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Speaker 1: What's up, everybody. This is financial heresy, where we discuss

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Speaker 1: how many works so that you can make more, keep more,

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Speaker 1: and give more. I've got the biggest guest that I've

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Speaker 1: ever had so far on the show for you today.

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Speaker 1: I'm sure you know him well, Peter Schiff. Peter Schiff

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Speaker 1: his got his start, his claim to fame when he

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Speaker 1: predicted the Great Financial Crisis years before started unraveling. And

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Speaker 1: he got his start in business with starting a gold company.

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Speaker 1: He manages mutual funds and assets. Now he's all over

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Speaker 1: the place on Twitter and YouTube and podcast. I'm sure

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Speaker 1: you've heard him talk about the inflation and the FED

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Speaker 1: and the banking crisis and all of the issues that

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Speaker 1: our country is facing. Today, we're going to dive into

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Speaker 1: a lot of those issues and talk about actual solutions.

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Speaker 1: So I'm really excited for this conversation for you to

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Speaker 1: hear it with Peter Schiff. Well, thank you so much,

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Speaker 1: Peter Schiff for joining me today. Very excited to have

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Speaker 1: you on one of the one of the biggest voices

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Speaker 1: in teaching people what I consider real economics, how money

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Speaker 1: really works. And so we got a great discussion plan today.

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Speaker 1: Have a few questions, but to bring us up to

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Speaker 1: speed on where we are right now. The mainstream explanation is, hey,

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Speaker 1: we had a pandemic, and then that caused supply chain issues,

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Speaker 1: and that caused inflation. And then we had a war

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Speaker 1: in Ukraine with Russia, and now that made inflation stick.

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Speaker 1: And because of all that, banks are you in trouble?

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Speaker 1: They took some excessive risks and it's you know, it's

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Speaker 1: obviously not the Fed's fault, it's not the government's fault.

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Speaker 1: That's the mainstream catch us up to speed on how

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Speaker 1: we got here today.

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Speaker 2: In reality, well, those are a bunch of excuses.

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Speaker 3: And for years, when I was predicting the things that

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Speaker 3: are happening right now with inflation and the banks, I

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Speaker 3: also predicted that the government would come up with a

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Speaker 3: bunch of excuses to blame it on, which is exactly

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Speaker 3: what they've done. So the inflation problem started long before

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Speaker 3: the pandemic. It was exacerbated by the monetary policy response

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Speaker 3: to the pandemic, but the inflation long predates it. We

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Speaker 3: really started in creating inflation in earnest following the two

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Speaker 3: thousand and eight financial crisis, except they called the quantitative easing,

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Speaker 3: But what that is is a uph itism for inflation.

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Speaker 3: It's the central bank printing money and buying government bonds,

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Speaker 3: monetizing debt.

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Speaker 2: That's pretty much what inflation is.

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Speaker 3: And so the government had been inflating for better than

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Speaker 3: a decade. It just took a while for all that

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Speaker 3: inflation to manifest itself the way that it did. And

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Speaker 3: probably a spark was the pandemic lockdowns, which combined the

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Speaker 3: big increase in money supply, which really went into a

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Speaker 3: whole new gear during the pandemic because they started printing

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Speaker 3: money even master because Q four, which is what I've

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Speaker 3: been calling the post pandemic QUI, was actually bigger than

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Speaker 3: the first three combined. So a lot of money was printed.

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Speaker 3: But at the same time, the governments around the world

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Speaker 3: ordered people not to work, so people were staying at

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Speaker 3: home and they weren't producing. They should have stopped consuming

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Speaker 3: because they were no longer working, but governments incentivize them

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Speaker 3: to spend money anyway that they didn't earn, by printing

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Speaker 3: it in mailing them checks, stimulus checks, or whatever they did.

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Speaker 3: And so that really just you know, lit a match,

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Speaker 3: you know, on this smoldering kittling for inflation, where money

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Speaker 3: supply went way up and good supply went down, and

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Speaker 3: you know, the predictable result was a big increase in prices.

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Speaker 3: But the prices were going to go up anyway based

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Speaker 3: on all the inflation that happened prior to twenty twenty.

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Speaker 3: But we just really accelerate the process. So inflation is

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Speaker 3: going to be here for the duration. I mean, it's

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Speaker 3: going to be here for many, many years, if not

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Speaker 3: decades to come, because not only do we have to

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Speaker 3: catch up to all the inflation that's already been created,

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Speaker 3: because I think prices are still lagging the increase in

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Speaker 3: my supply, but the inflation that will be created in

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Speaker 3: the future is actually going to be even greater than

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Speaker 3: what's already been created in the past because the deficits

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Speaker 3: are much larger and that necessitates a lot more money

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Speaker 3: printing to finance them. And of course now they've predictably

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Speaker 3: started another financial crisis. Nobody wants to call what's happening

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Speaker 3: a financial crisis because they don't want to invoke comparisons

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Speaker 3: to two thousand and eight, but that's exactly what this is.

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Speaker 3: It's another financial crisis, only only worse because it's much bigger.

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Speaker 3: But in order to bail out all these banks, and

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Speaker 3: we've just seen, you know, the tip of the iceberg

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Speaker 3: when it comes to bank failures. But in order to

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Speaker 3: prevent banks from failing and to bail out the ones

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Speaker 3: that do, the FED is going to ultimately crank up

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Speaker 3: the printing presses again, and Q five will be bigger

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Speaker 3: than Q one, two, three, and four combined. So we

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Speaker 3: could look forward to prices rising far more rapidly and

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Speaker 3: you know, much bigger percentage increases in the years ahead

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Speaker 3: than in the years that we've just experienced.

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Speaker 1: You have a book, I believe the title, I might

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Speaker 1: mess this up is called How Economies Work and Why

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Speaker 1: They Crash?

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Speaker 3: Some of that, how an economy grows and why it

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Speaker 3: crashes crushes.

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Speaker 1: Okay, so you illustrate in that book. I believe it's

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Speaker 1: in that book how the there's a like a restaurant

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Speaker 1: and there's a false boom because something comes into the

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Speaker 1: into the city, and so he expands, and then that

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Speaker 1: was it was false increase to the end, and so

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Speaker 1: there's a bust afterwards.

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Speaker 3: Yeah, that was basically a simple explanation of a business cycle.

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Speaker 3: Because the economic booms and busts are a byproduct of

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Speaker 3: government interference into the economy that sends false economic signals.

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Speaker 3: So the main interference that we've had in the recent

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Speaker 3: decade or more is artificially low interest rates, and so

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Speaker 3: those low interest rates send out false economic symbol signals

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Speaker 3: to all the people in the economy that are making

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Speaker 3: investments and other decisions that are being distorted because in

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Speaker 3: a free market economy, when interest rates are low, it's

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Speaker 3: because savings are high, and it's because households or individuals

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Speaker 3: are preferring to consume in the future, not in the present,

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Speaker 3: and therefore they're making their incomes available to support appal

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Speaker 3: investment for production for future consumption. But the reality is

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Speaker 3: that Americans had no preference for consumption in the future.

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Speaker 3: There was no real increase in savings. There was just

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Speaker 3: an artificially manipulated decline and interest rates which caused a

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Speaker 3: lot of malinvestments which are now blowing up. And the

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Speaker 3: example that I've used of a restaurant, it's kind of

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Speaker 3: a simple one. But let's say you own a restaurant

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Speaker 3: and a circus comes into town, and while that circus

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Speaker 3: is there, all of a sudden, there's a lot of

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Speaker 3: customers for your restaurant, and let's say, you look at

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Speaker 3: all this demand, all these people wanting to eat in

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Speaker 3: your restaurant, and you think, well, this is great. I

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Speaker 3: better expand. I need more space. So you you rent

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Speaker 3: the space right next door, and you expand your restaurant.

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Speaker 3: You out and hire more people because you need more

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Speaker 3: waitresses and waiters, you need more chefs and bus boys

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Speaker 3: because you have all these customers. Right, Well, you get

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Speaker 3: all this, you make all this you know, expansions, and

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Speaker 3: then the circus is over. They pull up stakes and

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Speaker 3: they leave town, and now all that demand is gone. Well,

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Speaker 3: now what do you have to do. I have all

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Speaker 3: this excess space. I need to sublet some of this space.

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Speaker 3: I have too many waiters and cooks. I need to

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Speaker 3: lay some off. Right, So you go, there's a boom,

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Speaker 3: and there's a bus.

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Speaker 2: But the only.

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Speaker 3: Reason there was a boom was because the restaurant tour

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Speaker 3: misread those signals. He thought there was a real increase

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Speaker 3: in demand. He didn't realize it was just a temporary circus.

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Speaker 3: So what happened in the US is, you know, the

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Speaker 3: monetary circus comes to town and lots of businesses made investments.

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Speaker 3: You know, banks, you know, in particular, funded investments made

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Speaker 3: loans based on these low interest rates. Is if you know,

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Speaker 3: they were here forever, but you know, the circus had

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Speaker 3: to go. And now interest rates are viralizing and that's

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Speaker 3: exposing all the problems, and so banks are failing, Businesses

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Speaker 3: are going to go out of business, Lots of people

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Speaker 3: are going to lose their jobs as a result of

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Speaker 3: the bursting of this bubble.

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Speaker 1: So the money printing, the low interest rates sent false

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Speaker 1: signals that created artificial demand, that created an artificial boom.

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Speaker 1: And right now it seems like we're starting to see

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Speaker 1: the signs of the bust starting, like you said, with

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Speaker 1: the bank failures, the credit crunch, most layoffs in tech

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Speaker 1: since like two thousand and one, So left alone, it

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Speaker 1: seems like we'd have a bus Do you anticipate even

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Speaker 1: short term any deflation at all or do you think

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Speaker 1: they'll step in first and start inflation up again.

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Speaker 3: Well, there will be, you know, to the extent that

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Speaker 3: you're looking at asset prices, they should come down. I

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Speaker 3: don't think consumer good prices are coming down.

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Speaker 2: I think they still have a long way to go up.

