The US Dollar Will Join the Zimbabwe Dollar in the Graveyard of Dead Fiat Currencies

Transcript:
(00:00) all right welcome folks to today's interview on brighton.com I'm Mike Adams the founder of Brighton as you well know the Free Speech platform and of course a lot of free speech could have saved us from a lot of human suffering and financial loss as the the banking system is now falling apart in fact if people like our guest Peter Schiff had been listened to then a lot fewer people would be suffering financially right now that's the absolute truth so we're joined today by a very special man Peter
(00:28) Schiff is his name you know him I know him I follow his work he's brilliant he's ahead of his time he joins us today thank you Mr Schiff for your time welcome the show thank you Mike that's a hell of an introduction well well you're you're a hell of a guy I mean just let's be honest you you've been nailing it again and again and you know people like to to say that that you're a doom and gloomer or I guess at one time even Doctor Doom where I thought that was somebody else the whole time but um
(00:57) you've you've been doctor correct actually so so where do you think yeah well you know when they first labeled me with the moniker of Dr Doom that was in the days when I was still welcome at CNBC back in 2005 and six and seven when I was warning about the financial crisis and they all kind of uh laughingly referred to me as Dr Doom right and I kept saying no I'm Dr reality you know you know I can't help it if the reality you know is Doom that's just uh you know what's what we're headed for and of
(01:29) course I was proven right in 2008 but what's gonna happen now what's beginning in in 2023 is going to be much worse I mean this is a much deeper financial crisis but instead of a financial crisis the FED might trade it for a currency crisis and then a sovereign debt crisis because they are going to just blow up uh you know the the money printing during this downturn they've already started it I mean they basically returned the QE without admitting it yeah yeah exactly well and we saw headlines today I think JP Morgan
(02:03) analysts were saying that the FED May inject uh two trillion dollars in liquidity into the banking system uh and then and then Yellen comes out and says everything's fine well if everything's fine why do you need two trillion dollars huh yeah nothing is fine and and Janet Yellen should know because she's partially responsible for this mess I mean she's not totally responsible but she's certainly uh one of the the people who is uh you know who Bears responsibility here she was the chairman
(02:30) of the fed and she was active at the FED she was at the San Francisco fed while the housing bubble was inflating you know that California was you know one of the the biggest parts of the bubble and she was there at the San Francisco fed I mean telling people not to worry about the housing market that the people who thought it was a bubble were wrong and she even said that if the if housing prices went down it wouldn't even hurt the economy because it was just so strong didn't matter if housing prices
(02:55) went down well uh yeah it's going to be fascinating to watch especially in retrospect the words of these people but but Peter I brought a collection of failed fiat currency and put it on my desk today uh for this interview and I want to tell you here here is a one million dollars this is Zimbabwe and then it goes to 50 million let's see if I can get this on camera and it goes on and on into billions this here's Here's 2 billion five wait wait 500 million to trillions I think yeah no that's Peter
(03:28) I'm I'm a trillionaire I have 10 trillion Zimbabwe dollars right here done how amazing is that huh you know at one point I forget what year it was maybe in the 1970s or so one Zimbabwe dollar and one US dollar were on at parity so so that just shows you uh what could happen you know you have a whole graveyard of uh dead Fiat currencies they've all died I mean none of them survive and I I don't think the current crop will be any exception the only question is you know how much longer do they have you know what's their lifespan
(04:04) well let me ask you that but you're right I brought I also brought a stack of hundred dollar bills here I don't know if you can see but yeah there's there's my stack of of hundreds um actually these are mostly Hollywood hundreds only the top one is quote real and even that one I think not even real it by itself so that's supposed to be ten thousand dollars it's a joke at this point uh what's this gonna look like I'm I mean are we going to expect prices to double in the next year or 18 months or
(04:32) you know in a practical level what do you think well you know first of all before I even answer that you know I'm kind of jealous of your backdrop there that's kind of I gotta I gotta step up my game oh man look at that you got some really nice stuff going on in that studio well no thank you look I got to give credit to the folks over at Infowars you know I I fill in for Alex Jones sometimes they told me about the VJ software that drives this wall so we use a instead of DJ software it's VJ software and we've got to get the wall
