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react to peter schiff on the joe rogan podcast and we're going to review what peter schiff believes about our government about money about stimulus and our economy peter schiff manages money he's a wealth manager and when i first heard of peter schiff a few years ago it was when he had a viral video interviewing occupy wall street protesters walking around saying he's the one percent and wanted to talk to the 99 percent who were occupying wall street peter schiff says that wall street is not to blame and that the government is responsible for the despair of the 90 well peter schiff was just interviewed on the joe rogan podcast they had a three hour podcast we're going to keep this video way shorter than that but i will link this or their video down below instead here i'm going to give you an overview of what peter said as well as include some of my thoughts just so you know who the heck i am i'm a 28 year old millennial i spent three years working minimum wage and now i control over 10 million dollars worth of real estate and over 5 million worth of stocks having gone from a bottom one percenter to now in the upper one percent i feel i might have a unique perspective to share but most importantly i really want to focus on summarizing what peter schiff's thoughts are now full disclaimer i do not agree with everything that peter schiff says but i do like to listen to everyone even if they have a different perspective just to see if there are little things that i could learn about how different angles think about things this is really just a summary of that i don't want anybody to think that i 100 aligned with peter schiff because let me tell you this if you like trump you won't like peter schiff if you like joe biden you probably won't like peter schiff i think peter chef has himself narrowed into a very small audience i mean i think that's what happens when you bag on both potential presidential candidates you're left with like one percent of people but he does say some things that make you think and i want to condense that three hours into like 22 minutes let's get started first peter schiff says that he lives in puerto rico and he says he lives there mostly to avoid taxes in puerto rico he pays taxes in puerto rico and doesn't have to pay the federal government their taxes which can be between 25 to 37 38 instead he pays somewhere between four to seven percent on taxes of his income which means if he makes a million dollars he keeps nine hundred sixty thousand dollars of it approximately on the other hand i live in california which is a very high tax state if i make a million dollars i have to pay about five hundred ten thousand dollars to the government in taxes that leaves me with 490 000 or less than half peter schiff believes that when you give more than 50 percent of your revenue to the government the government owns your business you don't own your business and that's why peter in part moved to puerto rico peter states he voted for trump to help drain the swamp but instead peter is upset that trump increased the debt ceiling increased the national debt six trillion dollars and ended up deepening the swamp in peter's mind peter thinks that this is actually going to punish donald trump in the next election and that the government should be reduced in size and not increased in size peter argues that trump got elected because he spoke the truth about the economy that the economy was phony and propped up by funny money and that resonated with a lot of people who were struggling to get ahead when trump ran everything was about how terrible obama's economic policies and economic numbers were and about how fake they were then peter schiff says that trump inherited those numbers and now trump created the best economy peter believes these shifts whether or not you like donald trump will lead the masses to try to elect joe biden whom peter schiff doesn't endorse and instead joke that if he would run for president he'd be the only person who would get elected but not be able to vote for himself that's because you can't vote for president in puerto rico you also don't have congressional representation but peter schiff then argues that things under joe biden would be even worse because we would have bigger government and even more taxation and it would most importantly impact the 99 of people who are trying to get ahead the middle class peter schiff sets himself up as somebody who is out to help the middle class individual get ahead schiff then argues that the current bailouts of businesses big corporations often and big businesses are a complete fraud that it's not fair that over 600 hedge funds got bailed out by the government while the people are suffering why are the rich getting richer and they're incentivized to lie to take advantage of that free money now i'm going to interject here the paycheck protection program is what peter schiff is referring to it allows you to take out a loan to cover 65 of your payroll expenses and up to 35 for operating expenses the only requirement is that you certify that you need the money to stay in business however all loans under 2 million dollars are deemed to have been made in good faith per treasury secretary steve mnuchin so if you have a company with under 500 people and you take a ppp loan for under 2 million dollars you could say you need the money even if you don't and just pocket more money which peter schiff argues is exactly what a lot of wealthy companies did like accountants and law firms and hedge funds since the federal