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Speaker 3: But I think the Federal Reserve is going to interfere

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Speaker 3: along with the US government in the correct the process

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Speaker 3: by trying to preserve a lot of the bubble related activities,

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Speaker 3: so prevent businesses that should fail, but trying to keep

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Speaker 3: them afloat to prevent people from losing jobs that they

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Speaker 3: really should lose. Now, of course, when you lose a

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Speaker 3: job that you shouldn't have, that frees you up to

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Speaker 3: go get a different job that you really should have

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Speaker 3: that is more economically viable. But the politicians don't like that.

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Speaker 3: They don't like people to lose jobs because in the

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Speaker 3: process of getting another one, they may not vote to

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Speaker 3: re elect whoever's in office, you know, when they lose

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Speaker 3: their jobs. So the politicians want to keep people, you know,

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Speaker 3: in jobs that really are not economically viable. But the

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Speaker 3: way they do all this is through inflation. They print

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Speaker 3: more money. The Fed might start cutting rates again, you know,

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Speaker 3: back to QE, and that will prevent the healthy deflation

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Speaker 3: that is a necessary part of the cure, and we

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Speaker 3: just get another ghost of the disease, which just sickens

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Speaker 3: the economy even further.

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Speaker 1: Now we've seen, maybe not to the degree that's coming

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Speaker 1: in the future, but we've seen aspects of this happen

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Speaker 1: for the last you know, twenty years and so the

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Speaker 1: common mentality is, hey, they kicked the can down the

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Speaker 1: road before, why can't we just continuously kick the can

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Speaker 1: down the road forever? Like, where does that road run out? Well,

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Speaker 1: I think we kind of ran out of road, you

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Speaker 1: know a while ago.

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Speaker 2: Nobody really noticed.

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Speaker 3: I mean when they really had to go to zero

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Speaker 3: percent interest rates, and you know, it's kind of like

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Speaker 3: an indication that you know, we kind of had neared

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Speaker 3: the end of it. But I think that probably the

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Speaker 3: peak was the sanctions against Russia. That was probably kind

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Speaker 3: of the beginning of the end of the dollar hegemony

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Speaker 3: and the dollar status as the reserve currency. And you

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Speaker 3: know when that goes the whole you know, the whole

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Speaker 3: thing goes with it. I mean, phony economy are artificially

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Speaker 3: propped up standard of living. I mean, America's power is

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Speaker 3: a function of, uh, the dollar status. You know, it's

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Speaker 3: kind of like Samson and his long hair. You know,

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Speaker 3: the world's about to give us a haircut, and that's going.

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Speaker 2: To be it. You know, we're going to We're going

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Speaker 2: to you know, have to deal with reality.

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Speaker 1: Now, speaking of the dollar, when we look at the

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Speaker 1: reserve holdings of dollars, around the world and treasuries as well.

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Speaker 1: That's that one percent. You can see, it's clearly on

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Speaker 1: the decline, and so the dollar's preference globally as a

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Speaker 1: reserve asset is decreasing if other nations continue to buy

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Speaker 1: up gold like they're doing and then maybe even back

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Speaker 1: their money with gold at some point. America has a

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Speaker 1: lot of officially state it has a lot of gold.

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Speaker 1: Is that a parachute for the dollar for America? Is

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Speaker 1: that something that could actually work out to our advantage?

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Speaker 3: Well, I mean in the law run, and it'll be

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Speaker 3: in everyone's advantage to go back to a sound monetary system.

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Speaker 3: And by the way, countries wouldn't be backing their money

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Speaker 3: with gold. Gold is the money they would be backing

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Speaker 3: their currency with gold. Currency is a substitute for money.

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Speaker 3: You can either have legitimate currency that's backed by money,

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Speaker 3: or you can have fiat currency, which is backed by nothing,

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Speaker 3: which is what we got now. And that's the system

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Speaker 3: that is in the process of toppling, because the way

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Speaker 3: the fiat system has worked, you back one fiat currency

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Speaker 3: with another, meaning the US dollar. But it doesn't work

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Speaker 3: to back something with something that's in itself has no value. Now, initially,

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Speaker 3: when the world used the dollar as its reserve, the

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Speaker 3: dollar was backed by gold. In fact, it was redeemable

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Speaker 3: on demand in a fixed quantity of gold. Thirty five

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Speaker 3: dollars got to you an ounce of gold. So when

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Speaker 3: a currency was backed by the dollar prior to nineteen

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Speaker 3: seventy one, it was also backed by gold, and it

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Speaker 3: was the dollars gold backing that made it the reserve currency.

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Speaker 3: That's why they would say the dollar was as good

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Speaker 3: as gold, because it was effectively until the US defaulted

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Speaker 3: on that obligation. We spoke about that briefly before we

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Speaker 3: started to record this, but that was a major default.

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Speaker 3: When they're talking today about, oh, the US government has

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Speaker 3: never defaulted, what do they think nineteen seventy one was

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Speaker 3: Feta reserve notes were promises to pay gold. That was

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Speaker 3: our obligation. You have thirty five FETA reserve notes, we

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Speaker 3: will give you a dollars worth of gold. That's, you know,

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Speaker 3: based on this you know, legal definition of how much

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Speaker 3: gold defined a dollar.

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Speaker 2: So that was our commitment, and we defaulted.

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Speaker 3: We told the holders of our notes, we're not going

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Speaker 3: to give you what we pro We're going to give

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Speaker 3: you nothing.

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Speaker 2: You have our notes, We're not going to give you

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Speaker 2: any gold.

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Speaker 3: So I mean that was a complete default on what

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Speaker 3: we had were obligated to pay. You know, so that

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Speaker 3: we do have a history of defaulting, so if we

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Speaker 3: did it again, it would not be without precedent.

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Speaker 2: It just be just a different type of default.

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Speaker 1: Do you think if the United States defaulted on its

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Speaker 1: current debt, maybe because of the debt ceiling issue right

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Speaker 1: now or something else in the future, do you think

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Speaker 1: that in the long run that would actually be the

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Speaker 1: healthier option, because that's an outright default, rather than pretending

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Speaker 1: like we're not defaulting, but we're still doing it through inflation.

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Speaker 3: Yeah, it would be much better if the US government

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Speaker 3: honestly defaulted on the debts rather than doing it dishonestly,

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Speaker 3: which is what they're going to do through inflation, because

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Speaker 3: there is no way to honestly repay the debt. The

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Speaker 3: debt is unpayable because the American public doesn't have the

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Speaker 3: ability to pay the taxes that would be necessary to

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Speaker 3: repay the debt.

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Speaker 2: I mean, in fact, if you look at.

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Speaker 3: The numbers right now, in order to balance the budget,

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Speaker 3: they would have to cut about a third of government

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Speaker 3: spending right now, a third of the government would have

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Speaker 3: to go away, and I think with rising interest rates,

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Speaker 3: by the end of the year or next year, you

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Speaker 3: may have to cut fifty percent of the government to

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Speaker 3: balance the budget. In order to square the books and

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Speaker 3: balance the budget, you would have to double everybody's tax, But.

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Speaker 2: That wouldn't pay off any of the debt.

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Speaker 3: All that would do would stop us from going even

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Speaker 3: deeper into debt. To actually pay off the debt would

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Speaker 3: require tax increases that are completely impossible. In fact, it

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Speaker 3: would even be impossible to raise taxes high enough to

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Speaker 3: balance the budget, let alone pay off a thirty one

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Speaker 3: thirty two trillion dollar national debt. So the only way

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Speaker 3: out of the debt is to inflate it away, you know.

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Speaker 3: And a lot of people say, oh, we never have

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Speaker 3: to repay our debt.

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Speaker 2: That's nonsense. I mean, then it would be stealing. You know.

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Speaker 3: You can't say that you can borrow money and never

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Speaker 3: have to pay it back, because that assumes that the

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Speaker 3: lenders are willing to lend money and never get it back.

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Speaker 2: What lender would do that?

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Speaker 3: Now what we say as well, yes we have to

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Speaker 3: pay back the current lenders, but we do that by

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Speaker 3: borrowing more money from future lenders. So, in other words,

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Speaker 3: it's a giant Ponzi scheme that we're counting on.

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Speaker 2: We're counting on there always to be.

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Speaker 3: A greater fool willing to loan a bankrupt nation money

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Speaker 3: so that it can repay its creditors, hoping that there'll

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Speaker 3: be another fool, even dumber, that will loan an even

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Speaker 3: more bankrupt government even more money to.

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Speaker 2: Pay you off.

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Speaker 3: Right, so this whole thing has to implode at some point,

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Speaker 3: either through inflationation or default.

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Speaker 2: Default is better better for everybody.

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Speaker 3: It's actually even better for the lenders because they'll end

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Speaker 3: up salvaging more because if we defaulted on the debt,

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Speaker 3: it wouldn't be like.

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Speaker 2: You get nothing.

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Speaker 3: I mean, there would be some type of restructuring where hey,

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Speaker 3: maybe you get thirty cents on the dollar. That's better

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Speaker 3: than getting one hundred cents on the dollar where the

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Speaker 3: dollar loses ninety percent of its value. That's like getting

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Speaker 3: ten cents in terms of purchasing power. And in fact,

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Speaker 3: I think if we you know, restructured now and basically

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Speaker 3: admitted that we're broke and didn't raise the debt ceiling

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Speaker 3: and dealt with the problem, right, if you listen to

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Speaker 3: the way that politicians are framing the debt ceiling. They

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Speaker 3: keep saying America always pays its bills, so we need

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Speaker 3: to raise the debt ceiling because we pay our bills.

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Speaker 3: That's the opposite of what's true. We never pay our bills.

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Speaker 3: That's why we have all this debt. We have almost

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Speaker 3: thirty two trillion dollars of unpaid bills.

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Speaker 2: That's the national debt.

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Speaker 3: The reason we want to raise the debt ceiling is

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Speaker 3: so we can continue to not pay our bills and

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Speaker 3: instead run up more debt. My solution would be leave

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Speaker 3: the debt ceiling where it is and let's start paying

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Speaker 3: our bills now. The first thing that we have to

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Speaker 3: do is admit that we can't pay our bills because

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Speaker 3: there's too many.

