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Peter, thank you for coming on with us. Thanks, Alex. Where do you want to start? I mean, there's so much happening. Yeah, you know, all the things that I've been talking about both on your program and, you know, my own uh internet program, a Peter Shift show, or whenever they will occasionally invite me on uh you know, conventional television.
You know, all this stuff is now starting to to happen. is starting to unfold. The mainstream still doesn't understand, right? They they still think, "Oh, maybe the Fed made a mistake. Maybe they shouldn't have raised rates." That wasn't the mistake. The mistake was lowering them to zero in the first place.
The minute they did that, they they sealed our fate. It didn't matter when they raised rates. The minute they would do it, everything was going to fall apart because this was a phony recovery. It was a bubble. And the fact that they waited so long means that the bubble is that much bigger, which means it's that much more problematic when it pops.
I think what we're staring at right now, unless the Fed quickly backtracks and cuts rates and does QE4, which I think they're going to do. They may even go negative. But I think we're going to have a worse financial crisis than the one we had in 2008. But if the Fed does what I think it's going to do to try to prevent that crisis, then they're actually going to usher in something much worse in the form of a dollar crisis, which is going to 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 someday. 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 going to 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 going to 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 pricricked 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 beneath behind the curtain, gold is off to its best annual start in the history of gold, right? Gold is now at about $1,200 and $30 an ounce. A little bit more.
It was at 1050 the day after the Fed raised rates. And in fact, just yesterday, one of the biggest gold bears, this analyst over at ABN Amro, uh she had a price target for gold in 2016 of 900. She just changed it yesterday from 900 to,300. 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 Fed's not going to raise rates at all in 2016. And so now she thinks gold's worth 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 it's basically worthless." I disagree with him on on some of those fronts, even though I know he's really smart because it it is a commodity.
It is industrially used. It it's seen culturally also as a hedge against inflation or emergency. Big governments, uh, large populations, China, India, Mexico are buying it. is 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 0% interest rates, but we have negative interest rates and we have governments threatening to outlaw cash. They want to do away with the $100 bill or the 500. That's the next 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. And 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, they 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 is, 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 bailins or tax your money uh 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 sure 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 going to have to find an alternative to cash. And what's the oldest alternative available? Gold. Gold and silver. I mean, what are people going to use? People are going to go back to real money, traditional money. This experiment in 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 gold. I mean, it was the it was the first time in history that hedge funds were net short gold. Look at what these geniuses did.
They were all short gold below, 1100. And look where it is now. I mean, everything they bought and the one thing they shorted went up. Well, who knows? I mean I mean hedge funds are probably going to 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 one. I didn't think of that because as you know, you talked about this a decade ago. Ron Paul's talked about it. Uh 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, oh yeah, and look, you look at Goldman Sachs. Goldman STAs is desperately trying to encourage everybody to short gold. They've been coming out several times. Not only are they telling people to sell gold, they're telling them to short it. They're saying it's going to How long can 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. They raised interest rates now by a tiny little bit and what do we have?
The worst start in in history of the right. So, well, let me just add this. I haven't sold one piece of gold or silver that I've bought in 25 years. And my gut tells me stuff I bought at 300. I kept it when it went to 2,000. It goes down to a,000. 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 and my gut tells me I did the right thing. But then I talk to people like like like Dent. 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. Uh then on that though, he's wrong on that because he somehow believes that it's all going to fall apart.
The US is going to collapse and the dollar is somehow going to 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 going to go up. 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 all confidence. But we Well, you know, the guy that brought down NF, the guy that brought down Naid off 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. Well, 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. 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 US is great.
China is bad. China's going to hell in a hand basket. You a lot of times say China's better than the US. China set to ban all foreign media from publishing online. That's the independent. Uh 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, well, what does China produce? 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 produce 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 I think that people who are worried about China are missing the bigger picture.
China has problems, but our problems are much larger than he thought China would be the detonator, but isn't the argument really the detonator? Uh, and I think he says this too, and you say this, is is the the QE unlimited? Oh, yeah. And you know, a lot of these hedge funds that were shorting gold or different hedge funds now are shorting the Chinese currency, the the yuan, because they think it's going to collapse, but it's actually the dollar that's going to collapse, not the yuan god.
Because as it it's been the idea that we can raise interest rates and has supported the dollar. This is the biggest bubble the Federal Reserve has ever inflated. The US economy is in worse shape than it's ever been. We doubled the national debt. Most of the Infowars radio listening audience is aware of the highquality affordable firearms available that are made right here in America at hdf firearms.com.
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