(05:02) too I gotta I got a spring for that well that's it's all doable yeah yeah there you go the wide shot yeah we have all these screens here we barely know how to use them um I know I gotta get I gotta I just built this big Studio here at my house but I haven't furnished it yet I have just the old stuff that I have so yeah yeah I gotta maybe talk I gotta see about getting some of that stuff I like that whole setup you got there well look hey Infowars helped us we're happy to pass it along to you if you want to know
(05:30) uh what software and systems we use I'm happy to share it with you but you know aside from the the Razzmatazz here you know the content of what you're saying is so critical right now and you've been the one voice in the wilderness well maybe not the only one but one of a few that has The Establishment loves to to make fun of you and say oh it's never going to happen and here it is it's happening okay what was the question you asked me because I complimented your your studio there now I forgot to answer your
(06:00) question I don't even remember what it was well the question was well when when are we going to be paying double for groceries compared to today roughly oh I mean soon I I think I mean we're already paying double for a lot of the things at the grocery store you know I don't need you look at certain prices and they they've gone way up but this latest round of bank bailouts is going to cause tremendous inflation because where is the Federal Reserve getting the money to bail out all these Banks you know uh president obiden made
(06:35) it uh not owed by President Biden no I think that's accurate oh Biden President Biden uh made a big deal about reassuring the public that you know the taxpayers aren't going to have to pay for this well technically I guess it's not taxes that are going up the in the traditional sense it's inflation that's going to go up these bank bailouts aren't free right and they're not going to be paid for by the Banks themselves and they're getting the bailouts they're not going to pay
(07:04) for it you know it's the American public that's going to pay for it but the way they're going to pay for it is through inflation because the Federal Reserve is going to have to create out of thin air trillions of new dollars and add it to the money supply yep it's going to give the dollars to the banks and the banks are going to give the fed their treasuries and their mortgage-backed Securities except they're going to give the fed maybe 60 or 70 cents worth of treasuries and mortgage-backed
(07:34) securities and they're going to get a dollar right they're not going to get the market value for those Securities which is what we would get if if any if you or I were dumb enough to buy U.S treasuries you know 20 30-year treasuries a year or two ago when they were yield building one percent if we were dumb enough to buy them and then we wanted to sell them you know we could only get maybe 70 cents on the dollar 60 cents on a dollar but the banks that were dumb enough to buy them they could get 100 cents on the dollar from uh from
(08:02) the FED but it's a bill doesn't have any money yeah and the FED doesn't have any money it's it's losing money itself the FED is getting bailed out by the treasury because the FED doesn't have any money but then again neither does the treasury so the Federal Reserve has to print money to give it to the treasury to bail itself out but all of this means that the dollars that we all hold I mean I don't hold them because I get rid of them as fast as I get them but the average American has got dollars
(08:27) and those dollars are going to buy a lot less as a result of these bank bailouts so you know when Biden or anybody in the government or in the media says oh the government acted prudently we've saved the day we've we've reassured that your bank account is safe nobody's bank account is safe you know when the guy government tells you that your bank account is safe it's because it's not and the reason it's not safe it's not because the banks are going to fail the government has already said
(08:57) we're not going to let them fail now that's a mistake they should let insolvent Banks fail that's how capitalism works but you know we don't have that anymore we have socialism and so the insolvent banks won't fail they're going to be propped up with inflation but what that means is every single bank account in the country even the people who are banking with solvent Banks their accounts are going to lose tremendous value because the money in their accounts is going to lose its purchasing power through inflation so no
(09:29) bank account is safe everybody with a bank account is going to experience substantial loss of purchasing power and so the smart thing to do is to withdraw your money from the bank I mean your savings I mean you know you got to keep short-term net there to to pay your bills but money that you don't need for a year or two or five years with whatever don't leave it at a bank because you're guaranteed to lose because prices are going to go way up so you should pull your money out of the bank and do something else buy gold buy
(09:58) silver that's a better savings vehicle Fiat currencies or invest you know get into stocks I buy foreign dividend-paying stocks for my clients value stocks you know people some people buy real estate but what you can't own is dollars or you know a bank account because you're going to lose right there right there with you on that 100 in fact let me bring in uh the company that you have europacific Asset Management the website is europac.
