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what is the purpose of me spewing verbal diarrhea into a microphone today you might be asking well I'm very glad that you asked first and foremost I am generally stoked that my friend Peter Shiff is going to be back on the Joe Rogan podcast I just saw that he put a tweet out about that and he'll be back on Joe Rogan July 14th so allow me to advertise for my friend but I'm excited not only because they're my two favorite podcasts in general and worlds will be colliding I'm excited because the more Peter Schiff we can get out there first of all just think about this all right your CNBC or your Fox Business News and you decide that you don't want to have Peter Schiff on anymore because well he doesn't really fit the mainstream narrative right I mean many of you guys know that I started this podcast because the guys that I like listening to like Bill Fleckenstein and Peter Schiff weren't getting the play in the mainstream media that I thought that they deserved I thought the Austrian school needed to have good representation out there if not for anything else at least we're objective open dialogue about finance the markets capital markets with the macro economy and those things I mean how the hell can you have a dialogue or a discourse about anything involving finance if he can't debate the two biggest schools in finance regularly right that would be like just having Democrats or just having Republicans right if you had the talking points of one of the two political parties without the other ones well you wouldn't really have anything to talk about regardless of who's right or who's wrong you can't flush things out you can't have any type of dialogue but that's not the case in finance where apparently everybody in the financial media and I'm not just talking about the people that set the programming for these programs I'm talking about the anchors that are uncertain shows the people that blog on their own all these people are out there and everybody has just subscribed to the Keynesian ideology so much so that if you go to school and you take finance or you get a masters degree in finance or an MBA or you get a PhD you're coming out under the Keynesian umbrella there's no real acceptance of the Austrian school in the mainstream you come out thinking that the way that we do things now with the fractional reserve banking model and the central banking model and the 2% inflation targets and Neel Kashkari on 60 minutes in the whole big fat financial hand job is exactly how things are supposed to be I mean think about it if you were born over the last 20 years or you were born over the last 30 years any time since the Greenspan era that is finance to you I always talk about the difference between well I don't always talk about it I'm going to talk about it now though I don't know why I just said that but I have talked about it I think once and I've heard Peter Schiff bring it up in his podcast that the the difference between the way that we funded the wars in the 1950s in the 1960s and how we're funding the donut that we have placed on the flat tire of the economy right now are two completely different things I mean the government actually back when the dollar was backed by gold and the government actually needed money they couldn't just go and print more money so they had to ask for money from the people so the government sold war bonds and they asked the country to contribute because back then when money was backed by something tangible and he needed to get productivity you couldn't just print money off of a [ __ ] printing press you needed to generate the productivity by getting real money from the people so you actually needed to get the money that was already in circulation instead of taking money that wasn't in circulation and you needed to generate the productivity by having people work to do things that the country needed for the war now we are just printing could you imagine if in the 50s and in the 60s we had the quote/unquote technology as Ben Bernanke call I love it technology folks this reminds me of that photograph at l ron Hubbard auditing a tomato plant it's it's that kind of technology you know the kind of doesn't really [ __ ] amount to anything but I just saw that stupid picture last night this guy hooked a [ __ ] tomato up to an electron or one of these stupid [ __ ] things that the Scientologists shoes and he plugged the two things into a tomato and he's standing there looking at the tomato asking the [ __ ] thing questions probably trying to see if he can put the tomato through a lie-detector test that guy had a lot of problems but that's a different story but it's technology like that it's not really technology it's a cheat code it's plugging the economy into the Federal Reserve game genie and then mashing a bunch of buttons so that you throw all the programming out of whack and you know you're able to modify and kind of overclock things for now but eventually the costs will come down the road so the Keynesian school however is widely accepted as finance for most people they don't know anything differently I mean if you're listening to this podcast chances are you've dialed in to the Austrian school a little bit and you understand the criticisms of the Fed and you understand certainly why we're skeptical of the Fed and by we I mean me as I look around the room and realize there's no one else here but me but people that are coming out of school now people that have only been alive for the last 20 years and people that study finance and certainly people on the far left like the geniuses that are pulling down statues of Ulysses L Grant and Abraham Lincoln right now those people only think of finance as hey the Fed can print unlimited money I know because I heard this ball guy say it on 60 minutes and it wasn't me although I got no problem with baldness because I'm losing my hair but I don't really get the 60 minutes time that Neel Kashkari gets big [ __ ] surprise there but they think that finance is something that can be cured with a printing press they don't know about what the money supply is they don't understand the difference between purchasing power the Fed can't create productivity Peter Schiff says this all the time right the Fed can't create productivity and they can't create purchasing power that's why if you look at the Fred chart of the dollars purchasing power it continues to go way down and the price of gold which many people including myself believe is real money and will always be real money continues to go up now again to go back to a point that I've talked about a million times when you look at the dollar strengths and you're looking at the DXY which is a fraud currency the dollar backed by nothing compared to a bunch of other global fraud currencies that are backed by nothing yes the dollar gets stronger and the dollar gets weaker and there's consequences to all of those things none of which I feel like talking about right now but the point is almost every currency around the world including the dollar versus gold is at all-time lows and all you got to do is take a gold chart in any currency and flip it upside down and that essentially gives you the strength of that currency priced in gold you invert a gold chart literally take a Gold chart print