The Coming Currency Crisis | Guest: Peter Schiff

[Brian4Liberty]

The Coming Currency Crisis | Guest: Peter Schiff | Ep 108
February 10, 2021 - Matt Kibbe

Matt Kibbe sits down with author and economist Peter Schiff to talk about why Donald Trump lost, what to expect from the Joe Biden administration, and the dangers of unconstrained government spending. With fewer people willing to purchase government bonds and more debt than ever, the Federal Reserve will have no choice but to print more money than ever before. In addition to being a hidden tax on the poor, this could well lead to the kind of runaway inflation that has destroyed countries like Venezuela. Schiff explains what you can do to protect yourself from the coming currency crisis.

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[Brian4Liberty]

Deja vu, it's 2007 all over again.

Kudlow has a show again, and instead of the "Goldilock's Economy", it's the "V Recovery". Time is catching up with Schiff's broken clock predictions again.

 

[CaptUSA]

Deja vu, it's 2007 all over again.

Kudlow has a show again, and instead of the "Goldilock's Economy", it's the "V Recovery". Time is catching up with Schiff's broken clock predictions again.

He’s right on the fundamentals, but he underestimates the value of being the world’s reserve currency. Because of that status, we have almost unlimited potential to keep this thing afloat. Almost. At some point, an alternative will surface and the game will be over.

 

[Madison320]

Deja vu, it's 2007 all over again.

Kudlow has a show again, and instead of the "Goldilock's Economy", it's the "V Recovery". Time is catching up with Schiff's broken clock predictions again.

It's only a broken clock if you don't understand the details. Did anybody think in 2008 that the total debt would be 28 trillion in 2021 and the Fed would have printed 8 trillion and we still didn't have a dollar crisis?

I read a liberal article a couple weeks ago in the NY Times in support of Biden's massive spending plan. The writer said, "Critics of Obama's plan were saying the same thing back in 2009. They were wrong." Here's the problem with that logic. The underlying causes of price inflation are cumulative, just because we didn't get that much price inflation with 10-20 trillion in debt and 1-4 trillion in printed money doesn't mean we won't get it with 30-40 trillion in debt and 10 trillion in printed money.

If Peter Schiff is wrong, and printing and borrowing doesn't cause prices to rise, then we can all go home and let the Fed send us checks.

Meanwhile commodity prices continue to rise almost daily. It's getting "interesting".

Don't forget Peter Schiff is a big fan of Ron Paul and their political and economic ideals are almost the same.

 

[oyarde]

It's only a broken clock if you don't understand the details. Did anybody think in 2008 that the total debt would be 28 trillion in 2021 and the Fed would have printed 8 trillion and we still didn't have a dollar crisis?

I read a liberal article a couple weeks ago in the NY Times in support of Biden's massive spending plan. The writer said, "Critics of Obama's plan were saying the same thing back in 2009. They were wrong." Here's the problem with that logic. The underlying causes of price inflation are cumulative, just because we didn't get that much price inflation with 10-20 trillion in debt and 1-4 trillion in printed money doesn't mean we won't get it with 30-40 trillion in debt and 10 trillion in printed money.

If Peter Schiff is wrong, and printing and borrowing doesn't cause prices to rise, then we can all go home and let the Fed send us checks.

Meanwhile commodity prices continue to rise almost daily. It's getting "interesting".

Don't forget Peter Schiff is a big fan of Ron Paul and their political and economic ideals are almost the same.

Yes , I did think we would be over 24 trillion by as soon as 2016

 

[Madison320]

Yes , I did think we would be over 24 trillion by as soon as 2016

Yeah the debt is doubling every 8 years and it'll keep doubling until the dollar breaks. It's 28 trillion right now. It'll easily hit 40 trillion by 2024. Then 60 trillion by 2028. The only thing stopping it is a dollar collapse. So would I be wrong if the debt hit 60 trillion by 2028 and we still didn't have a dollar collapse?

 

[oyarde]

Yeah the debt is doubling every 8 years and it'll keep doubling until the dollar breaks. It's 28 trillion right now. It'll easily hit 40 trillion by 2024. Then 60 trillion by 2028. The only thing stopping it is a dollar collapse. So would I be wrong if the debt hit 60 trillion by 2028 and we still didn't have a dollar collapse?