reserve backstops these loans this is really like money going directly from the federal reserve's printer and putting money into the economy through rich people who are mostly throwing it into the stock market peter schiff thinks that this is the biggest fraud of a program that we have ever seen and that any jobs we've created from the ppp wouldn't have really been lost anyway and as soon as ppp funds dry up any jobs that did get held onto will just end up disappearing anyway now here's my interjection he's actually not terribly wrong about the ppp the ppp first required that you re-hire employees in order to have the loan be free money during this pandemic but that restriction has almost entirely been waived through phase 3.5 that congress passed basically allowing you to have your loan forgiven as long as you tried to rehire people and remember loans under 2 million are deemed to have been made in good faith so they don't get audited anyway and now the big problem is peter thinks the american middle class is going to pay the biggest price ever they're going to pay a massive inflation tax now he doesn't think that our money is going to go away he thinks we'll still have our money and you know our retirement accounts or our savings accounts or whatever but he worries that the average person's money won't be able to buy as much as it did before because the fed is printing all of this money and is really borrowing money from the future to give it to us now except rather than giving it to us equally it's just giving the money to the wealthy people people who own stocks and real estate so in general this is how borrowing works after all we borrow today to move our spending up to today and this does a couple things one well as expected it makes the rich richer people who already own stocks in real estate do really well in the long term especially if they borrow money to buy stocks for real estate because when interest rates are really low and the government's printing money like crazy it's really easy to borrow money it's really easy to invest money and you put all the money into real estate in stocks then when inflation sets in it actually becomes easier to pay off the loan and this is very true here's sort of my interjection as an example of this let's say today you can lock in a home loan for 2.75 in many cases and inflation is basically zero well if i lock in that loan at 2.75 percent on 500k and then inflation kicks in of let's say 3 percent or four percent then the value of rents that i'm getting for that house will likely likely go up by at least that three to four percent which will also push up the value of my house when rents go up the values of real estate go up so now all of a sudden here you experience that inflation but who actually experiences it the tenants but what about the owner oh wait they have a 30-year fixed rate loan at 2.75 but now they're getting more rent and their costs are the same they could take that more rent and pay off their loan more easily and so now the people who own the assets get richer and the tenants and the individuals that don't own assets get screwed this is why inflation helps the rich i talk about this concept in depth in my real estate investing course this is exactly why real estate is one of the best investments you can make especially early on when you're beginning to build wealth however peter says the middle class gets screwed no matter what unless they own assets now peter schiff and i will disagree on what kind of assets we'll talk about that in a bit but peter warns that anybody with credit card debt or student loan debt or consumer debt is basically going to get screwed why because anytime you have consumer debt and inflation kicks in it's harder for you to survive with the money you have so you have less money available to pay your debts which actually make it harder for you to pay off your consumer debts the only reason debt in real estate is different is because the value of your asset and your rents is going up in the longer term it kind of goes up with the tide of inflation and your payment stays fixed this is why the rich get richer peter says the best thing to do is to reduce taxes and reduce government and that's going to limit the odds of having a hyper inflationary bubble that's going to burst and destroy everything because after all if businesses have less regulation then they're able to spend and the market can regulate itself this is exactly why peter schiff says the average american is going to get decimated because of our large government so when it comes to what peter recommends he says the best thing to do is to reduce taxes and reduce the size of government to let business spend the way business wants and let mar the market in general regulate itself now this is my interjection this concept that peter schiff is talking about is frequently brought up it's a very laissez-faire approach which is uh just a fancy way of saying the free hand lais a fair was a principle that was really popularized by adam smith in his book of the wealth of nations in 1776.
