
as a safe haven.
3
SPEAKER_00
Well, now Americans need a safe haven because we're the epicenter of the problem.
3
SPEAKER_00
And in fact, when I was talking about and writing about the 2008 financial crisis, at that time, I assumed that when the crisis blew up, people would be smart enough to run away from the U.S.
3
SPEAKER_00
Instead, they ran towards the U.S.
3
SPEAKER_00
 You know, people, the dollar went up.
3
SPEAKER_00
I thought it was going to go down.
3
SPEAKER_00
Now, of course, by the time the crisis happened, the dollar was at a record low.
3
SPEAKER_00
So I wrote my book.
3
SPEAKER_00
The dollar was collapsing between the time I wrote my book.
3
SPEAKER_00
And my book came out in January of 2007.
3
SPEAKER_00
By the summer of 2008, the dollar was at an all-time record low.
3
SPEAKER_00
 I told people the dollar was going to fall, and it fell substantially before the crisis.
3
SPEAKER_00
Same thing with gold.
3
SPEAKER_00
When the crisis hit in August of 2008, gold was around $1,000 an ounce.
3
SPEAKER_00
When I wrote my book, it was under 400.
3
SPEAKER_00
So I was telling people to buy gold for the crisis.
3
SPEAKER_00
It went up before the crisis.
3
SPEAKER_00
So by the time the crisis hit, it actually came down.
3
SPEAKER_00
 But I don't think the world is going to make the same mistake again, especially when the crisis is in the dollar.
3
SPEAKER_00
If we have a dollar crisis, if we have a U.S.
3
SPEAKER_00
Treasury bond sovereign debt crisis, there's no way that you can run towards the thing that's in crisis.
3
SPEAKER_00
So the people can't take refuge from the dollar in the dollar.
3
SPEAKER_00
 If they want to get out of US treasuries, they can't buy treasuries as a hedge from treasuries.
3
SPEAKER_00
They're going to have to sell.
3
SPEAKER_00
So I think this time, my game plan is going to work out perfectly.
3
SPEAKER_00
So people just need to be positioned ahead of this.
3
SPEAKER_00
 And, you know, and the other thing is the valuations, just even if I'm wrong, right, even if the U.S.
3
SPEAKER_00
doesn't collapse, that doesn't mean the rest of the world is going to.
3
SPEAKER_00
I mean, if you invest abroad, that doesn't mean you're going to lose money.
3
SPEAKER_00
And in fact, the valuations are much better.
3
SPEAKER_00
Emerging markets are historically cheap compared to the U.S.
3
SPEAKER_00
 lot more growth potential there than the U.S.
3
SPEAKER_00
So even if the U.S.
3
SPEAKER_00
doesn't implode, that doesn't mean you can't make money investing outside the U.S.
3
SPEAKER_00
In fact, you made a lot more money investing outside the U.S.
3
SPEAKER_00
in the first decade of this century.
3
SPEAKER_00
From 2001 to 2011 timeframe, the U.S.
3
SPEAKER_00
stock market was down.
3
SPEAKER_00
You didn't make money in U.S.
3
SPEAKER_00
stocks.
3
SPEAKER_00
You had a lost decade in America.
3
SPEAKER_00
 But you made a ton of money in emerging markets.
3
SPEAKER_00
You made a ton of money in commodities and gold.
3
SPEAKER_00
So all we have to do is have another one of those decades.
3
SPEAKER_00
But I think it's going to be even better.
3
SPEAKER_00
I think the gains in this decade for those asset classes will be even bigger in relation to what the US market does, meaning even if the US market goes up,
3
SPEAKER_00
 I think these foreign markets will go up much more, especially because they'll have the tailwind of a weakening dollar.
3
SPEAKER_00
Because if the dollar goes down by 50%, your foreign stocks double just on that basis alone.
3
SPEAKER_00
Even if they haven't appreciated, they still double just on the foreign exchange.
3
SPEAKER_01
 That's been a wealth of information.
3
SPEAKER_01
And I know you've got a lot more great content on YouTube and on your, uh, the Peter Schiff show on your podcast.
3
SPEAKER_01
You've got some incredible books as well.
3
SPEAKER_01
Um, what's the main place we should be checking out your information and we can send people to for you.
3
SPEAKER_00
 Certainly on my own podcast that shift radio.
3
SPEAKER_00
I try to do at least two podcasts a week Sometimes I do three or on a rare occasion four, but I try to do at least two I mean, I mean there's once in a while.
3
SPEAKER_00
I only get one in you know, I mean I have other things that I'm doing for sure.
3
SPEAKER_01
That's that's shift radio.com.
3
SPEAKER_00
Is that right shift radio.com is the website where I host the podcast and
3
SPEAKER_00
 You can also, anybody that's on iTunes or Stitcher or these various places where they house podcasts.
3
SPEAKER_00
I'm up on a lot of these platforms.
3
SPEAKER_00
A lot of people still listen to me on my YouTube channel.
3
SPEAKER_00
I really got started on YouTube.
3
SPEAKER_00
Even before it was a podcast, I was just doing some YouTube videos.
3
SPEAKER_00
 And so that's where I started to cultivate an audience.
3
SPEAKER_00
And even though most of my content now is just audio, although I'm building a studio again right here in my house in Puerto Rico.
3
SPEAKER_00
And when I finish it and get new equipment in there, I'm probably going to start doing the podcasts with video again.
3
SPEAKER_00
I did it for a while.
3
SPEAKER_00
People liked it.
3
SPEAKER_00
 But, you know, it was a little bit more, uh, effort.
3
SPEAKER_00
And so, um, doing them just audio made it easier.
3
SPEAKER_00
So, um, but I will go back to that.
3
SPEAKER_00
Okay.
3
SPEAKER_00
But my YouTube channel is just the shift report, or you just go to YouTube and Peter Schiff and you'll see, again, it's about 470,000 subscribers.
3
SPEAKER_01
Very cool.
3
SPEAKER_01
We'll make sure to link all this stuff up on Peter.
3
SPEAKER_01
I want to acknowledge you for.
3
SPEAKER_01
 you know, sharing your wisdom.
3
SPEAKER_01
We got a lot of 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 things that are happening to make it simplified for someone like myself that may not understand where we've been in history, where we're at now and where we could be going.
3
SPEAKER_01
So I really appreciate you.
3
SPEAKER_01
Thanks for the wisdom.
3
SPEAKER_01
Thanks for the information.
3
SPEAKER_01
And excited to share this with the world.
3
SPEAKER_01
We appreciate you.
3
SPEAKER_01
OK, my pleasure.
3
SPEAKER_01
 Thank you so much for listening.
3
SPEAKER_01
I hope you enjoyed today's episode and inspired you on your journey towards greatness.
3
SPEAKER_01
Make sure to check out the show notes in the description for a full rundown of today's show with all the important links.
3
SPEAKER_01
And also make sure to share this with a friend and subscribe over on Apple podcasts as well.
3
SPEAKER_01
 I really love hearing feedback from you guys, so share a review over on Apple and let me know what part of this episode resonated with you the most.
3
SPEAKER_01
And if no one's told you lately, I want to remind you that you are loved, you are worthy, and you matter.
3
SPEAKER_01
And now it's time to go out there and do something great.