it out of your printer and flip it upside down and then whatever currency you've got it in you know whether it's the yen or the Swiss franc or whatever that is that currency strength against gold and it's very simple there's a finite supply of gold and the lower the purchasing power of the fiat currency the more go in ounce of gold becomes worth in that specific currency which is why the price of gold continues to go up it's a relatively simple concept but nobody talks about these things at all in the mainstream media and the irony is [ __ ] hilarious too because all these boneheads that haven't had the Austrians on their shows are now about to eat a giant ship burger because not only did many of the things that Peter Schiff predicted happen I mean he predicted that there would be QE four he predicted exactly what's going on he's predicting that always been predicting he's always been a bull on gold he said you know he's been a bull on gold since gold was $300 an ounce and he's continuing to be a bull on gold and we're gonna see gold continue to appreciate because in my opinion it's a very simple equation to figure out the lower the purchasing power of the dollar the higher the gold goes priced in dollars and you can look at two charts you can look at gold a non inflation-adjusted chart over the last hundred years and you can look at the purchasing power of the dollar if you put in fred FR e d and then just put dollar purchasing power you'll see the purchasing power of the dollar collapse and fred is the Federal Reserve's chart system the I don't know what it stands for Federal Reserve erectile-dysfunction I'm not sure that's probably not it but it could be it could be because we just don't know what's going on in those buildings so it's cool that Peter Schiff gets a platform and it's even cooler that Joe Rogan signs this 100 million dollar deal with Spotify right a couple of weeks ago and all of a sudden everybody perks up and they're like wow podcasts are a thing and all of a sudden all this content that's being purchased you know for Netflix and Roku and all of these Apple all of these companies that are scrounging to get their own exclusive content Amazon now the lens turns to taking a look at podcasts and who's the first to go of course Joe Rogan because it's the most popular podcast in the world right now he puts out an episode I was just listening to his episode with Brett Weinstein last night and I think in 24 hours or 48 hours however long that's about he's got three four five million views I mean that blows away network television I was listening to a podcast this morning where somebody said that the Trump rally last week on Fox News had a record six million or seven million views and I'm thinking to myself wow okay well that's the president speaking at a rally and that's a record-breaking amount of views for television and then I think to myself wow like Joe Rogan goes on and talks about scratching his nuts with Eddie Bravo and that also gets six or seven million views something about this guy's that the most powerful platform in the world and everybody knows that now that he signed this big hundred million dollar deal so Peter Schiff in essence takes a [ __ ] jug handle I'm from New Jersey takes a jug handle around the mainstream media and just says thank you for declining to ever have me on but if you guys well you they're busy [ __ ] around with your little show here that's gonna get you know 150,000 views today I'm gonna go on Joe Rogan okay and the host is gonna make a bunch of dick and fart jokes and we're gonna rack up five million views overnight so thanks but no thanks and what does this mean it means that there is a real interest in exactly what Peter is talking about I mean not only is there a big anti Fed movement or an end the Fed movement or as Danielle DiMartino booth says you know take it down to the studs and rebuild it movement which I know is what Ron Paul wrote about in a couple of his books not only is there that movement but I just think that there's a thirst in this country for honest dialogue about things and you absolutely can't have an honest dialogue about finance without looking at the other side of the coin and this unlimited QE that we're going through is raising a lot of very existential questions for people many of which I talk about on this show all the time for instance why do we have to pay 3.5 billion dollars in taxes every year that's about what the annual tax revenue is when the Fed can just print 3.5 billion dollars well there's a great question who can give me a great explanation for that because I haven't heard one yet and that's really the paradigm that I was talking about before it's the difference between needing money from the people to for government to be able to meet its budget and they're not even meeting their budget it's for them to post the pornographic deficit that they're putting up that would only be slightly worse if they didn't collect tax revenue it's like the government is so we're so far in debt the tax revenue is almost an afterthought but it's that paradigm what's the difference between doing that and monetizing it and you hear people say monetize all the time and monetizing the debt would just mean printing enough money to deal with it and then again you pay for it with the purchasing power of the money you pay for it with inflation so you pay for it a different way either way the everyday person is getting the [ __ ] end of the stick in that equation so it doesn't really matter but more importantly is why don't we talk about it and I think that that is one of the most important things that we can do right now because we are really if you listen to my interview with Danielle DiMartino booth last week and I know a lot of you people did a couple of the stunning things that she said during that interview were that the Fed really doesn't seem to know how inflation works they don't really seem I mean if you listen to her and you take her at her word the Fed doesn't know how its models work and the Fed doesn't really know how inflation works and we talked about this on the last podcast there was an article I read maybe a month ago that pointed out that the more QE people did that the more it became deflationary instead of inflationary so we don't really even know how the Keynesian experiment is gonna work but [ __ ] if you can't go out there and raise questions about it or bring it up because you can't because people are too busy talking about peloton which got upgraded to $70 per share today so if you turn on CNBC like I just did moments before the podcast there's not some great existential ideological debate about monetary policy and the long-term consequences of what we're doing there's a debate about whether peloton belongs at 58 or 62 it's like well [ __ ] who cares if the bedrock of the entire thing is just a giant mess what does it matter you know you can take your peloton and you can just ride it off a cliff at that point because that's about as good of a use as it's going to be to you when the dollar turns into a slice of [ __ ] Swiss cheese from shop right so I was glad to see that Peter Schiff is going to get a platform on the world's best podcast and let that be a lesson to you in the financial media
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