No idea when , but yes I would expect a revaluation , 10's become 1's ,100's become tens , something like that . The risk of cash is high . Only thing not risky is real property and commodities but real property carries tax increase risks. Thats my guess . From my personal perspective you are already a failed welfare state once your debt with no intention or ability to repay has passed GDP . I spent most of my youth in what would have been thought of as third world countries now and seen a lot of failure .

 

[oyarde]

As an example , my credit score is about 800 , my reputation for honesty and good business practice is flawless where I reside . Anyone would lend me money . I am though retired and live on a modest income so I would have limited ability to pay it back . I'm not who you should be lending money too . Instead you should lend it to the young guy pulling in over median income who has more money coming in to pay . They dont though because he has no inflated credit score. So it isnt just the govt that is jacked up it is the civilian financial system as well .

 

[oyarde]

Still disappointed they didnt have Danke speak at cpac.

 

[Brian4Liberty]

It's only a broken clock if you don't understand the details. Did anybody think in 2008 that the total debt would be 28 trillion in 2021 and the Fed would have printed 8 trillion and we still didn't have a dollar crisis?

I read a liberal article a couple weeks ago in the NY Times in support of Biden's massive spending plan. The writer said, "Critics of Obama's plan were saying the same thing back in 2009. They were wrong." Here's the problem with that logic. The underlying causes of price inflation are cumulative, just because we didn't get that much price inflation with 10-20 trillion in debt and 1-4 trillion in printed money doesn't mean we won't get it with 30-40 trillion in debt and 10 trillion in printed money.

If Peter Schiff is wrong, and printing and borrowing doesn't cause prices to rise, then we can all go home and let the Fed send us checks.

Meanwhile commodity prices continue to rise almost daily. It's getting "interesting".

Don't forget Peter Schiff is a big fan of Ron Paul and their political and economic ideals are almost the same.

Thought I had responded, but I must have forgotten to post it...

Yeah, I’m familiar with Peter Schiff. I don't disagree with the big picture principles on spending and inflation, but I wouldn’t make short term investing decisions based solely on that. Schiff has been making certain recommendations on investing for years, but following that would not work out well.

Applying big picture theories to day to day events is a pet peeve of mine. It generally doesn't work. IMHO, many problems are caused by this. It’s like saying “I’m moving out of California because there will be an earthquake.” Yet you miss out on all of the opportunities, for something that may not happen in your lifetime.

 

[Okie RP fan]

He’s right on the fundamentals, but he underestimates the value of being the world’s reserve currency. Because of that status, we have almost unlimited potential to keep this thing afloat. Almost. At some point, an alternative will surface and the game will be over.

China and Russia are trying to finally bring that down, and it seems like it'll finally happen in no time. Each day they're taking steps to ween themselves off of the petrodollar. When that more or less completes, the U.S. will likely be screwed in many ways. And instead of being forward thinking, our benevolent leaders are thinking and acting like the gravy train will never stop and are encouraging handouts, UBI, and $15 min. wage. Instead, they should be backing out, freeing things up, and letting the markets work.


I'd love to GTFO of the U.S. at this rate, but I can't find anywhere suitable enough (there's really only a handful of places that aren't messed up when you leave out pretty much all of Africa, most of South America, Australia, and much of Europe and Asia...) and have family here that's too enamored with living in the U.S.

 

[CaptUSA]

China and Russia are trying to finally bring that down, and it seems like it'll finally happen in no time. Each day they're taking steps to ween themselves off of the petrodollar. When that more or less completes, the U.S. will likely be screwed in many ways. And instead of being forward thinking, our benevolent leaders are thinking and acting like the gravy train will never stop and are encouraging handouts, UBI, and $15 min. wage. Instead, they should be backing out, freeing things up, and letting the markets work.

I'd argue that our military adventurism makes that unlikely. We have protection rackets set up all across the globe. If there were ever a serious threat to our dollar dominancy, the leaders of those countries that benefit would band together to prevent a collapse. It used to be a petrodollar, but now it's more of a protectiondollar.