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Speaker 2: We can't do it. We're broke, so we have to

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Speaker 2: cut stuff.

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Speaker 3: And I don't think bond holders should be absolved for

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Speaker 3: sharing in the pain. After all, they were dumb enough

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Speaker 3: to loan America all this money. Why should they get

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Speaker 3: it all back?

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Speaker 2: Right?

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Speaker 3: I mean, they we're broke, but everybody should have to

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Speaker 3: bear some of the cuts. Social Security, Medicare, national defense pensions.

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Speaker 3: I mean, government has to cut across the board. You know,

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Speaker 3: I would rather see government cut spending that increase taxes.

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Speaker 3: But if they have to increase taxes, unfortunately they have

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Speaker 3: to do that. But you know, the taxes are already

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Speaker 3: pretty high on a lot of people. So what we

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Speaker 3: need is a sales tax. You know, we need to

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Speaker 3: tax people that aren't paying taxes right the people that are,

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Speaker 3: you know that they need it. They need a you know,

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Speaker 3: national sales tax or something. But we have to find

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Speaker 3: a way to to balance the books. And yes, you know,

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Speaker 3: maybe if we default and we only give people thirty

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Speaker 3: cents on the dollar, our credit rating will go down.

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Speaker 2: Uh.

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Speaker 3: And you know fine, because we're going to balance the

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Speaker 3: book because we're not going to be borrowing. But you know,

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Speaker 3: I would rather loan money to the US government after

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Speaker 3: a default than before.

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Speaker 2: They're probably going to be in better shape.

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Speaker 3: There's no way I'm going to loan money to the

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Speaker 3: US government now because I know I'm never going to

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Speaker 3: get it back based on their fiscal position. Either they're

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Speaker 3: going to default the way I'm suggesting, or they're going

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Speaker 3: to inflate.

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Speaker 2: But either way, I'm a loser.

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Speaker 3: But if we actually do the right thing now and

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Speaker 3: restructure the debt, we're actually a much better credit risk.

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Speaker 1: You know.

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Speaker 3: Actually, you know, you think about this in real life.

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Speaker 3: After somebody declares bankruptcy, sometimes you know it's safer a

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Speaker 3: loan of money because they can't do it again.

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Speaker 2: They just did it.

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Speaker 3: You can't, like, you know, whereas you know, before they

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Speaker 3: declare bankruptcy, you run the risk of being discharged. So

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Speaker 3: I think it would be better for all parties. But

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Speaker 3: you know, if we end up, you know, wiping out

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Speaker 3: our debts through inflation. See the problem with that is

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Speaker 3: that it doesn't just affect the bondholders.

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Speaker 2: It affects everybody, even.

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Speaker 3: The people that weren't dumb enough to buy US government bonds.

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Speaker 3: Anybody who has US dollars is going to be affected

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Speaker 3: by by that. So if we just defaulted and bondholders

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Speaker 3: ended up with fewer dollars, the other dollars that remained

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Speaker 3: would be more valuable. So if you didn't own any

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Speaker 3: US government bonds, if you just had dollars, you know,

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Speaker 3: stuffed under your mattress, those dollars would actually hold onto

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Speaker 3: their value.

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Speaker 2: They may even gain value. But if we just print

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Speaker 2: a bunch of money, because we don't have the guts

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Speaker 2: to default.

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Speaker 3: Then all dollars lose value, not just the dollars that

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Speaker 3: are owed to our creditors who have treasuries, but all

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Speaker 3: the dollars that are stuffed under your mattress they get

398
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Speaker 3: they lose value too. You know, everybody suffers. It's basically

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Speaker 3: a socialization of the losses. But inflation ends up hurting

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Speaker 3: most the people who could at least afford to bear

401
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Speaker 3: the burden, and that's the working poor, the middle class.

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Speaker 2: They lose a lot more than the rich.

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Speaker 1: So it's been said that inflation is a wealth transfer

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Speaker 1: from the poor to the rich. Can you explain how

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Speaker 1: and why that happens.

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Speaker 3: Yeah, well, it's also you know, it's a it's a

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Speaker 3: transfer from accreditors to debtors, and you know, and and

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Speaker 3: not necessarily debtors the way let's say the poor would

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Speaker 3: have debt. It's not like, you know, you have credit

410
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Speaker 3: card debt or something or car loan, because when you

411
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Speaker 3: borrow money to suspend it, you don't get a productive asset,

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Speaker 3: you get a depreciating asset.

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Speaker 2: You don't get any income.

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Speaker 3: But if you're rich and you've gone into debt to

415
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Speaker 3: accumulate in producing assets, then inflation wipes out your debt

416
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Speaker 3: and leaves you with the asset, and and and and

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Speaker 3: now you own the asset.

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Speaker 2: And whoever loaned you the money to buy it, you.

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Speaker 3: Know, his his his loan is diminished in value.

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Speaker 2: You pay him back with depreciated currency.

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Speaker 3: Uh So, people who borrow money to accumulate assets are are.

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Speaker 2: Enriched by inflation.

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Speaker 3: But the savers, the lenders, and you know, middle class,

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Speaker 3: if you just have money in a bank account, you know,

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Speaker 3: you've got to fixed annuity, or you got pension, or

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Speaker 3: you got some type of guaranteed income from savings, you

427
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Speaker 3: you you suffer. You see the value of those savings diminished.

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Speaker 3: But the way it also impacts the poor is if

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Speaker 3: you look at the prices that are probably most impacted,

430
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Speaker 3: they're things like food, you know, energy, you know, you know, shelter,

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Speaker 3: the basic necessities are prices that are likely to rise

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Speaker 3: the most. Now, if you're pretty poor, maybe half your

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Speaker 3: income goes to your rent, your energy, your.

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Speaker 2: Food, maybe more maybe more than half your income.

435
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Speaker 3: Maybe you might be spending half your income just on rent,

436
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Speaker 3: you know.

437
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Speaker 2: Whereas if you're very wealthy, maybe ten.

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Speaker 3: Percent, five percent, one percent of your income goes for

439
00:24:28,000 --> 00:24:34,200
Speaker 3: those things, you know, and so your standard of living

440
00:24:35,080 --> 00:24:38,720
Speaker 3: is not impacted. The price of food doubles, it's a nuisance.

441
00:24:38,760 --> 00:24:40,600
Speaker 3: Maybe you look at the billing say, god, this thing,

442
00:24:40,920 --> 00:24:43,400
Speaker 3: you know, I can't believe this is one hundred bucks

443
00:24:43,600 --> 00:24:45,360
Speaker 3: a couple of years ago was fifty right when you're

444
00:24:45,359 --> 00:24:47,919
Speaker 3: you know, eating steak at a restaurant. But it's not

445
00:24:47,960 --> 00:24:50,399
Speaker 3: like you're not going to go to a restaurant, you know.

446
00:24:50,440 --> 00:24:52,679
Speaker 3: You just notice that maybe it costs more, but it

447
00:24:52,720 --> 00:24:56,160
Speaker 3: doesn't impact you because your overall restaurant bill is such

448
00:24:56,200 --> 00:24:59,600
Speaker 3: a small part of your budget. But you double the

449
00:24:59,640 --> 00:25:01,919
Speaker 3: price stake. A lot of people can't afford to eat

450
00:25:01,960 --> 00:25:06,400
Speaker 3: it anymore, certainly not in a restaurant, So the way

451
00:25:06,440 --> 00:25:08,520
Speaker 3: it impacts people, it's much worse. That's why I would

452
00:25:08,600 --> 00:25:13,879
Speaker 3: rather raise taxes that would affect everybody, as opposed to

453
00:25:14,160 --> 00:25:18,199
Speaker 3: just raising inflation, which so disproportionately hit some people. The

454
00:25:18,240 --> 00:25:21,400
Speaker 3: reason I said earlier we need a sales tax. Everybody

455
00:25:21,440 --> 00:25:23,360
Speaker 3: would pay the sales tax, and I know it might

456
00:25:23,480 --> 00:25:28,840
Speaker 3: fall harder on the poorer middle class. But the problem

457
00:25:28,920 --> 00:25:31,240
Speaker 3: is if you try to raise the income tax the wealthy,

458
00:25:31,280 --> 00:25:34,040
Speaker 3: you're already paying so much in income taxes there's not

459
00:25:34,160 --> 00:25:36,320
Speaker 3: much room to tax them anymore because you'll end up

460
00:25:36,320 --> 00:25:37,440
Speaker 3: getting less revenue.

461
00:25:37,560 --> 00:25:38,640
Speaker 2: They won't work anymore.

462
00:25:38,640 --> 00:25:40,600
Speaker 3: I mean, you know, I mean there are plenty of

463
00:25:40,760 --> 00:25:43,399
Speaker 3: businessmen that are already paying more than fifty percent of

464
00:25:43,400 --> 00:25:45,880
Speaker 3: their income in tax. I mean, you can't get much

465
00:25:45,880 --> 00:25:49,879
Speaker 3: more out of that. You know, it just backfires. You

466
00:25:49,880 --> 00:25:52,520
Speaker 3: know where you are on the laugh of curve. But

467
00:25:52,760 --> 00:25:56,119
Speaker 3: the best thing we could do to relieve the burden

468
00:25:56,200 --> 00:25:59,000
Speaker 3: of government from the public is to cut government spending

469
00:25:59,840 --> 00:26:02,040
Speaker 3: and then a lot of people that are now getting

470
00:26:02,119 --> 00:26:04,800
Speaker 3: checks from the government will have to go do something

471
00:26:04,840 --> 00:26:09,000
Speaker 3: productive and earn money. And if people are productively working

472
00:26:09,400 --> 00:26:10,520
Speaker 3: and earning money, that's good.

473
00:26:10,520 --> 00:26:12,320
Speaker 2: That benefits everybody.