laissez-faire also means letting the market regulate itself that's the concept essentially now of course a totally free market can create problems but peter schiff says now with the internet creating problems with a free market might actually be less of an issue and that capitalism might be able to regulate itself see he argues that with the government you don't have the choice to do business with the government you have to do business with the government you are forced to pay taxes however if you do business with a company and they suck you leave them a bad review and you don't go back that's how the market today can more easily regulate itself however because in peter's opinion the bubble is already so big the only way we can really reduce this bubble is to raise interest rates temporarily hurt and deflate this crazy bubble we're in like weaning a baby off a bottle and then go back to a normal economy peter in the meantime advocates we invest in gold now in fairness gold is peter's probably main investment vehicle peter schiff is a money manager i'm sure he invests in plenty of other things as well but he's huge on selling gold in fact ever since i've been making youtube videos i've been commenting and sometimes i even sort of clip peter schiff in when i talk about gold because i almost think of gold and peter schiff as one and the same peter's the gold seller but i'm making this video because he's got an interesting concept here so let's keep going on that and i'll try to keep i'll make it clear when you're getting my personal opinion as i have been doing now just to be clear i personally do not invest in gold i don't own any gold i stick to stocks and real estate but even though peter and i might disagree on what we chose to invest in peter would probably look at somebody like me and say okay that's fine you're the dude who's going to be okay when the bubble pops because you'll still have assets when there's high inflation sure the value of those assets might go down but it becomes easier to pay off debt as long as you're not over leveraged you're okay with assets you've got assets but what about the 99 of people who don't have a lot of assets they're the ones who are going to get screwed and maybe buying gold is right for them that's peter's a billion uh peter's opinion that buying gold is right for them that that would be a store of value okay everybody can make their own conclusion this is not a video about gold but let's keep moving on with peter's argument because he does have some very interesting arguments arguments peter says that the beautiful thing about letting businesses operate freely is that they can choose through charity to help whomever they want they don't have to get taxed ridiculously where the money goes into an inefficient government and the government you know when you look at the government the government's never known for efficiency you create one department that becomes redundant for another department and the government didn't create technologies like a lot of the technologies we use now like we don't use whatsapp to talk to people in china from america because the united states government came up with it instead the market comes up with these things the market does things better cheaper and more efficiently peter schiff even says that private charities do better than the government the discussion then shifts to minimum wage joe rogan asks but come on i mean people need help what about minimum wage what about a livable wage shouldn't the government provide a livable wage this is obviously an extremely touchy subject and i'm just going to summarize peter schiff's argument here so don't hate on me peter schiff says that the minimum wage hurts workers see if a worker produces eight dollars of value but the government mandates that a company produce or pay that worker ten dollars of value then the company loses two dollars per hour because they're getting eight dollars value but they're paying ten dollars an hour for it this explains why now in peter's opinion we talk to so many robots when we pick up the phone to call tech support or we call people in india it just doesn't make sense for a company to pay ten dollars an hour for eight dollars an hour of service so instead companies find ways to automate and to replace the worker which in peter's opinion ends up screwing the worker joe rogan says but come on how's someone supposed to survive on minimum wage and peter schiff argues that people are not supposed to survive on minimum wage minimum wage used to be for teenagers to do basic jobs and get life experience that's why so many of us as teenagers got tips when we were working at a restaurant or like gas station attendees and guess what gas station attendees pumped your gas they cleaned your window they tried to provide a service they learned customer service and they got tipped or they didn't get tipped based on their service or based on the marketplace maybe those workers the gas station attendees in the meantime when nobody's at the station they'd go hang out with the mechanic and learn how to be a mechanic see in peter's mind until you learn to create more value with your skill set that is until you learn more skills you won't be able to make more money this is actually something that i talk a lot about in my money and stock course where i talk about the psychology of money that if you want to invest and build wealth you've got to figure out how to grow the top line not about saving every little penny in every little starbucks you've got to figure out how to build more skill sets to grow the top line that's the most important sure that doesn't mean don't be frugal being frugal is great but you're not gonna frugal yourself to millionaire and retired peter schiff says it's impossible to make more money without learning more skills it doesn't work that way and it makes sense to not pay somebody more unless they're actually providing more value so if you want to earn more learn more peter says that's how the market works in his opinion joe rogan worries though that that's tough love and peter