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unless the Fed quickly backtracks and cuts rates and does QE for which I think they're gonna do they may even go negative but I think we're gonna have a worse financial crisis than the one we had in 2008 but if the Fed does what I think it's gonna do to try to prevent that crisis then they're actually an usher in something much worse in the form of a dollar crisis which is gonna be much worse than just a general financial crisis they could finally kill the dollar because the conventional wisdom is that we're the worst we're the best house in a bad neighborhood but at the same time it's got to give some day and it just can't go on forever and it appears that's beginning to crack with all the big banks and the Royal Bank of Scotland and Soros saying panic it's over everything's gonna collapse it almost makes me then ask what do they think they're doing well they have no idea but you know the only reason that the dollar has risen these past several years although it's now falling so far in 2016 but the reason it rose is because everybody was convinced that what the Fed did actually worked that we had a real recovery and that the Fed was gonna be able to raise rates I knew all along that that wasn't true and I actually thought the Federal Reserve was smart enough not to raise rates but they proved me wrong on that because they were dumb enough to think that they can get away with a quarter point hike I knew that wouldn't be the case and now they've pricked their own bubble and the air is coming out of it and you know that's why you talk about gold the only reason gold was falling was because people believed in this myth now that we're you know looking behind the curtain gold is off to its best annual start in the history of gold right Gold is now at about twelve hundred and thirty dollars an ounce a little bit more it was at ten fifty the day after the Fed raised rates and in fact just yesterday one of the biggest gold bears this analyst over at ABN AMRO she had a price target for gold in 2016 of 900 she just changed it yesterday from 900 to 1300 now that's a pretty big about-face for a major bank and the reason she said that she did this is her case for lower gold prices was based on the Fed raising rates she now believes that the feds not going race at all in 2016 and so now she thinks call sure Turkey what do you say to people like dent who's been you know really accurate on a lot of fronts saying look it's going to end up going down because it's not even really a commodity it's basically worthless I disagree with him on some of those fronts we don't know he's really smart because it is a commodity it is industrially used it's seen culturally also as a hedge against inflation or emergency big government's large populations China India Mexico or by anything but worthless but forgetting about its role as a commodity and it has a unique role and it's been valued for its properties for thousands of years but think about the environment we're in not only do we have zero percent interest rates but we have negative interest rates and we have government's threatening to outlaw cash they want to do away with a hundred our bill or the five hundred and seven place I was going I mean this will this will be all we have as a true barter currency it'll force us back to a real currency that was my next question I've never seen a push by the European Central Bank and by Larry Summers and by the big five banks to get rid of cash to make us go all digital what is that really about mr.
Schiff well it's all about control it's about a loss of financial privacy it's about a loss of freedom and it's about being able to debase the money see the problem with negative interest rates right now as well I'll just take my money out of the bank and put it in my mattress and I avoid a negative rate well if they make that impossible if it's hey either you put it in the bank or you don't have it then it's stuck there and then you can lose money with negative rates and it's also about them being able to do bail ends or tax your money or or or or basically nationalize it which they've done in Europe over and over again I mean the big kahuna of tyranny we've always known is getting rid of cash and boy they're still pushing it and what about the underground economy the underground economy is not going to go away if they take away cash they're just gonna have to find an alternative to cash and what's the oldest alternative available gold it's right over I mean what are people gonna use people are going to go back to real money traditional money this experiment and fiat money is blowing up all around us and it's ironic that probably just before the greatest bull market in the history of gold you had so much negativity in fact just about all the hedge funds at the end of last year were short goal I mean it was the it was the first time in history that hedge funds were next short gold look at what this geniusness did they were all short gold below 1100 and look where it is now I mean everything they bought how bad that hurts the one thing they shorted went up well who knows I mean I mean hedge funds are probably gonna blow up look at the banks they own these financials the banks have been cut in half a lot of these favorite high-flying tech tech stocks have been demolished everything they were buying is plunging and the one thing they were shorting is what's going up Gold is the nominal I didn't think of that because as you know you talked about this a decade ago Ron Paul's talked about it so many folks have talked about the manipulation of the gold and silver markets it's now come out they've been doing that and so look look at Goldman Sachs Olmo stacks is desperately trying to encourage everybody to short bolt they've been coming out several times not only are they telling people this tell gold they're telling them this shorted they're saying is going to alone can they suppress it how long can they suppress it well look obviously not long this whole fantasy is evaporated it's falling apart before their eyes they're desperate to try to do something they want to talk the price down but you know the truth is out they raised interest rates now by a tiny little bit and what do we have the worst start in history other day so let me get this I haven't sold one piece of gold or silver that I bought in 25 years and my gut tells me stuff I bought it 300 I kept it when I went to 2,000 it goes down to a thousand I don't care this whole paper fraud is garbage the enemies of freedom lie about it constantly and so I know it's there as an emergency backup and it just comes - and my gut tells me I did the right thing but then I talk to you like like like did to be fair he didn't say was worthless he just he just said you know it's overvalued he's right on so many things he's wrong on that because he's somehow believes that it's all gonna fall apart the u.s.
