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so Peter Schiff warns the U.S dollar is the most dangerous currency of all by gold posted by the doc on Silver doctors Peter Schiff warns a US dollar is the most dangerous currency of all by gold when the collapse in the dollar occurs there will be more widespread there will be a widespread return to using gold and silver as money submitted by Guillermo barba's Global Financial intelligence he's honored to present this exclusive interview with Peter Schiff ship is the chairman of ship gold CEO and chief Global strategist of Europe Pacific Capital and the host of The Peter ship show Peter is an economic forecaster and investment advisor and influenced by the free market Austrian School of economics thanks for accepting this interview Peter it starts off guermo Barba are the Americans in the world economies and bad or in good shape Peter Schiff the American economy is certainly in a lot worse shape than yelling draghi and other Central Bankers are wishing willing to admit if it wasn't for the fed's cheap credit which is duped the markets into thinking we have recovered and are well on our way into another bull market than they would all know by now unfortunately when the markets finally wake up to the reality that they have been living in the feds Dole there's going to be a rude awakening unless the Federal Reserve lowers rates again there is no reason for a sustained rally in U.S stocks excuse me and job growth is still lackluster at best despite the unemployment numbers published by the FED such numbers do not take into account temporary jobs and other loopholes that are not accounted for we may already be seeing the beginning of another recession here in the U.S with how equities have opened this year GB how did the U.S get into this financial economic Mass Peter Schiff I think the major cause of the financial and economic mass in which we find ourselves in today is that there are no more free markets in the U.S anymore America used to be a place where you could conduct business and make profit by serving a need that others had it's not like that anymore as governments have grown over the years so is their appetite they want to regulate everything they want to tax everything they want to make it harder on everyone else so that they can Finance their own programs and projects in financial markets it's just as bad and getting worse because central banks like the Federal Reserve who interview who intervene in markets in so many ways that they have nearly removed the free market mechanism that used to exist now markets are just drunk and dependent on what the FED does to stay afloat and it's become a dog and pony show instead of markets deciding who should fail and who should survive the Central Bank decides instead of the marketing determination instead of the marketing determining the finest the best interest rate excuse me rented lips I can't talk today we are all forced to participate in the broken dollar system as a business owner is very difficult to make sound decisions in such an environment how can you accurately gauge profits when those supposed profits are measured with a broken economy I.E the dollar in large part the entire world has embarked on the same disastrous path as the U.S has in terms of artificially lowering the interest rate and printing money into Oblivion in order to keep the economy on life support but who wants to be a vegetable on life support also look at our country in terms of production we don't produce anything anymore we only consume how do we consume we borrow the money to consume on an Ever decreasing production base the only way we can get away with this is that everyone buys our debt in fact the number one export is government debt this has hollowed out our economy the marginal value of our debt steadily decreasing if Americans are really good at something they are good at consuming what others produce but what's really worse is a lot of consumption is consumption beyond our means because it's all debt based we borrow to consume and then we want to consume more we simply borrow some more the end result is that kind of behavior GP when do you think this big cycle started in 1913 with the creation of the FED 1929 or 1971.
of course 1913 was when the Fed was uh instituted by a corrupt Congress when most of the congressmen weren't even there and by a corrupt president 1921 was the great crash and in 1971 was when Nixon took close the gold window and took us off the gold standard Peter Schiff was certainly the creation of the fed and reserve the Federal Reserve in 1913 was a step in the wrong direction but I don't think that was the step that started the Boom in bus Cycles as we know them it's hard to say what the primary cause of each movement bus period because each one is a different and oftentimes there are very different specific causes to each however the government or some government agency is typical is typically a prime suspect in nearly all cases I think 1971 was probably the most disastrous year in American monetary history because it opened the floodgates for the Federal Reserve to departure the US dollar and that's exactly what they have done and have continued to continue to do at greater and greater rates since then it has destabilizing and destructive effects on the entire economy it's no surprise that we are expecting booms and busts of greater and greater proportion having abandoned the gold standard so long ago GP what do you think about gold and silver or do you think gold and silver are actual money Peter Schiff they are not actual money now right now we have pieces of paper that used to be redeemable and gold and silver but now we're not redeemable in anything as money I think gold and silver would be used as money if we had a free market but unfortunately we don't I think that at least having other currencies backed by gold and silver as money again with today's technology the transition will be much easier than if we had tried to do this in the 80s or 90s GP that said do you remember do you recommend people to buy physical precious metals Peter Schiff absolutely if anyone has been following me for any time they should know that I do not put a lot of faith in Fiat currencies while there was well there are some currencies that are relatively better than others the reality is that all currencies are Fiat at the end at the end of the day and therefore subject to follow the war all the way to zero I personally think the dollar is the most dangerous currency of all because what the Federal Reserve has been doing for years dangerous currency printing at unprecedented levels gold and silver offer the only protection from outright currency collapse and bank failure what we saw in 2007-2008 was just a small taste of what is to come gold and silver are the only Assets in which can offer you a projection from such an event and actually increase your wealth I recommend putting anywhere from five to twenty percent of your liquid net worth in gold and silver PP are you still in the position that this money printing process will eventually create hyperinflation petership hyperinflation is not an inevitable outcome it is just a worst case scenario that could potentially occur but inflation as measured by an increase in consumer prices will certainly rise significantly even if the worst case scenario of hyperinflation does not occur Can America still got to get out of the current economic disaster as the world paper power it once was Peter Schiff I agree it can but first it has to recognize the damage that has already been done that's part of the issue with the Fed they are blind to the harm of their own actions they have no idea how much trouble that they have if they can get themselves and everyone else into until they are willing to own up to the disastrous policies imposed by the American people imposed upon the American people and the rest of the world then I don't think there is hope for America but if they're willing to admit their mistakes and correct course by going back to market-based Solutions instead of centrally planned instructions then there is hope for America returned to its former glory and prosperity is China an economy to the United States China is not our economy in fact they have been subsidizing our economic and our standard of living by loaning US money to buy the goods they produce the problem is that they have begun to sell our bonds and will soon alter their currencies to rise substantially despite many high profile hedge funds that are now betting on the opposite against the dollar this will end up substantially increasing the cost of Chinese Goods to Americans consumers as China's economy grows stronger they will start to want to consume more of their own production all of this does not bode well for the American economy hold on just a second gotta take a quick drink I got a frog in my throat foreign GP the last year you said that it was going to be a horrible Christmas why is that by historical Christmas I was referring to retailers having horrible Christmas seasons and they did it was the worst holiday selling season since 2009.
I also said we would see a lot of layoffs and a lot of store closing in the new year as a result of much weaker than expected retail sales that is exactly what ended up happening good GB finally Peter are you for or against the so-called cryptocurrencies like Bitcoin I'm not opposed to bitcoin principally but I do think it it was in a bubble and that bubble popped I was pretty right about that when it was trading at a thousand dollars I was saying don't buy it I don't think Bitcoin is as good as gold but the technology behind the gold could help to mobilize gold and provide people an alternative way of saving outside the dollar and other Fiat currencies GB thanks Peter the beginning of an insane bull market the bull is back thanks a lot for listening guys uh please subscribe I'm going to be giving away some silver you have to subscribe to answer uh all you gotta do is just leave whatever your name will be entered into subscribe I'm not sure exactly how much silver I'm going to give away uh it'll be more than an ounce of silver so it'll be worth you just leave it a comment so please subscribe uh please leave a comment leave in a comment we'll get you entered into the silver giveaway commercial or giveaway uh thank you guys for watching and take care
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