schiff says it is but the only thing that actually creates a properly functioning economy in his opinion is a world in which everybody can benefit by providing more value not a world in which the rich keep getting richer and the poor keep getting screwed especially by what peter believes is coming and big inflation thanks to the rich taking all the funny printed money and investing it and everybody else getting screwed he does though defend wall street he says remember wall street is not to blame the government is to blame schiff says that the government just makes things worse and that because of that socialism is winning he believes socialism is winning now because capitalism wasn't given a fair chance because capitalism wasn't given a fair chance because it was so heavily regulated it makes it seem like capitalism is bad and that the answer is socialism when instead all that does is promote socialism which potentially leads to more and bigger inefficient government he believes more government creates more problems not less and says why is this is exactly why socialism eventually fails yet capitalism can really only work with a small government otherwise you create massive bubbles that end up screwing people who do not have the assets like stocks and real estate on his final point peter schiff mentions that college has gotten obscenely more expensive because of the existence of student loans he says that with student loans for example you end up artificially raising the price of college because colleges spend more on things like gyms and beautiful amenities to attract more of that loan money since interest rates are artificially low and people with no credit and no borrowing experience are literally given student loans to massive sums people just borrow money like crazy and then guess what happens everyone ends up with a college degree and now a college degree doesn't even mean anything anymore in peter schiff's opinion for a degree to mean something you have to have a master's degree or a phd now which explains why people with bachelor's degrees are waiting tables in peter schiff's opinion yet now those same people waiting tables have fifty thousand dollars in student debt or if they're lucky they maybe are able to pay that off in five or ten years which actually demotivates people from trying to make more money in fact i'm going to interject here and say there is a very real demotivation that student loans create there are a lot of people who graduate college and realize okay so all i have to do is pay the minimum on my student loans for 20 years and they get forgiven and i pay based on what my income is well i'll just keep my income low and then get those loans forgiven which is honestly in my opinion a very sad way to look at it but that's real that happens let's go back to peter schiff peter schiff says college keeps getting more expensive because the government keeps making it easier and easier to borrow more and more money in the corporate world this is the same thing that's happening the government makes it easier and easier to borrow money and now zombie companies that should be dead and deserve to die are getting bailed out and they're staying to absorb more resources in a market that they shouldn't even exist in all right well that's a lot now here are my thoughts i do personally believe that the private market is more efficient than the government however i also believe that there's a balance that calls for more support to get from the government especially in times like these like during the pandemic i also believe that some regulation is very important like if we didn't have standard accounting principles it'd be very difficult to value stocks and companies against each other because everybody might use different practices whereas the sec comes in and tries to level the playing field and make sure that you know every company is not necessarily a good investment but at least they're an honest investment that doesn't mean every investment is honest but at least we have some regulation to somewhat help us peter schiff might disagree but peter schiff also argues for saving more money which isn't bad advice however his suggestion and his main takeaway for the average everyday listener is that right now we should be worried about rampant inflation coming and that inflation is going to destroy the 99 it's going to be very very painful for a lot of people peter schiff's goal is to invest in in gold and recommends that you invest in gold or something to preserve your wealth my goal is to continue to buy stocks and real estate anytime i can when i think stocks are on sale or when i buy real estate below market value which i teach you how to do my programs down below and i also teach you how to make youtube videos like this in my youtube course which is on pre-sale and releasing on august 10th but in the meantime i do also recognize that if high inflation comes and then interest rates follow both stocks and real estate will get hurt in the short term due to inflation so some balance of gold may not be a horrible idea i'm not going to do that because eventually in the longer term assets tend to rise with inflation and often times more than inflation however everyone without stocks or real estate i think peter schiff and i can agree if you don't own stocks you don't own real estate you don't own gold you could potentially get really hurt when inflation starts kicking in well there you have it check out the youtube course the money course in the real estate cours
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