(10:28) com that's Pac Euro pack or Euro Pacific Asset Management now let me pose a an actual practical question to you Peter um my own company uh you know we the health Ranger store we do we do you know foods and so on and you know we we buy and sell millions of dollars worth of uh food every year and and supplements and so on um we have obviously operating capital in the bank and this question is going to apply to a lot of our listeners and so we have we have operating capital in the bank we don't want it in the bank but we need it near liquid so we don't
(11:00) necessarily want to take possession of gold and silver where you have to send it back and sell it back we know we're going to need to spend you know a million dollars per quarter on raw materials how can your company help a company like us be out of the banking system in near liquid assets where we don't have to take physical possession well you know my company the one you're you know we're talking about your specific asset management that we're not here to help you manage your cash flow
(11:27) or pay your bills so to the extent that you have money that needs to be liquid to buy or pay for you know goods and services you know there you need to leave it in a bank or some type of institution but but we don't trust the bank well the banks are all going to be bailed out so what you can't trust is the money in the bank that's the problem so the money that you're going to use for short-term purposes I mean even if it loses value it's not going to lose that much because it's not there that
(11:59) long you're spending it what I'm talking about is the money you don't need day to day if you have money in your business that you don't need that you just want to keep it for a rainy day but you're probably not going to have to tap into it that's the kind of money that you want to send to me to manage because there I can put it in assets that will beat inflate Nation so as the dollar is losing value your account with me is gaining value so now you'll have more dollars in the future but you don't want
(12:28) to send me the money that you need you know for next month's rent okay we need to leave that leave that in the bank now eventually I think the world will move away from Fiat currencies and I think a lot of people will start transacting in Gold again through the internet through the blockchain or our private companies will tokenize gold and then you'll be able to transact in Gold you'll be able to use gold to pay your bills because the person you're paying is going to want to get paid in Gold exactly he's
(12:58) not going to use that but that's when the dollar really starts to lose money rapidly you know when we're like Argentina or something like that and then you can't even risk keeping your short-term money in dollars it's not that bad yet okay even if inflation is 10 or let's say 12 percent a year you're only losing one percent a month so if you're if you're turning your account over every month all right so one percent it's not the end of the world but when you start losing 10 percent a
(13:23) month right when you have 120 percent inflation now you know you got to worry about you know the money you leave in the bank overnight so that's when I think people will start turning to Alternatives like like like tokenized gold so that they can transact in that now I know there's some people out there that think no they're going to use Bitcoin that ain't going to happen you know they're not going to use Bitcoin uh but they could easily use uh digital gold or digital tokens that are backed
(13:49) by real gold yeah well I yeah I have questions for you about that but first about your asset management company uh just on behalf of our audience is what's the minimum amount of money that someone needs to start with you on that well first of all we have five mutual funds that I manage and you can buy those funds I think our minimum is twenty five hundred dollars and most large discount brokerage firms have them on their platform you know big full service firms don't right like if you have an account
(14:19) at Merrill Lynch they they won't let you buy my funds at Merrill Lynch but if you have Schwab or Fidelity or interactive brokers or E-Trade or you know you can buy my funds so what are what are the names of these funds I'm sorry to interrupt but people are going to want to look up the names and maybe buy them yes and and in fact one of them my International dividend payers fund last year was the number one Fund in the international value category out of 350 funds I was number one in in total return and um and you you know you can't even
(14:54) buy it at Merrill Lynch right they don't they don't want but you could buy it at the discount brokers I I was number one according to Moody's according to Lipper out of 350 funds and in fact U.S news and World Report which we you if you saw we put that on our website but they they did a survey of international value funds and they looked at all 350 of the funds in the category and they narrowed it down to the top 60 and then they ranked them and they were looking over a one three and five year time period and my dividend
(15:25) pairs fund was number one wow and my value fund was number three right so the only fund that beat my value fund other than my own fund was a Goldman Sachs fund but you know they had a lot more horses in the race than I did I only had two funds out of the 350 two were mine and I was one in three you know I I won and I and I showed but you know I think that this year I could end up with one and two I think you know again nothing's for sure but I think my portfolio in those two funds your Pacific value your