474
00:26:12,720 --> 00:26:15,520
Speaker 3: But if they're just living off the government, you know,

475
00:26:16,280 --> 00:26:19,199
Speaker 3: then they're living office the expense of somebody. They're a

476
00:26:19,200 --> 00:26:21,400
Speaker 3: burden on somebody else who has to support them.

477
00:26:22,200 --> 00:26:26,640
Speaker 1: I'm sure the National Sales Tax would be a painful adjustment,

478
00:26:26,720 --> 00:26:29,760
Speaker 1: especially for some, but it does flip the incentives in

479
00:26:29,840 --> 00:26:32,959
Speaker 1: the system, because when you produce something, you get income

480
00:26:33,000 --> 00:26:35,920
Speaker 1: to have that TAXT it disincentivizes that. But if you're

481
00:26:36,320 --> 00:26:40,920
Speaker 1: taxing consumption, then your disincentive, you're actually incentivizing savings which

482
00:26:41,000 --> 00:26:42,440
Speaker 1: produces more wealth on time.

483
00:26:42,520 --> 00:26:45,920
Speaker 3: I mean, I'd like to have the national sales tax,

484
00:26:46,040 --> 00:26:48,919
Speaker 3: you know, the some of fair tax, as a replacement

485
00:26:48,960 --> 00:26:51,480
Speaker 3: for the income tax. I mean, I know, like if

486
00:26:51,480 --> 00:26:54,119
Speaker 3: we just have a sales tax and keep the income tax,

487
00:26:54,880 --> 00:26:56,480
Speaker 3: you know, that's not a good thing. We're all just

488
00:26:56,520 --> 00:26:59,520
Speaker 3: going to pay more taxes. But the problem isn't that

489
00:26:59,560 --> 00:27:03,200
Speaker 3: the government isn't taxing us enough. They're taxing us plenty.

490
00:27:03,200 --> 00:27:08,360
Speaker 3: They're just spending too much, right, But if they are

491
00:27:08,440 --> 00:27:11,320
Speaker 3: going to spend this much, if that's the deal, then

492
00:27:11,359 --> 00:27:15,160
Speaker 3: they have to raise our taxes. But politicians don't want

493
00:27:15,200 --> 00:27:17,400
Speaker 3: to level with the voters and tell them how much

494
00:27:17,440 --> 00:27:20,960
Speaker 3: all this government actually costs, because the people might not

495
00:27:21,080 --> 00:27:22,840
Speaker 3: want it if they realize they have to pay for

496
00:27:22,880 --> 00:27:25,600
Speaker 3: It's only because they think the lunch is free that

497
00:27:25,640 --> 00:27:28,040
Speaker 3: they want to eat it. Right, If they saw the

498
00:27:28,119 --> 00:27:31,120
Speaker 3: price tag, they would say, no, thank you, right, I'll

499
00:27:31,119 --> 00:27:33,960
Speaker 3: make my own lunch. I can't afford this free government lunch.

500
00:27:34,000 --> 00:27:37,040
Speaker 2: It's too expensive, right, right, all right?

501
00:27:37,080 --> 00:27:39,840
Speaker 1: So both between if we look at the forties and

502
00:27:39,880 --> 00:27:43,120
Speaker 1: the seventies, between those two time periods, there are some

503
00:27:43,760 --> 00:27:46,680
Speaker 1: similarities that we see today. Whether it's you know, big

504
00:27:46,680 --> 00:27:53,159
Speaker 1: government debt to GDP ratio, high inflation. Are those false

505
00:27:53,200 --> 00:27:57,639
Speaker 1: comparisons or because we pulled through those seemingly just fine.

506
00:27:58,200 --> 00:28:00,159
Speaker 1: Are there any lessons we can learn for how to

507
00:28:00,920 --> 00:28:02,280
Speaker 1: how to deal with things this time?

508
00:28:03,960 --> 00:28:06,800
Speaker 3: Well, there's a lot of lessons, but unfortunately the government

509
00:28:06,800 --> 00:28:10,040
Speaker 3: never learns them. I mean, the government just doubles down

510
00:28:10,040 --> 00:28:13,080
Speaker 3: on its mistakes and repeats them on a.

511
00:28:13,480 --> 00:28:15,880
Speaker 2: Grand or scale. You know, that's it.

512
00:28:15,960 --> 00:28:20,040
Speaker 3: I mean, either thought they'd learn something from the two

513
00:28:20,080 --> 00:28:23,960
Speaker 3: thousand and day financial crisis that they created. I mean

514
00:28:24,000 --> 00:28:27,359
Speaker 3: I laid it out years in advance. I explained exactly

515
00:28:27,760 --> 00:28:30,479
Speaker 3: the mistakes they were making and what the consequences would be,

516
00:28:30,560 --> 00:28:32,520
Speaker 3: and it pretty much went down the way I said

517
00:28:32,520 --> 00:28:36,480
Speaker 3: it would. But they didn't follow any of my advice

518
00:28:36,560 --> 00:28:40,280
Speaker 3: for what to do. They just doubled down on the

519
00:28:40,320 --> 00:28:43,800
Speaker 3: mistakes and inflated a bigger bowl. And now we're just

520
00:28:44,000 --> 00:28:48,560
Speaker 3: in the early stages of experiencing the consequences, which.

521
00:28:48,400 --> 00:28:51,480
Speaker 2: Are are far worse. And you know, I also talked about,

522
00:28:51,480 --> 00:28:52,320
Speaker 2: you know, after COVID.

523
00:28:52,360 --> 00:28:55,480
Speaker 3: I mean, one of the reasons that the American economy

524
00:28:55,520 --> 00:28:58,840
Speaker 3: was so ill prepared for COVID was because of government

525
00:28:58,880 --> 00:29:02,120
Speaker 3: policy I mean, what we need did to go through

526
00:29:02,160 --> 00:29:04,880
Speaker 3: COVID was a lot of savings. You know, if we

527
00:29:04,960 --> 00:29:07,360
Speaker 3: really wanted to lock down the economy, we needed to

528
00:29:07,480 --> 00:29:08,880
Speaker 3: exist off of our savings.

529
00:29:09,560 --> 00:29:11,640
Speaker 2: We needed to have a rainy day fund. Right, it

530
00:29:11,680 --> 00:29:13,360
Speaker 2: was pouring rain, but we.

531
00:29:13,320 --> 00:29:15,840
Speaker 3: Had no rainy day fun, you know, because we spent

532
00:29:15,880 --> 00:29:17,960
Speaker 3: it all when the sun was shining and then some.

533
00:29:18,520 --> 00:29:22,520
Speaker 3: So we got into COVID with massive debt and so

534
00:29:22,560 --> 00:29:25,400
Speaker 3: we were not in a position to weather that storm.

535
00:29:26,120 --> 00:29:28,480
Speaker 3: But again, you know, the government didn't.

536
00:29:28,200 --> 00:29:30,280
Speaker 2: Have to do that. That was you know, a mistake.

537
00:29:31,200 --> 00:29:34,800
Speaker 3: You know, they completely overreacted to COVID. We never should

538
00:29:34,840 --> 00:29:40,040
Speaker 3: have had any of those lockdowns, you know, I mean,

539
00:29:40,440 --> 00:29:43,200
Speaker 3: I mean, the smart thing would have been to advise

540
00:29:44,560 --> 00:29:47,760
Speaker 3: you know, older people who are in ill health, that

541
00:29:47,880 --> 00:29:54,080
Speaker 3: have all these other conditions that could be aggravated by COVID.

542
00:29:54,320 --> 00:29:55,440
Speaker 2: Yeah, they should have stayed home.

543
00:29:55,440 --> 00:29:58,680
Speaker 3: They should have stayed you know, away, while the rest

544
00:29:58,720 --> 00:30:01,920
Speaker 3: of us, you know, just caught the disease and.

545
00:30:01,880 --> 00:30:02,479
Speaker 2: Got over it.

546
00:30:02,520 --> 00:30:05,840
Speaker 3: I mean, I you know, I mean everybody got it anyway, right,

547
00:30:06,160 --> 00:30:08,760
Speaker 3: despite all the lockdowns. I mean, I know people that

548
00:30:08,880 --> 00:30:12,640
Speaker 3: got it several times despite the lockdowns and triple vaccinations.

549
00:30:13,200 --> 00:30:17,080
Speaker 2: So I mean, I only got one vaccine, and I only.

550
00:30:16,920 --> 00:30:20,960
Speaker 3: Got it once, and I but I got it after

551
00:30:21,000 --> 00:30:25,040
Speaker 3: I was vaccinated, not before, right, But now they're trying

552
00:30:25,080 --> 00:30:26,640
Speaker 3: to tell us, well, it's a good thing you had

553
00:30:26,680 --> 00:30:29,720
Speaker 3: the vaccine because it would have been much worse. Of course, really,

554
00:30:29,720 --> 00:30:32,080
Speaker 3: how do we know. I don't know how it would

555
00:30:32,080 --> 00:30:34,400
Speaker 3: have been at if I didn't have the vaccine, right,

556
00:30:34,560 --> 00:30:35,920
Speaker 3: you know, yeah.

557
00:30:35,960 --> 00:30:38,840
Speaker 1: Absolutely. One of the other things that over the last

558
00:30:38,880 --> 00:30:43,800
Speaker 1: couple of years has become somewhat mainstream is it is

559
00:30:43,880 --> 00:30:48,960
Speaker 1: the discussion of bitcoin versus gold. So outlined for us

560
00:30:49,160 --> 00:30:53,160
Speaker 1: really quickly if you could what you think people perceive

561
00:30:53,240 --> 00:30:58,440
Speaker 1: the similarities of golden bitcoin and then the differences.

562
00:30:58,840 --> 00:31:02,960
Speaker 3: Well, the similarity exist only in the minds of the

563
00:31:03,040 --> 00:31:07,000
Speaker 3: people who you know, are immersed in bitcoin and have

564
00:31:07,400 --> 00:31:10,280
Speaker 3: a vested interest in its success because they own it.

565
00:31:13,280 --> 00:31:17,560
Speaker 3: And the similarities that people believe exist between gold and bitcoin.