is gonna collapse and the dollar is somehow gonna gain value in that environment that makes no sense that's like telling me that a corporation is about to go bankrupt but I should buy shares in the company because the stock price is gonna go up well he says it's it's it's the best house in a bad neighborhood and so far that's not happening it's not the best house it's actually the worst house the only reason that people perceive it to be good is because it's been a self-fulfilling prophecy and people have believed Bahamas game but we well you know the guy that brought down Madoff the guy that brought down Madoff says there's three bigger scams right now that he's investigating yeah well you know but we pierced the illusion we pretended that we can raise interest rates I said many times on your show the Fed needed to talk about raising interest rates to pretend that they could do it but not actually do it and prove that they couldn't what we just raised interest rates a quarter point and all hell is breaking loose if you look at the banking sector it hasn't been this stressed since the before that's my next question and something you're getting into all the technicals you did call it just exactly the whole time with QE and what would happen tell us next and I'm not disagreeing with you but somebody like dent says the u.s.
is great China is bad China's going to hell in a handbasket you a lot of times say China is better than the US China said to ban all foreign media from publishing online that's the independent China obviously has seen a third of its wealth go away what do you see really going where are the best places to be where are the worst places and what's the next shoe to drop yeah look what is China produced they produce all sorts of products that everybody in the world wants to consume we have a huge trade deficit with China it's not the other way around all we produced is Treasury bonds we go into debt we borrow money to buy the things that the Chinese economy is productive enough to create so we're the country that's in a lot more trouble not China they're the ones that have been loaning us money they're the ones who have been you know allowing us to have all the stuff that they produce so I think that people who are worried about China are missing the bigger picture China has problems but our problems are much larger than we thought China would be the detonator but isn't the argument really the detonator and I think he says this too you say this is is the the QE unlimited oh yeah and you know a lot of these hedge funds that were sorting gold or different hedge funds now are shorting the Chinese currency the yuan because they think it's gonna collapse but it's actually the or that's gonna collapse naughty yuan could go because as it's been the idea that we can raise interest rates that is supported the dollar sure this is the biggest bubble the Federal Reserve has ever inflated the US economy is in worse shape than it's ever been we double the national debt most of the Infowars radio listening audience is aware of the high quality affordable firearms available that are made right here in America at HD firearms calm one of the most exciting things about HTT firearms calm is the ability to upgrade your ar-15 platform today they call it their low profile platform pvx muzzle brakes proven to help control muzzle rise 6061 billet material with type 3 hard-coding bolt carrier group for 308 and 556 ARS custom Kydex holsters ideal for concealed carry with point zero eight zero thick Kydex to ensure durability most competitors material use point zero six zero configure yours today at HC firearms comm and my favorite I know it's there as an emergency backup and it just comes - and my gut tells me I did the right thing but then I talk to you like like like did to be fair he didn't say it was worthless he just he just said you know it's overvalued he's right on so many things he somehow believes that it's all gonna fall apart the US is gonna collapse and the dollar is somehow gonna gain value in that environment that makes no sense that's like telling me that a corporation is about to go bankrupt but I should buy shares in the company because the stock price is gonna go up well he says it's it's it's the best house in a bad neighborhood and so far that's been happening it's not the best house it's actually the worst house the only reason that people perceive it to be good is because it's been a self-fulfilling prophecy and people have believed the homophones game but we well you know the guy that brought down Madoff the guy who brought down Madoff says there's three bigger scams right now that he's investigating yeah well you know but we pierced the illusion we pretended that we can raise interest rates I said many times on your show the Fed needed to talk about raising interest rates to pretend that they could do it but not actually do it and prove that they couldn't we just raised interest rates a quarter-point and all hell is breaking loose if you look at the banking sector it hasn't been this stressed since the before that's my next question and something you're getting into all the technicals you did call it just exactly the whole time with kiwi and what would happen tell us next and I'm not disagreeing with you but somebody like dents says the u.s.