(15:59) Pacific dividend is is poised to do very well in this environment of a return to quantitative easing maybe rate Cuts stagflation another financial crisis I think I have the type of stocks that do well in that environment because I've been positioning for this environment for a long time and I also have an emerging market fund which is doing great so far this year on a relative basis and I think the Emerging Markets are going to do particularly well in uh and a weak dollar environment which is where I think we're going to be for the
(16:34) remainder of the decade so I think Emerging Markets are going to do better than develop markets and certainly I think all developed markets that are outside the U.S I think will beat the US so I've got that then I think the fund that is going to deliver the best returns but of course with the highest risk but I think that you know it's going to end up being worth it is my goal fund the Europe Pacific gold fund because I think gold stocks are just going to go up 10 times 20 times you know some of them will go up 50 100
(17:02) times some of these really small ones so you can buy my gold fund and then I also have an international bond fund so if you just want to if you if you don't want to have be in equities if you just want to kind of Park your money in in cash and get a yield but you don't want dollars you'd prefer other currencies then look look at the Euro Pacific international bond fund so you can buy that so those are the five funds you could buy them you know again any if you have a brokerage account you can buy
(17:30) them we actually have a product at your Pacific Asset Management that we call a wrap account in which we'll manage a portfolio for you in those uh five funds now also if you don't have a brokerage account right you can go to my website Euro Pacific europeac.com and you can buy the funds right on the website directly from the distributor with the same 2500 minimum right you don't have to talk to an advisor just go on the website and you can just buy it send your money in and you'll own the shares directly at the
(18:04) fund so you don't even need a brokerage account you could do that but if you're doing more money the minimum for a wrap account is fifty thousand dollars and there you can talk to one of my advisors at your Pacific Asset Management they'll take you through the paperwork you'll have a personal advisor but if you're just putting in twenty five hundred five thousand you just you know you don't talk to anybody and just go just do it on the website and this yourself this is I'm I thank you for taking the time to
(18:29) detail that this is really fascinating not not just for our audience but also I'm talking to a lot of people personally family and friends who are just right now finally getting what I would say financially red pilled I'm sure this is happening to you too Peter where they're saying oh you know I ignored you for 10 years when or 15 years since 2008.
(18:50) now I realize that the banks really aren't safe what should I do and I'm like well you know buy gold but then they say well I don't I don't know what to do with gold maybe I can't defend it maybe they live in an apartment somewhere they they can't bury it in their apartment or maybe they're elderly and they don't own a Glock I don't know but uh you know whatever the case may be they're looking for something that's maybe gold mining stocks so you're fine gold mining stocks are very different than gold itself yeah
(19:16) looking gold as a store of value as a safe haven as just an alternative to cash right that's what it is it's money it's not an investment but gold mining stocks are an investment in businesses that mine gold and and so you know whenever you make an investment and you're a stockholder in a company you subject yourself to all sorts of risks Market related risks companies specific risks they're political risks but if the price of gold does what I think it's going to do uh you know the these gold stocks are
(19:47) gold mines I mean they're they're they're they're going to go way up I mean I have you know a lot of my own portfolio my personal portfolio is invested in Gold stocks a very high allocation maybe about 50 of my Investment Portfolio not my net worth but what I have in my brokerage account right about half of that is in gold mining stocks wow the rest is in dividend paying foreign stocks some of them are in the commodity space my my second largest allocation is oil and gas and Alternative Energy so I have a lot
(20:20) of energy related Investments but they all pay good dividends most of them I mean pretty high um and so I'm getting income off these Investments and I don't need the income because I I have income working so I can reinvest the dividends in in um you know in more more stocks I mean that's what people need to be doing when they're building for retirement you have what Wall Street tells you to do is buy these stocks that don't pay any dividends while you're working and then when you retire you can sell those stocks and buy
(20:49) bonds and get some income well what if by the time you retire the stocks that you bought have crashed and they're not worth very much right and if you sell them you can't get much income you see I build portfolios for people and we have separately managed accounts too that you can have an account that's individual stocks too not funds and you could talk to my Brokers but I build portfolios that you don't have to sell when you retire so you have a portfolio that's paying five six percent dividend right
(21:16) now right but it's also stocks that are growing their earnings and and should appreciate and grow their dividends so as you're working when you don't need the income you take the dividends and you reinvest I mean you buy more stock then when you retire you've got this big portfolio of income producing stocks that's even larger because you've compounded your returns by reinvesting those dividends now when you go to retire it doesn't matter what the price of those stocks are because you don't