566
00:31:18,600 --> 00:31:22,160
Speaker 3: You know, we're deliberately cultivated by the promoters of bitcoin

567
00:31:23,120 --> 00:31:30,480
Speaker 3: because bitcoin was developed and marketed to be a digital

568
00:31:30,600 --> 00:31:39,120
Speaker 3: version of gold, and gold was money for thousands of years,

569
00:31:39,920 --> 00:31:46,320
Speaker 3: and it was money because it's satisfied the conditions of

570
00:31:46,440 --> 00:31:50,400
Speaker 3: money better than other commodities that were used as money

571
00:31:50,480 --> 00:31:53,280
Speaker 3: or that could have been used as money, and those

572
00:31:53,960 --> 00:31:57,800
Speaker 3: conditions had to do with fungibility. One ounce of gold

573
00:31:57,920 --> 00:32:00,480
Speaker 3: is an ounce of gold. So if I borrow an

574
00:32:00,520 --> 00:32:01,960
Speaker 3: ounce of gold from you and I have to pay

575
00:32:02,000 --> 00:32:04,040
Speaker 3: it back, as long as I give you an ounce

576
00:32:04,080 --> 00:32:06,320
Speaker 3: of gold, you don't have to worry that it's any different.

577
00:32:07,320 --> 00:32:08,040
Speaker 2: That's not the case.

578
00:32:08,040 --> 00:32:10,280
Speaker 3: If you know cattle is money, Well, if you loan

579
00:32:10,320 --> 00:32:12,640
Speaker 3: me a cow and I pay you back a cow,

580
00:32:12,720 --> 00:32:15,440
Speaker 3: I mean, it could be completely different. They take a

581
00:32:15,480 --> 00:32:18,600
Speaker 3: way different you know, a different age, you know, or

582
00:32:19,280 --> 00:32:21,040
Speaker 3: what if you loan me a diamond, I can't just

583
00:32:21,080 --> 00:32:22,440
Speaker 3: give you back any old diamond.

584
00:32:22,480 --> 00:32:24,640
Speaker 2: I mean it may not be nearly as valuable as

585
00:32:24,680 --> 00:32:25,400
Speaker 2: the one you loan me.

586
00:32:25,440 --> 00:32:28,000
Speaker 3: It had different cut, different clarity, different carrot weight, all

587
00:32:28,000 --> 00:32:29,960
Speaker 3: this stuff. But if you won't loan me gold, gold

588
00:32:30,040 --> 00:32:32,040
Speaker 3: is all the same and the same thing with prices,

589
00:32:32,080 --> 00:32:36,000
Speaker 3: I can price something. This is a ten grams of gold.

590
00:32:36,040 --> 00:32:37,840
Speaker 3: It doesn't matter you have ten grams of gold. I

591
00:32:37,840 --> 00:32:40,200
Speaker 3: don't have to look at it to make sure it's

592
00:32:40,200 --> 00:32:42,480
Speaker 3: the right. It's all the same. Like gold is gold,

593
00:32:43,160 --> 00:32:47,920
Speaker 3: And you can divide gold up into very small quantities,

594
00:32:48,720 --> 00:32:49,880
Speaker 3: so you know, it worked.

595
00:32:49,920 --> 00:32:52,520
Speaker 2: It's very portable. There's a lot of value in one place.

596
00:32:52,920 --> 00:32:55,960
Speaker 3: So it worked a lot better as money than you know,

597
00:32:56,000 --> 00:33:01,120
Speaker 3: than cattle or salt. You know, the Indians used you know, beads,

598
00:33:01,200 --> 00:33:03,600
Speaker 3: you know, things that you know have been have been money.

599
00:33:04,840 --> 00:33:08,800
Speaker 3: But coin's gold made made very good money. And so

600
00:33:08,960 --> 00:33:13,360
Speaker 3: bitcoin people basically said, hey, look you can divide bitcoin.

601
00:33:14,120 --> 00:33:19,360
Speaker 3: Bitcoin is fungible, Bitcoin is portable. Uh, bitcoin is divisible, right,

602
00:33:19,360 --> 00:33:21,240
Speaker 3: all the stuff, all these things that gold as, you

603
00:33:21,240 --> 00:33:24,360
Speaker 3: can do the same thing with bitcoin, right. And when

604
00:33:24,400 --> 00:33:29,160
Speaker 3: they try to represent bitcoin in in a physical form,

605
00:33:29,240 --> 00:33:31,480
Speaker 3: even though it has no physical form because it doesn't

606
00:33:31,560 --> 00:33:36,800
Speaker 3: exist physically, they depict bitcoin as a coin. In fact,

607
00:33:36,840 --> 00:33:40,160
Speaker 3: it's called bitcoin even though there's no coin there, right

608
00:33:40,160 --> 00:33:40,720
Speaker 3: it you.

609
00:33:40,640 --> 00:33:43,719
Speaker 2: Know, it's digital. It's a string of digital numbers.

610
00:33:43,760 --> 00:33:46,840
Speaker 3: It's not a it's not a coin, but they represent

611
00:33:46,920 --> 00:33:49,040
Speaker 3: it as if it were a coin, and they make

612
00:33:49,080 --> 00:33:53,360
Speaker 3: the color gold, so they make bitcoin look like it's.

613
00:33:53,200 --> 00:33:57,840
Speaker 2: This gold coin, but it's not. It's it's nothing.

614
00:33:58,120 --> 00:34:01,160
Speaker 3: It's a it's a again, it's a it's a digital

615
00:34:01,240 --> 00:34:05,840
Speaker 3: token that represents a string of numbers that are created

616
00:34:05,880 --> 00:34:09,520
Speaker 3: as a result of solving a mathematical problem that you know,

617
00:34:09,640 --> 00:34:12,560
Speaker 3: takes a lot of computational power and consumes a lot

618
00:34:12,600 --> 00:34:15,640
Speaker 3: of energy in order to solve this meaningless problem to

619
00:34:15,680 --> 00:34:20,880
Speaker 3: get that string of numbers. But it is not digital gold,

620
00:34:21,280 --> 00:34:25,360
Speaker 3: you know, no more than digital food is food, or

621
00:34:25,440 --> 00:34:27,400
Speaker 3: you know, a digital house is a house.

622
00:34:28,480 --> 00:34:29,799
Speaker 2: I mean, you know, you can.

623
00:34:29,920 --> 00:34:32,880
Speaker 3: You can create a digital version of an apple that

624
00:34:32,960 --> 00:34:35,719
Speaker 3: looks like an apple, But I can't eat it.

625
00:34:35,719 --> 00:34:38,520
Speaker 2: It's like taste. It doesn't give me a nourishment.

626
00:34:39,080 --> 00:34:41,520
Speaker 3: If I had a diet of digital food, I starved

627
00:34:41,560 --> 00:34:44,560
Speaker 3: to death right now, you know. But digital gold gold

628
00:34:44,640 --> 00:34:47,880
Speaker 3: is a commodity. What made gold money was that it

629
00:34:47,920 --> 00:34:51,359
Speaker 3: was a useful metal that people wanted, people needed, and

630
00:34:51,400 --> 00:34:53,400
Speaker 3: it's a great store of value because you don't have

631
00:34:53,480 --> 00:34:54,680
Speaker 3: to use your gold right away.

632
00:34:55,120 --> 00:34:57,920
Speaker 2: You can store it, or you can make jewelry.

633
00:34:57,520 --> 00:34:59,120
Speaker 3: Out of it, and you can store it that way

634
00:34:59,200 --> 00:35:01,719
Speaker 3: because you can melt it down in a thousand years

635
00:35:01,719 --> 00:35:04,200
Speaker 3: and use it to conduct electricity or do anything you

636
00:35:04,239 --> 00:35:05,960
Speaker 3: need with it. I mean, gold is the most useful

637
00:35:06,040 --> 00:35:09,000
Speaker 3: valuable metal on the periodic table, apart from the fact

638
00:35:09,040 --> 00:35:12,000
Speaker 3: that we use it as money. But bitcoin doesn't have

639
00:35:12,120 --> 00:35:16,440
Speaker 3: any of the physical properties that makes gold so valuable.

640
00:35:16,960 --> 00:35:17,960
Speaker 2: None of them. You can't.

641
00:35:18,200 --> 00:35:21,520
Speaker 3: There's no circumstance in the real world where you could

642
00:35:21,600 --> 00:35:24,520
Speaker 3: use bitcoin as a replacement for gold. Now that's not

643
00:35:24,719 --> 00:35:27,400
Speaker 3: the case with other things that are digital, you know.

644
00:35:27,440 --> 00:35:29,680
Speaker 3: And this is what a lot of these crypto guys

645
00:35:29,680 --> 00:35:31,800
Speaker 3: don't get. But they say, well, they have digital books,

646
00:35:31,840 --> 00:35:36,160
Speaker 3: they have digital music. Yes, because digital music works. I

647
00:35:36,200 --> 00:35:39,680
Speaker 3: could listen to digital music and I can sing along

648
00:35:39,760 --> 00:35:42,279
Speaker 3: to it, I can enjoy it, I can dance to

649
00:35:42,360 --> 00:35:45,080
Speaker 3: it because I can get the sound. I don't need

650
00:35:45,120 --> 00:35:48,759
Speaker 3: to have a vinyl record album. It's another way that

651
00:35:48,840 --> 00:35:49,760
Speaker 3: I can hear the music.

652
00:35:51,080 --> 00:35:51,319
Speaker 2: You know.

653
00:35:51,400 --> 00:35:53,839
Speaker 3: The same thing with a book, I don't need a

654
00:35:53,920 --> 00:35:58,560
Speaker 3: physical book with you know, bound pieces of paper. I

655
00:35:58,600 --> 00:36:01,360
Speaker 3: can read a digital book. I can get the same utility.

656
00:36:01,920 --> 00:36:04,400
Speaker 3: You know, I guess I'm reading the words. But just

657
00:36:04,440 --> 00:36:06,839
Speaker 3: like I said, with food, that's not the same thing.

