Episode Number: 1145
Episode Guest: Peter Schiff
Original Airdate: July 17, 2018
Episode Sponsors: Lenovo, Teeter, Cash App
Guest Bio: Peter Schiff is an American businessman, investment broker, author, and financial commentator. Peter is CEO and chief global strategist of Euro Pacific Capital Inc. He also hosts his own podcast called The Peter Schiff Podcast available on Apple Podcasts and at SchiffRadio.com.
Topics Discussed: Peter at Occupy Wall Street video; people protesting things they don’t fully understand; socialism; how people get rich; helping people by creating businesses rather than donating money; fascism; Bernie Sanders; Trump; he says our next recession will happen while Trump is president; the economy isn’t much better compared to when Obama was president; he thinks if Hillary won the election, America would already be in a recession; unemployment talk; what Peter would tell the president about fixing unemployment; Trump’s trade war; income tax was created to tax the rich so America wouldn’t have to pay tariffs; letting the bubble burst; America is in debt but lives like it’s rich; people need to stop buying things they can’t afford; supply creates demand; US state department investigating Huawei on Iran concerns; prices would be much higher if America made its own products; tariffs will make America’s problems worse; tax code talk; Puerto Rico talk; Peter’s first podcast with Joe; people think Peter insulted women by saying that Puerto Rican women want a guy who has a job; people are offended too easily today, even by jokes; rights and privileges; bakery owner who refused to make wedding cake for gay couple; talk about how businesses are allowed to refuse service to customers; (1:00:00) people have the right to discriminate; Trump’s personal driver suing for unpaid overtime; talk about overtime laws; employment terms should be negotiated by the employer and employee and the government should butt out; he thinks minimum wage laws are the dumbest laws and explains why; American Samoa and minimum wage; the biggest supporters of minimum wage are labor unions; democratic socialism; Alexandria Ocasio-Cortez; the government can’t guarantee jobs; the economy is in bad shape because of the government, not capitalism; student loans and college tuitions; what we have now isn’t working; he thinks the next recession will be worse than the 2008 financial crisis; people need to prepare for inflation; buying gold at Goldmoney; Peter has a pure gold credit card; Mene jeweler; people need to protect themselves from inflation, and buying gold is a good way to do that; what type of gold to buy; why gold is valuable; Bitcoin is digitally trying to recreate the properties of gold; Peter was part of a debate about Bitcoin and thinks it was rigged; he only has $50 invested in Bitcoin; he thinks Bitcoin won’t succeed as money and that the smart people are selling it; more talk about cryptocurrencies; what if the government monopolized cryptocurrencies and introduced its own; no cryptocurrencies are appealing to him because they’re not stable; money has value because it’s backed by gold; he thinks we will go back to a gold standard and explains why; talk about Puerto Rico, taxes, and why Americans moving businesses there isn’t a bad thing; the socialists destroyed Puerto Rico; how America created problems for Puerto Rico; Jones-Shafroth act; (2:00:00) how the Jones-Shafroth act affects Hawaii; the worst thing to happen to Puerto Rico would be for it to become a state; has socialism worked anywhere; talk about Sweden and New Zealand; why is socialism appealing to people if it isn’t effective; socialists are people who never grew up; he thinks the minimum voting age should be 28-30; he gave up his right to vote to move to Puerto Rico; the important thing isn’t to vote, it’s to have a good government; elections are decided by television commercials; socialism is appealing to young people because they don’t know any better; liberals are some of the most intolerant people today; liberals are both ignorant and mean; Trump as president made more sense than Hillary; more talk about the 2008 financial crisis; Crash Proof book; he has testified before congress; more talk about the potential upcoming financial crisis; people have nothing and have record debt; what will cause the next financial crisis; inflation in the 1970s; America in the 1980s compared to today; socialists always look for a scapegoat; if Trump contacted Peter, what would Peter tell him; we need to shrink the government; how social security is like a Ponzi scheme; more talk about shrinking the government to make the economy more powerful; we need to go through a recession to fix the government; jobs and automation; universal basic income; he thinks America could get rid of income tax if the government is shrunk; what the government should be focused on; the government doesn’t abide by law or the constitution; the definition of freedom is freedom from government; what someone can do to not be impacted by the potential upcoming financial crisis; he suggests investing in gold, gold mining companies, and countries that are in better economic shape than America.
These are the books that were mentioned and/or recommended during this episode:
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Podcast Video: Below is a video of The Joe Rogan Experience podcast episode #1145 available for streaming via YouTube.
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