(21:44) have to sell them to retire you just stop reinvesting the dividends and you live off the dividend income that's right that's right that's a much better strategy than betting on a Ponzi scheme oh I'm just going to hope these stocks go up and when I retire you know I'm going to hope they're high what if they're not what if the price crashes for I'm buying stocks doesn't matter what price it is because you're not going to sell you're going to you're just gonna spend the dividends because
(22:09) they're real businesses generating real income and the reason that this strategy is going to work I think so well is because I'm buying foreign stocks so my income is coming from foreign currencies and if the dollar really goes down then when you translate those foreign currencies back to Dollars your dividends will be far more valuable and so you know they'll go a lot further when you spend them here in the United States that's the thing everything that in all your videos and interviews everything you say makes perfect sense
(22:38) it's it's logical it's rational it's cause and effect and it's just that some people choose to ignore that for whatever reason because they'd rather believe uh Jim Cramer for some reason Peter uh I really want to ask you today about your take on what's happening with Credit Suisse and also the first Republic bailout in the United States but but First Credit Suisse you know Swiss National Bank has has uh said they're going to step in with however much money is needed to prevent this
(23:03) thing from collapsing seems like the same plan that the FED has for printing money in the U.S what's your take well I don't think any banks should be bailed out the fact that banks are bailed out is the problem we've set a precedent and created a moral hazard by bailing out Banks and because everybody expects a failed Bank to be bailed out the banks take a lot more risk than they would take in a world where they weren't going to be bailed out I mean why should we create a special privilege for banks why is it
(23:37) that if a bank is in trouble it qualifies for a federal government bailout I mean where in the United States Constitution does it authorize the United States government to bail out failed Banks it doesn't I mean that's not a role of the US government I want bad Banks to go out of business and if bad Banks were allowed to go out of business fewer Banks would be going out of business because fewer Banks would be bad because they would they would they would be forced to be responsible because they're depositors would force
(24:10) them to be responsible you see when the depositors are sure that the government will bail out their Bank well then they just give their money to any bank which whatever one is the closest to my house that's where I'm going to put my money who gives a damn what they do with it I don't care because it's all government guaranteed but if everybody knew that the government wasn't guaranteeing your bank account you wouldn't just put your life savings in a bank without doing a little research on that bank and you
(24:37) know you don't have to be you know a financier yourself to to pick a good bank just like you know I go shopping for cars I'm not an auto mechanic I you know I don't have any expertise in how cars work I buy cell phones I mean I'm not an electrician I mean or you know an engineer I don't need computer science I don't know how any of this stuff works right I buy stuff all the time I don't know how it works so but I I there are Consumer Reports out there there's other ways I could do my research to try to
(25:06) figure out you know what brand I trust what I want to buy the same thing would happen with banks you know we had banks in this country before we had Deposit Insurance we didn't get any Deposit Insurance at all until the Great Depression so we managed to go from you know 1789 whenever we signed the Constitution to 1933 or 34 without any deposit insurance we Finance the Industrial Revolution without any Deposit Insurance we had big Banks lots of people put money in Banks it all worked fine and in fact even during the
(25:39) Great Depression with all the bank failures only about two percent of the value of all the money on deposit in all those Banks was lost that wasn't that bad considering that it was a Great Depression because the banks are much worse off now they're far less stable than they were during the Great Depression because back then the market was regulating the banks now you've got the government regulating the banks and it's and it's much worse regulation and of course you've got this moral hazard because people just put
(26:10) their money in any bank and the banks no the banks know that people don't care what they do with their money you know because it's all guaranteed by the government so this is a mistake you know the Swiss government everybody thinks you can't let a bank fail and you know the problem is because of the attitude that no Bank can fail that's why all these banks are so big you know you know it's we all these banks that were designated as too big to fail in 2008. well they're all way bigger now
(26:38) maybe we should have let some of them fail that we would have been better off instead of making them so much bigger yeah now now they're really too big to fail but the thing is they're they're they're they're too big to exist then if they're too big to fail because everything has to be able to fail because if you think a bank Can't Fail then everybody wants to put their money there right if they've got this government guarantee how are you supposed to compete with that I start up
(27:02) a little Bank how am I going to compete with this huge bank that's too big to fail when my bank isn't too big to fail so how do I compete you know with that kind of you know yeah well and and yeah here we are um the last last question I want to ask you though kind of on a personal note but first let me let me plug your website for you here shiftgold.