658
00:36:07,000 --> 00:36:11,680
Speaker 3: Just because music can be digital, food can't. Shelter can't,

659
00:36:12,280 --> 00:36:16,920
Speaker 3: transportation can't. If I want to actually go someplace, I

660
00:36:17,000 --> 00:36:18,000
Speaker 3: need a real car.

661
00:36:19,080 --> 00:36:21,000
Speaker 2: I can't get there in a digital car. Right. Maybe

662
00:36:21,040 --> 00:36:21,560
Speaker 2: I can get.

663
00:36:21,400 --> 00:36:24,040
Speaker 3: Someplace in some digital, make believe world. But if I

664
00:36:24,080 --> 00:36:27,120
Speaker 3: actually want to go someplace, I need real transportation.

665
00:36:28,640 --> 00:36:30,719
Speaker 2: And so that's what some of these bitcong guys don't get.

666
00:36:30,760 --> 00:36:33,240
Speaker 2: They think, oh, you know, I don't understand the value

667
00:36:33,280 --> 00:36:37,080
Speaker 2: of a digital intangible. Of course I do.

668
00:36:37,239 --> 00:36:39,719
Speaker 3: I just know the difference when there is value and

669
00:36:39,760 --> 00:36:43,160
Speaker 3: there's not. And gold has to be real. If you

670
00:36:43,160 --> 00:36:46,160
Speaker 3: want to make jewelry, you need actual gold. If you

671
00:36:46,160 --> 00:36:48,600
Speaker 3: want to conduct electricity, you need actual gold.

672
00:36:48,800 --> 00:36:49,600
Speaker 2: If you need.

673
00:36:49,480 --> 00:36:53,640
Speaker 3: Gold for dentistry or aerospace or medicine or any of

674
00:36:53,640 --> 00:36:56,240
Speaker 3: the things they use gold for, you need the actual stuff.

675
00:36:56,920 --> 00:37:00,680
Speaker 3: You can't settle for some digital version that has none

676
00:37:00,719 --> 00:37:02,680
Speaker 3: of its actual physical properties.

677
00:37:03,280 --> 00:37:05,480
Speaker 2: And so bigcoin doesn't have any real value.

678
00:37:05,640 --> 00:37:07,520
Speaker 3: And because it doesn't have any value, it can't be

679
00:37:07,560 --> 00:37:09,719
Speaker 3: a store value because you can't store what you don't have.

680
00:37:10,480 --> 00:37:13,320
Speaker 3: Bitcoin has a price, and these bitcoin guys don't seem

681
00:37:13,320 --> 00:37:16,719
Speaker 3: to get the difference between price and value, you know,

682
00:37:16,760 --> 00:37:19,880
Speaker 3: and that's there's a big difference, you know. Warren Buffett

683
00:37:19,880 --> 00:37:22,960
Speaker 3: always said price is what you pay, value is what

684
00:37:23,000 --> 00:37:25,560
Speaker 3: you get. Right now, if you buy bitcoin, you're going

685
00:37:25,640 --> 00:37:29,000
Speaker 3: to pay twenty eight thousand dollars, but you're going to

686
00:37:29,040 --> 00:37:32,319
Speaker 3: get no value. Now, does that mean you can't sell

687
00:37:32,360 --> 00:37:35,280
Speaker 3: it to some greater fool in the future for more.

688
00:37:35,160 --> 00:37:36,279
Speaker 2: Than twenty eight thousand dollars.

689
00:37:36,320 --> 00:37:38,520
Speaker 3: No, you might be able to as long as that

690
00:37:38,560 --> 00:37:40,399
Speaker 3: fool is there and has the money to pay you.

691
00:37:41,239 --> 00:37:47,160
Speaker 3: But none of these greater fool based ponzis pyramids work

692
00:37:47,160 --> 00:37:49,880
Speaker 3: out in the long run. You run out of fools,

693
00:37:49,880 --> 00:37:52,680
Speaker 3: the fools run out of money, and the whole system

694
00:37:52,719 --> 00:37:55,960
Speaker 3: in plude. And that's what's going to happen to bitcoin

695
00:37:56,320 --> 00:37:58,160
Speaker 3: and the twenty one twenty two thousand.

696
00:37:58,200 --> 00:37:59,920
Speaker 2: I haven't checked a coin market cap.

697
00:37:59,800 --> 00:38:03,040
Speaker 3: Late to see how many uh these crypto tokens exist

698
00:38:03,120 --> 00:38:07,120
Speaker 3: right now, but the supply is limitless because they keep

699
00:38:07,160 --> 00:38:08,959
Speaker 3: on creating them.

700
00:38:09,120 --> 00:38:13,719
Speaker 1: So the the intrinsic value, or in other words, the

701
00:38:13,880 --> 00:38:18,439
Speaker 1: use value of gold provides provides some value other than

702
00:38:18,480 --> 00:38:22,719
Speaker 1: its use as money, the marginal I believe it's a

703
00:38:22,719 --> 00:38:27,160
Speaker 1: marginal utility. Theory of value states that all value is

704
00:38:27,239 --> 00:38:30,560
Speaker 1: subjective in nature, just based on people's wants and needs.

705
00:38:30,840 --> 00:38:37,160
Speaker 1: So is use value necessary for something to be money?

706
00:38:37,200 --> 00:38:40,680
Speaker 1: Like does there have to be like a case when you're.

707
00:38:40,560 --> 00:38:43,920
Speaker 3: Talking about that type of value, it's, you know, the

708
00:38:44,120 --> 00:38:50,080
Speaker 3: value that somebody places on a particular item, and that's

709
00:38:50,120 --> 00:38:56,239
Speaker 3: going to vary from person to person and circumstances you

710
00:38:56,239 --> 00:38:59,840
Speaker 3: know that you're in. I mean, water is very valuable

711
00:39:00,040 --> 00:39:03,040
Speaker 3: if you're dying of thirst and there's very little around,

712
00:39:04,960 --> 00:39:08,480
Speaker 3: you know, whereas under normal circumstances, you know there's water around,

713
00:39:08,520 --> 00:39:10,600
Speaker 3: and so it's you know, you're not going to evaluate

714
00:39:10,640 --> 00:39:11,759
Speaker 3: that much even though you need it.

715
00:39:12,719 --> 00:39:17,080
Speaker 2: But there's a difference between value and price. You know.

716
00:39:18,040 --> 00:39:25,160
Speaker 3: Again, people may assign a value to something for whatever reason,

717
00:39:25,360 --> 00:39:28,120
Speaker 3: and and and and and therefore they're willing to pay

718
00:39:28,120 --> 00:39:35,440
Speaker 3: a particular price to obtain that. But I'm talking about

719
00:39:35,760 --> 00:39:42,920
Speaker 3: and underlying value that is real. And yes, you know,

720
00:39:44,080 --> 00:39:47,640
Speaker 3: the value could be different from one person to another.

721
00:39:47,960 --> 00:39:52,440
Speaker 3: I mean, let's say a particular type of food, you know,

722
00:39:53,080 --> 00:39:56,160
Speaker 3: you know, let's let's let's say I like black liquorice

723
00:39:56,280 --> 00:39:59,040
Speaker 3: quite a bit, right, Most people hate it for some reason,

724
00:39:59,160 --> 00:39:59,920
Speaker 3: but I really.

725
00:39:59,760 --> 00:40:00,839
Speaker 2: Love black liquors.

726
00:40:01,080 --> 00:40:03,880
Speaker 3: So black liquors is more valuable to me because I

727
00:40:04,040 --> 00:40:06,600
Speaker 3: like it than to somebody who doesn't like it. I mean,

728
00:40:06,600 --> 00:40:08,120
Speaker 3: if you don't like it, you know, you you know,

729
00:40:08,600 --> 00:40:10,239
Speaker 3: I probably couldn't even pay to eat it.

730
00:40:11,440 --> 00:40:13,480
Speaker 2: I mean, what would you pay for black liquors?

731
00:40:13,880 --> 00:40:17,000
Speaker 3: Probably not much, you know, although you might if you

732
00:40:17,040 --> 00:40:18,560
Speaker 3: think you could sell it to a guy like me.

733
00:40:18,840 --> 00:40:21,319
Speaker 3: But I mean, I obviously am more interested. Now, if

734
00:40:21,320 --> 00:40:24,480
Speaker 3: you are starving, you know, you might be willing to

735
00:40:24,520 --> 00:40:26,360
Speaker 3: buy it because that's the only food you had to

736
00:40:26,400 --> 00:40:28,920
Speaker 3: eat and it was better than starvation. Right, But you know,

737
00:40:29,000 --> 00:40:32,400
Speaker 3: some different people. But the fact that liquorice has some

738
00:40:32,800 --> 00:40:35,480
Speaker 3: value can't be denied.

739
00:40:35,520 --> 00:40:37,760
Speaker 2: I mean it is, you know, I mean, it's food.

740
00:40:38,239 --> 00:40:41,799
Speaker 3: You could eat it, right, So there's some value there,

741
00:40:41,880 --> 00:40:44,520
Speaker 3: even though some people may value it more than others.

742
00:40:44,560 --> 00:40:45,440
Speaker 2: Now, some like.

743
00:40:45,400 --> 00:40:50,400
Speaker 3: Bitcoin, Bitcoin doesn't have any value that you can you

744
00:40:50,440 --> 00:40:55,560
Speaker 3: can point on for sure. I mean, yes, people believe

745
00:40:56,160 --> 00:40:59,520
Speaker 3: that other people will value it, and because they believe that,

746
00:40:59,560 --> 00:41:03,799
Speaker 3: they're willing to buy it. But you strip away all

747
00:41:03,840 --> 00:41:08,640
Speaker 3: that belief and there is nothing there that you could

748
00:41:08,680 --> 00:41:13,200
Speaker 3: say is real beyond that belief. And so if all

749
00:41:13,239 --> 00:41:18,000
Speaker 3: of your market value, your price is a function of

750
00:41:18,400 --> 00:41:20,839
Speaker 3: a belief system, people simply believe it.

751
00:41:21,560 --> 00:41:24,000
Speaker 2: This has value because I believe it has value.