is great China is bad China's going to hell in a handbasket you a lot of time section gold is off to its best annual start in the history of gold break gold is now at about twelve hundred and thirty dollars an ounce a little bit more it was at 10:50 the day after the Fed raised rates and in fact just yesterday one of the biggest gold bears this analyst over at ABN AMRO she had a price target for gold in 2016 of 900 she just changed it yesterday from 900 to 1300 now that's a pretty big about-face for a major bank and the reason she said that she did this is her case for lower gold prices was based on the Fed raising race she now believes that the feds not gonna raise rates at all in 2016 and so now she thinks call sure what do you say to people like dent who's been you know really accurate on a lot of fronts saying look it's going to end up going down because it's not even really a commodity it's basically worthless I disagree with him on some of those fronts even though he's really smart because it is a commodity it isn't that's really used it seemed culturally also as a hedge against inflation or emergency big government's large populations China India Mexico or by anything but worthless but forgetting about its role as a commodity and it has a unique role and it's been valued for its properties for thousands of years but think about the environment we're in not only do we have zero percent interest rates but we have negative interest rates and we have government's threatening to outlaw cash they want to do away with a hundred hour bill or the 500x in this place I was going I mean this will this will be all we have as a true barter currency it'll force us back to a real currency that was my next question I've never seen a push by the European Central Bank and by Larry Summers and by the big five banks to get rid of cash to make us go all digital what is that really about mr.
chef well it's all about control it's about a loss of financial privacy it's about a loss of freedom and it's about being able to debase the money see the problem with negative interest rates right now as well I'll just take my money out of the bank and put it in my mattress and I avoid a negative rate well if they make that impossible if it's hey either you put it in the bank or you don't have it then it's stuck there and then you can lose money with negative rates and it's also about them being able to do bail ends or tax your money or or or or basically nationalize it which they've done in Europe over and over again I mean the big kahuna of tyranny we've always known is getting rid of cash and boy they're still pushing it and what about the underground economy the underground economy is not going to go away if they take away cash they're just gonna have to find an alternative to cash and what's the oldest alternative available gold it's right over I mean what are people gonna use people are gonna go back to real money traditional money this experiment and fiat money is blowing up all around us and it's ironic that probably just before the greatest bull market in the history of gold you have so much negativity in fact just about all the hedge funds at the end of last year we're short gold I mean it was the it was the first time in history that hedge funds were next short gold look at what this geniuses did they were all short gold out below 1,100 and look where it is now I mean everything they bought it how bad did that hurt the one thing they shorted went up well who knows I mean I mean hedge funds are probably gonna blow up look at the banks they own these financials the banks have been cut in half a lot of these favorite high-flying tech tech stocks have been demolished everything they were buying is plunging and the one thing they were shorting is what's going up Gold is the number I didn't think of that because as you know you talked about this a decade ago Ron Paul's talked about it so many folks have talked about the manipulation of the gold and silver markets it's now come out they've been doing that and so look at goldman sachs almost ax is desperately trying to encourage everybody's short gold they've been coming out several times not only are they telling people this tell gold they're telling them this shorted this thing is going to live them and they suppress it how long can they suppress it well look obviously not long this whole fantasy is evaporating it's falling apart before their eyes they're desperate to try to do something they want to talk the price down but you know the truth is out there they raised interest rates now by a tiny little bit and what do we have the worst start in history the other day so let me get this I haven't sold one piece of gold or silver that I bought in 25 years and my gut tells me stuff I bought it 300 I kept it when I went to 2,000 it goes down to a thousand I don't care this whole paper fraud is garbage the enemies of freedom lie about it constantly and so unless the Fed quickly backtracks and cuts rates and does QE for which I think they're gonna do they may even go negative but I think we're gonna have a worse financial crisis than the one we had in 2008 but if the Fed does what I think it's gonna do to try to prevent that crisis then they're actually gonna sure in something much worse in the form of a dollar crisis which is gonna be much worse than just the general financial crisis they could finally kill the dollar because the conventional wisdom is that we're the worst we're the best house in a bad neighborhood but at the same time it's got to give some day and it just can't go on forever and it appears that's beginning to crack with all the big banks and the Royal Bank of Scotland and Soros saying panic it's over everything's gonna collapse it almost makes me then ask what do they think they're doing well they have no idea but you know the only reason that the dollar has risen these past several years although it's now falling so far in 2016 but the reason it rose is because everybody was convinced that what the Fed did actually worked that we had a real recovery and that the Fed was gonna be able to raise rates I knew all along that that wasn't true and I actually thought the Federal Reserve was smart enough not to raise rates but they proved me wrong on that because they were dumb enough to think that they can get away with a quarter point hike I knew that wouldn't be the case and now they've pricked their own bubble and the air is coming out of it and you know that's why you talk about gold the only reason gold was falling was because people believed in this myth now that we're you know looking behind the curtain
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