(27:23) com also you you have a a gold retail operation here and a free report free download of avoiding a gold scams which I think is really critical I've heard a lot of people getting ripped off buying proof sets uh yeah yeah especially you know when they have these proof sets of these brand new coins right that were just minted why pay for a proof I mean it's going to be in pristine condition even if it's not approved I mean exactly you know it's like when it matters to get something in really nice condition as if
(27:53) it's like 100 years old right and it's you know it's like most of them are all beat up because people are carrying them around in their pockets you know but if something just rolled off the mint you know this year that you don't have to you don't need it all in a little bot in a plastic container that says certified or pristine condition I mean it's you're not going to get any extra value but all but you're going to pay you're going to pay a lot more money for it and where
(28:17) does that money go it goes to the broker or the the gold salesman who sold it to you and and that's why if you go and you look at all you know the the the talk shows the right wing talk shows uh you know they're all got sponsors all these gold companies sponsor these guys how do they get the money to pay for these endorsements because these these guys don't come cheap they charge a lot of money to endorse one of these gold companies they get it from their customers by overcharging them for their
(28:45) goal that's the problem so absolutely she's gold we don't spend any money on Advertising not a nickel the only advertising is me talking about it right so I don't have to pay people uh to promote it so we we can pass on the savings we don't rip anybody off you know the markups are very very low and you know you you maximize how much gold and silver you get for your buck you know the money stays in your pocket it doesn't go into shift Gold's pocket no it's uh I'm really glad you mentioned
(29:14) that uh you know we I had one of these sponsors that's out there I'm not going to mention names but they they came to me they literally offered me a hundred thousand dollars a month to plug them because they sell these proof sets that I know are ripping people off and I said hell no there's no way they said no we'll give you six figures a month minimum and I'm like forget it man what what am I going to do rip off my audience yes that of course because that's where the money comes from if
(29:41) they're giving you a hundred thousand a month right um I mean that's a lot of money I mean shift that's about all the profits that shift gold makes maybe a little bit more but I mean total on everything that we do it's like it's not a it's not a high markup business no exactly margins are normally pretty darn thin on goals in ours I mean we marked up gold make one to two percent that's it and then out of that I got to pay all my bills right exactly if I mark it up one percent I don't keep that that's that's gross now
(30:13) I got all kinds of overhead and stuff like that so we could never afford to pay you 100 you know you'd have to say exactly so much business and be it Bob no you have to be like 10 million dollars a month or more but but most of these talk show hosts they don't give a damn I mean that's so frustrating they just sell out and they sacrifice their audience they say this is the the gold company I trust and it's all Bs it's the gold company that paid them a lot of money to help them rip off their own
(30:42) audience so yeah I congratulations for giving a damn giving a damn yeah about the people who are watching you and not abusing you know that's one of the things that happened too with all the crypto and all the pump and dubs you know somebody would come out with a coin right and they would pay some influencer to tweet about it or put it on Instagram you know because then they can dump it and they were they were ripping off their own followers by by suffering them in and and but that's what's going on in
(31:08) the gold industry and it's still going on in the gold industry right now that's why we have that you know gold scams because there's so many things some of these gold companies mark up their coins 40 50 60 percent that's what the price of gold has to basically double just for you to break even you know they you know but they take advantage of these older people who listen to these talk show hosts and they just trust the talk show hosts and so they buy from whatever gold company they recommend and they get ripped off no I'm
(31:42) very unfortunate we're on the same page and and and the sponsor that I do have that I've had for Years also is right with you Peter they rail against these scams the bait and switch the the proof sets all that stuff and they get a lot of hate for that but you know what at the end of the day folks you better get the most ounces per dollar uh when you're when you're in this translation and yeah and there are other you know shift Gold's not the only honest uh gold and silver dealer out there I mean
(32:08) there's plenty you just you just don't know about us because we can't afford to advertise right exactly right no but and that just shows you how small the gold market is right now nobody is buying believe me when um business really picks up when more people realize that inflation is here to stay and you know the business at shift gold when it grows you know tenfold right I'll be able to afford to advertise when I have enough volume to do it right and then so then people will know about us but but but right now
(32:39) since the business is so small right that the pool that we're all divvying up there's no way you can advertise you can't advertise on CNN or Fox without ripping off your customers because there's no way you're going to be able to do it uh you know given the fact that shift gold is out there you can't compete with us if you have to buy those ads you can come on here at no charge anytime all the time I I will gladly give you publicity and mention shiftgold.