752
00:41:24,280 --> 00:41:25,840
Speaker 3: I know I can't use it for anything, but I

753
00:41:25,880 --> 00:41:28,640
Speaker 3: don't care because I believe it has value. And look,

754
00:41:28,680 --> 00:41:32,640
Speaker 3: other people believe it has value too, Right, How do

755
00:41:32,680 --> 00:41:38,080
Speaker 3: you know that those beliefs are going to continue indefinitely.

756
00:41:38,600 --> 00:41:40,600
Speaker 3: What if some of the people who believe in it

757
00:41:41,080 --> 00:41:45,520
Speaker 3: stop believing in it? You know, then what you know,

758
00:41:46,920 --> 00:41:51,200
Speaker 3: something like gold, nobody has to believe that gold has value.

759
00:41:51,239 --> 00:41:53,239
Speaker 3: You could deny it has value and it still has

760
00:41:53,320 --> 00:41:56,160
Speaker 3: value because it's objective, you know. I mean, yes, gold

761
00:41:56,239 --> 00:41:58,919
Speaker 3: is a metal. Here are the things that gold can do.

762
00:41:59,560 --> 00:42:04,480
Speaker 3: All these things have value. And if you want to

763
00:42:04,520 --> 00:42:07,640
Speaker 3: deny that and say, well, no, that's all subjective, right,

764
00:42:08,440 --> 00:42:10,960
Speaker 3: I don't value conducting electricity?

765
00:42:11,520 --> 00:42:14,960
Speaker 2: Well, I mean, it's it's nonsense.

766
00:42:14,440 --> 00:42:17,719
Speaker 3: To say that conductors of electricity have no value when

767
00:42:18,120 --> 00:42:20,759
Speaker 3: electricity is such a big part of everything we do,

768
00:42:21,080 --> 00:42:24,799
Speaker 3: you know, you know, so I think now you have

769
00:42:24,880 --> 00:42:27,440
Speaker 3: all these bitcoin guys are trying to find ways to

770
00:42:27,719 --> 00:42:31,879
Speaker 3: justify the value of bitcoin by saying nothing has value, right,

771
00:42:32,080 --> 00:42:35,040
Speaker 3: nothing has any real value, So why not just value

772
00:42:35,040 --> 00:42:38,920
Speaker 3: bitcoin because everything else it's all subjective, it's all make believe,

773
00:42:39,000 --> 00:42:43,640
Speaker 3: it's all it's all based on perception, right, there's nothing real.

774
00:42:43,719 --> 00:42:46,399
Speaker 2: It's all what we perceive, and that's bs.

775
00:42:46,880 --> 00:42:48,799
Speaker 1: What about what about what would you say about its

776
00:42:48,880 --> 00:42:52,560
Speaker 1: use as like an electronic payments network like Venmo or

777
00:42:52,560 --> 00:42:57,040
Speaker 1: the cash app or PayPal. Bitcoin being used, Like is

778
00:42:57,080 --> 00:42:59,839
Speaker 1: that not? Like, use use value.

779
00:43:00,360 --> 00:43:02,000
Speaker 2: Now because I could use PayPal.

780
00:43:02,080 --> 00:43:04,359
Speaker 3: It's a lot easier to use PayPal and Venmo, it's

781
00:43:04,360 --> 00:43:07,799
Speaker 3: a lot cheaper, it's a lot faster than bitcoin, and

782
00:43:08,040 --> 00:43:13,120
Speaker 3: at least I'm paying with something that is more stable,

783
00:43:13,600 --> 00:43:17,120
Speaker 3: you know, long term. Sure you're using dollars. They're losing

784
00:43:17,160 --> 00:43:20,360
Speaker 3: their value maybe half a percent a month, one percent

785
00:43:20,360 --> 00:43:23,799
Speaker 3: a month, but that's not fast so fast that I

786
00:43:23,840 --> 00:43:26,800
Speaker 3: can't conduct commerce in it. I can't have a price,

787
00:43:26,960 --> 00:43:28,840
Speaker 3: you know, and just raise it every once in a while.

788
00:43:29,320 --> 00:43:31,759
Speaker 3: But Bitcoin is way too violable to price anything in,

789
00:43:31,960 --> 00:43:35,080
Speaker 3: and it's way too expensive to use as a media

790
00:43:35,080 --> 00:43:35,759
Speaker 3: of exchange.

791
00:43:35,800 --> 00:43:37,520
Speaker 2: So it's just why would you do that?

792
00:43:38,200 --> 00:43:42,080
Speaker 3: In fact, nobody uses bitcoin for that, I mean not nobody.

793
00:43:42,080 --> 00:43:45,200
Speaker 3: There's a tiny percentage of people with bitcoin that are

794
00:43:45,239 --> 00:43:48,879
Speaker 3: actually you know, exchanging them for goods or services, But

795
00:43:48,920 --> 00:43:52,439
Speaker 3: the vast majority of bitcoin are just hoarded by speculators.

796
00:43:53,360 --> 00:43:56,480
Speaker 3: They don't use them as the meaning of exchange to

797
00:43:56,560 --> 00:43:58,200
Speaker 3: gamble on them. They buy it because they think the

798
00:43:58,239 --> 00:43:59,600
Speaker 3: price is going to go up. The last thing they

799
00:43:59,640 --> 00:44:03,480
Speaker 3: would do part with their precious bitcoin. They don't want

800
00:44:03,480 --> 00:44:05,520
Speaker 3: to spend it now they're going to get rich totally.

801
00:44:05,600 --> 00:44:08,319
Speaker 2: It. So that's what's going going on with it. I

802
00:44:08,320 --> 00:44:09,279
Speaker 2: mean to the extent that.

803
00:44:09,200 --> 00:44:16,000
Speaker 3: You really want a digital alternative to fiat currencies, and

804
00:44:16,040 --> 00:44:18,759
Speaker 3: you want to improve on the properties of gold and

805
00:44:18,840 --> 00:44:23,359
Speaker 3: make gold more fungible, more portable, more divisible, and even

806
00:44:23,440 --> 00:44:28,239
Speaker 3: better medium exchange. Then you just create one of these

807
00:44:28,239 --> 00:44:30,280
Speaker 3: cryptocurrencies and you back it by gold.

808
00:44:30,880 --> 00:44:31,640
Speaker 2: Then it works.

809
00:44:32,120 --> 00:44:36,000
Speaker 3: The cryptocurrency represents a you know.

810
00:44:36,080 --> 00:44:37,440
Speaker 2: An ownership interest.

811
00:44:37,680 --> 00:44:40,480
Speaker 3: You take an ounce of gold and you tokenize it,

812
00:44:41,120 --> 00:44:48,040
Speaker 3: and now the tokens can circulate in the economy as

813
00:44:48,400 --> 00:44:52,440
Speaker 3: a money substitute, as a digital currency that derives its

814
00:44:52,520 --> 00:44:53,760
Speaker 3: value from the.

815
00:44:53,640 --> 00:44:55,480
Speaker 2: Gold that is backing it up.

816
00:44:55,719 --> 00:44:59,160
Speaker 3: And now you have something real, something reliable, something that

817
00:44:59,200 --> 00:45:02,360
Speaker 3: you can use a store of value, a unit of account,

818
00:45:02,360 --> 00:45:03,360
Speaker 3: and a medi of exchange.

819
00:45:03,400 --> 00:45:04,080
Speaker 2: It will work.

820
00:45:04,600 --> 00:45:08,000
Speaker 3: But of course the crypto community is not interested in

821
00:45:08,040 --> 00:45:11,000
Speaker 3: somebody that will work. They just want to get rich quick,

822
00:45:11,800 --> 00:45:15,960
Speaker 3: and so that's why all these tokens are so popular.

823
00:45:16,040 --> 00:45:17,359
Speaker 2: People think they're going to get rich.

824
00:45:18,840 --> 00:45:22,040
Speaker 1: Last question. In today's day and age, we have a

825
00:45:22,040 --> 00:45:25,480
Speaker 1: lot of uncertainty. Obviously, you know recently bank failures, in

826
00:45:25,520 --> 00:45:30,360
Speaker 1: the future, inflation, maybe hyperinflation. Who knows gold has maintained

827
00:45:30,360 --> 00:45:33,200
Speaker 1: this purchasing power for you know, as long as we can,

828
00:45:33,360 --> 00:45:36,160
Speaker 1: as long as we can track it back in time.

829
00:45:36,560 --> 00:45:41,320
Speaker 1: And right now, it seems like gold miners may be

830
00:45:41,560 --> 00:45:47,120
Speaker 1: a very profitable industry sector to be in for the future.

831
00:45:47,400 --> 00:45:50,520
Speaker 1: And you have a management company, an asset management company

832
00:45:50,560 --> 00:45:53,360
Speaker 1: with a gold mining fund, would you say that's the

833
00:45:53,360 --> 00:45:55,920
Speaker 1: most exciting place you're looking at to make money in

834
00:45:56,320 --> 00:45:58,160
Speaker 1: the near future or something else right now?

835
00:45:59,280 --> 00:46:02,600
Speaker 2: Well, I mean you're willing to take on risk.

836
00:46:02,760 --> 00:46:06,520
Speaker 3: I think the mining sector is going to offer the

837
00:46:06,560 --> 00:46:13,319
Speaker 3: biggest gains, just like in the nineteen seventies, if we

838
00:46:13,440 --> 00:46:16,480
Speaker 3: get the type of move in gold that I envision,

839
00:46:17,640 --> 00:46:21,080
Speaker 3: Because I think gold's going to be remonetized. I think

840
00:46:21,120 --> 00:46:25,040
Speaker 3: gold is very cheap right now in relation to where

841
00:46:25,080 --> 00:46:29,160
Speaker 3: it needs to be in order for gold to be remonetized.

842
00:46:29,200 --> 00:46:32,879
Speaker 3: So I think that you're going to see a big

843
00:46:32,920 --> 00:46:34,480
Speaker 3: increase in the price of goald. Now you're going to

844
00:46:34,480 --> 00:46:36,560
Speaker 3: see an increase in the price of everything, not just gold.

845
00:46:36,600 --> 00:46:38,279
Speaker 3: So goal's not going up in a vacuum. But I

846
00:46:38,280 --> 00:46:39,680
Speaker 3: think gold is going to go up quite a bit

847
00:46:39,719 --> 00:46:42,680
Speaker 3: more than a lot of other commodities. So you know,

848
00:46:42,760 --> 00:46:45,400
Speaker 3: right now, gold's two thousand dollars an ounce. You know,

849
00:46:45,480 --> 00:46:47,799
Speaker 3: let's say it's ten thousand dollars an ounce. It has

850
00:46:47,840 --> 00:46:51,520
Speaker 3: a five x increase That in and of itself is

851
00:46:51,520 --> 00:46:54,759
Speaker 3: a pretty big gain. But I think if gold goes

852
00:46:54,840 --> 00:46:58,400
Speaker 3: up five x, you're going to see gold mining stocks

853
00:46:58,440 --> 00:47:00,799
Speaker 3: going up twenty x, fifty, some of them.

854
00:47:00,760 --> 00:47:01,840
Speaker 2: Will go up one hundred x.

855
00:47:03,120 --> 00:47:06,640
Speaker 3: And so there's a lot of bang for your buck

856
00:47:07,000 --> 00:47:09,080
Speaker 3: if you get this kind of move in the price

857
00:47:09,120 --> 00:47:12,360
Speaker 3: of goal, especially if the cost of mining goal doesn't

858
00:47:12,400 --> 00:47:14,279
Speaker 3: go up nearly as much. Right, if the cost of

859
00:47:14,280 --> 00:47:16,640
Speaker 3: mining it went up five times too, you know, wouldn't

860
00:47:16,640 --> 00:47:19,520
Speaker 3: be as big a gain, right, But I think gold

861
00:47:19,600 --> 00:47:21,759
Speaker 3: is going to go up more than you know the

862
00:47:21,800 --> 00:47:25,560
Speaker 3: input costs involved in mining them, and so I think

863
00:47:25,600 --> 00:47:27,080
Speaker 3: that there's going to be a lot of money made

864
00:47:28,120 --> 00:47:31,439
Speaker 3: in this sector, which is why we have exposure to it,

865
00:47:31,520 --> 00:47:35,239
Speaker 3: and even my value strategy, I have some exposure to

866
00:47:35,480 --> 00:47:37,960
Speaker 3: mining stocks, but I have a strategy that is one

867
00:47:38,000 --> 00:47:40,880
Speaker 3: hundred percent focused on mining. I have a gold strategy,

868
00:47:41,080 --> 00:47:43,360
Speaker 3: and I have a mutual fund which is all you know,

869
00:47:43,440 --> 00:47:47,000
Speaker 3: gold stocks, And so if you want to try to

870
00:47:47,000 --> 00:47:49,640
Speaker 3: make a lot of money off of you know, a

871
00:47:49,640 --> 00:47:51,280
Speaker 3: collapsing dollar and inflation.

872
00:47:52,000 --> 00:47:53,680
Speaker 2: Uh, that's the way to do it, you know.

873
00:47:53,800 --> 00:47:56,080
Speaker 3: I mean, you've got to be well in a disk

874
00:47:56,239 --> 00:47:59,080
Speaker 3: because you know, gold stocks are risky business. You know,

875
00:47:59,080 --> 00:48:00,640
Speaker 3: they're you know, they're there's a lot of things that

876
00:48:00,640 --> 00:48:03,520
Speaker 3: can go wrong, and you know, and maybe the price

877
00:48:03,600 --> 00:48:04,239
Speaker 3: of goal won't do it.

878
00:48:04,280 --> 00:48:05,040
Speaker 2: I think is going to do.

879
00:48:05,760 --> 00:48:07,400
Speaker 3: But you know, most of the money that we invest

880
00:48:07,400 --> 00:48:09,000
Speaker 3: for clients is not in gold stocks.

881
00:48:09,000 --> 00:48:10,520
Speaker 2: It's in uh, you.

882
00:48:10,400 --> 00:48:13,720
Speaker 3: Know, basic businesses that pay good dividends that we buy

883
00:48:13,800 --> 00:48:16,680
Speaker 3: stock's a good value. These are also great inflation edges.

884
00:48:17,000 --> 00:48:19,440
Speaker 3: They're great dollar hedges, but they're not dependent on the

885
00:48:19,480 --> 00:48:21,719
Speaker 3: price of gold for their success. So you know, we

886
00:48:21,760 --> 00:48:24,520
Speaker 3: can make a lot of money in these foreign stocks

887
00:48:24,560 --> 00:48:27,320
Speaker 3: and emerging market stocks that I'm buying even if nothing

888
00:48:27,320 --> 00:48:30,400
Speaker 3: bad happens here. There's a lot of investment value in

889
00:48:30,440 --> 00:48:33,280
Speaker 3: the stocks that we're buying even if nothing bad happens

890
00:48:33,320 --> 00:48:34,080
Speaker 3: in the United States.

891
00:48:34,120 --> 00:48:35,400
Speaker 2: But you know, I think.

892
00:48:35,960 --> 00:48:38,319
Speaker 3: Something bad is happening, and it's about to get a

893
00:48:38,320 --> 00:48:42,000
Speaker 3: lot worse, and I think it's going to benefit this sector.

894
00:48:42,040 --> 00:48:44,399
Speaker 3: So everybody, I think, to the extent that you have

895
00:48:44,520 --> 00:48:45,839
Speaker 3: some risk capital, should have.

896
00:48:45,800 --> 00:48:49,720
Speaker 2: Some exposure to gold and gold mining companies. How much

897
00:48:49,880 --> 00:48:52,000
Speaker 2: you know it depends on you know your your risk

898
00:48:52,040 --> 00:48:54,080
Speaker 2: tolerance and how much you have to invest.

899
00:48:55,440 --> 00:48:58,880
Speaker 1: Peter Schiff, it has been an honor. You're everywhere on

900
00:48:58,960 --> 00:49:01,759
Speaker 1: the internet. I'm going to have your Twitter handle linked

901
00:49:01,800 --> 00:49:05,719
Speaker 1: in the show notes, your YouTube channel podcast. You've got

902
00:49:05,800 --> 00:49:10,880
Speaker 1: www dot europack dot com has your wealth management, asset management,

903
00:49:11,400 --> 00:49:13,319
Speaker 1: and then your mutual funds are also available at all

904
00:49:13,320 --> 00:49:15,040
Speaker 1: the discount brokers as well.

905
00:49:15,040 --> 00:49:17,719
Speaker 3: Correct you can you can get all the information, all

906
00:49:17,760 --> 00:49:20,600
Speaker 3: the tickers you know off the website yourpack dot Com

907
00:49:20,640 --> 00:49:22,759
Speaker 3: and look at the funds and you can either buy

908
00:49:22,760 --> 00:49:24,560
Speaker 3: them at a discount broker effect. If you want to

909
00:49:24,560 --> 00:49:27,080
Speaker 3: start small, you can buy them directly from the fund

910
00:49:27,200 --> 00:49:27,920
Speaker 3: on that website.

911
00:49:27,960 --> 00:49:30,680
Speaker 2: There's a way to just buy the funds, or you

912
00:49:30,719 --> 00:49:32,320
Speaker 2: can talk to the rep representative.

913
00:49:32,320 --> 00:49:34,200
Speaker 3: There's a phone number on the top of the website

914
00:49:34,200 --> 00:49:35,720
Speaker 3: you can call and talk to one of the reps.

915
00:49:35,880 --> 00:49:38,640
Speaker 3: We also have a wrap account where we manage you

916
00:49:38,680 --> 00:49:40,960
Speaker 3: in a portfolio of my funds, and if you're a

917
00:49:41,000 --> 00:49:43,840
Speaker 3: larger investor, we have separately managed accounts where we manage

918
00:49:43,840 --> 00:49:47,360
Speaker 3: your portfolio of individual stocks, so you're not in funds

919
00:49:47,360 --> 00:49:49,400
Speaker 3: at all, you're just owning the individual stocks.

920
00:49:50,120 --> 00:49:52,520
Speaker 1: And if people want actual physical metal, go to shift

921
00:49:52,520 --> 00:49:53,640
Speaker 1: gold dot com.

922
00:49:53,719 --> 00:49:56,440
Speaker 3: Absolutely, and that's the best way to have metal is

923
00:49:56,680 --> 00:49:59,239
Speaker 3: take possession and you know we'll we'll ship it to

924
00:49:59,280 --> 00:50:02,000
Speaker 3: you and a good price. You know, it's uh, we

925
00:50:02,120 --> 00:50:05,160
Speaker 3: got the best prices and we don't try to you know,

926
00:50:05,200 --> 00:50:08,760
Speaker 3: bait and switch you into these collectible or proof sets

927
00:50:08,880 --> 00:50:12,000
Speaker 3: or other kind of gimmicks where the sales people end

928
00:50:12,080 --> 00:50:14,600
Speaker 3: up charging a lot of money for no reason and

929
00:50:14,600 --> 00:50:17,320
Speaker 3: then you know, instead of having more gold in your pocket,

930
00:50:17,400 --> 00:50:19,680
Speaker 3: you just put more you know, commission in their pocket.

931
00:50:19,760 --> 00:50:21,839
Speaker 2: So you know, we don't sell any of those types

932
00:50:21,880 --> 00:50:24,200
Speaker 2: of products. You know, I won't. I won't let the

933
00:50:24,719 --> 00:50:25,960
Speaker 2: guys that shift Gold do that.

934
00:50:26,760 --> 00:50:29,600
Speaker 1: Perfect. Well, thank you so much for joining me today.

935
00:50:29,640 --> 00:50:31,880
Speaker 1: This has been a fantastic conversation. We'd love to have

936
00:50:31,920 --> 00:50:34,880
Speaker 1: you back on sometime and I really appreciate your time.

937
00:50:35,400 --> 00:50:36,399
Speaker 2: All right, great, Thanks a lot