(33:10) com because you know what you're talking about so so that's an open door but last question just to be sensitive to your time uh kind of a personal question has anybody apologized to you yet because you were right you were right wait you were right maybe you were a little bit later but you're still right about exactly what's going down anybody only people that apologize so in 2009 right at Ben Stein apologized to me he was one of the guys that was kind of uh laughing at me and making fun of me in 2007 and you know stuff like that so
(33:41) Ben Stein apologized that was a long time ago I I so but I forget most people haven't apologized I mean they still make fun of me they still they still think I'm I'm uh I'm wrong or I'm just a stop clock but the stop clocks are the people who have been bullish for the last 15 years or even longer because they didn't understand the problems underlying the economy they didn't understand all of the mistakes that the FED has made and what the consequences of those mistakes will be the problem is
(34:09) I see this so clearly and so far in advance that if it takes a long time for everybody else to figure out what I've you know what I knew from the beginning they think I'm wrong all those years right not they're wrong all those years I'm just right it's just because so many people are wrong that's what allows it to continue for such a long period of time you know the bubble gets bigger and bigger and bigger because nobody knows that it's a bubble except the guys that are on the outside looking in saying
(34:37) it's a bubble it's a bubble uh but you know now the air is coming out and and people don't understand it I mean and and when coven first hit and I I saw immediately the impact that was going to have because we were telling people not to work and then we were printing more money so we were producing less and printing more that was a recipe for massive inflation and now we're having to eat that but still you know the mainstream was worried about deflation deflation they're pretty money like
(35:04) crazy and nobody's working and these fools are worried about prices going down prices were going to go way up and and and and now you know we've been creating inflation for 20 years uh we had interest rates at zero we printed all this money the fed's balance sheet got to 9 trillion now we're going to have to live with Decades of high inflation and potentially hyperinflation based on you know the the way these policies are evolving so we'll see if some people apologize when we finally get that kind of outcome which is you
(35:38) know my my big picture forecasts have been for collapse of the dollar uh skyrocketing gold prices uh the dollar losing its role as the reserve currency so these are like the big end game things and so maybe some of the power the apologies will be reserved until those things happen but of course by then it's too late to follow my advice if you wait until I'm right about everything then it's not going to help you I mean exactly you're broke by then so you have to look at the things I've said the
(36:11) things I've written over the past 15 20 years and say you know what 98 of what this guy said would happen has happened in fact all the stuff that as he said would happen everybody else said was impossible it would never happen so I think I've got a very good track record of understanding the big picture has everything that I predicted come to pass no but you have to you know gauge you know do you think if I've got so much right what do you think the odds are that I'm right on the rest of it versus
(36:39) just following the advice of people who have gotten everything wrong you know including you know the people who have run the Federal Reserve and and and and and and and you know make your investment I mean you know get out of the dollar you know get out of Harm's Way and and and you know inflation proof your portfolio it's not just crash proof this time it's it's inflation proof really good really good point uh very important advice folks I encourage you do your research check out the Euro Pacific asset management company as well
(37:08) I'm going to look at a couple of your funds there Peter now that you told me about them I'm interested personally but I'll look at those the website is europac.com like europacific europac.com Wealth Management Services I'm not paid anything petership's not a sponsor here he's just a very informative uh guest of the show and someone who I've listened to for many years Peter you've taught me a lot about macro economics over the years so I thank you for all that you've done and I thank you for joining me
(37:36) today I appreciate you have me on as a guest absolutely you're welcome here anytime so uh thank you so much and for those of you watching uh share this video anywhere you'd like give credit to Peter Schiff at europac.com of course I'm Mike Adams the founder of brighton.
(37:55) com free speech platform thanks for joining us today everybody be safe take care