Sovereign Debt & Currency Crisis: It’ll Be Worse Than 2008 - Peter Schiff
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- Опубліковано 9 лип 2024
- Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Peter Schiff, founder of Schiff Gold and Chief Market Strategist of Euro Pacific Asset Management, who says the macro environment resembles 2007, right before the 2008 financial crisis. Schiff warns that it will be worse this time than the 2008 downfall, adding that the Federal Reserve will have to choose between a massive financial collapse or sacrificing the U.S. dollar. He also discusses the depth of the U.S. debt spiral and gives his gold price outlook.
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00:00 - Intro
01:50 - It's feeling a lot like 2007, what's next?
04:52 - Data revisions
08:31 - Market reaction
11:09 - It’ll be worse than 2008
12:27 - The trigger to watch
16:38 - Currency collapse
27:08 - What's the alternative to USD?
38:21 - What derails Peter Schiff's outlook?
43:46 - Geopolitical situation
46:24 - Gold forecast
54:18 - U.S. election
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Thanks for the interview Michelle and regards to the Kitco audience.
Peter, why do you talk down BTC but accept it as payment over on schiffgold?
@@thezyg6311 he’s a closet bitcoiner
@@anewcreature7 I think him talking it down but accepting it as payment shows how bullish he is on it long term. He wants low prices for as long as possible.
Great job both of you
Great interview Peter thank you.
Its so good when Peter is calm
I don’t know, it’s pretty cool when the passion shows.
I also like it when he's amped up and bringing the heat.
I get nervous when Peter is calm, and vice-versa.
It's a bit unnerving tbh
It's weird to see him in a suit & tie...lol
My investments in stocks and crypto are not meeting my expectations. Any last minute tips to improve my situation and make more $$$? I really need some urgent advice
There are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
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A lot of folks downplay the role of advlsors until being burnt by their own emotions. Over the years, Ive been able to achieve a level of financial growth that I never thought possible, by just partnering with seasoned traders and financial advisors. This method remains highly efficient even till today
A lot of folks downplay the role of advlsrs until being burnt by their own emotions. Over the years, Ive been able to achieve a level of financial growth that I never thought possible, by just partnering with seasoned traders and advsors. This method remains highly efficient even till today
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Mind boggling money printing globally, world turmoil, central banks buying gold like there's no tomorrow, and yet the gold price does absolutely nothing. No one has an explanation for it.
yep, something fishy is going on.!!!!!!!!
Its a rigged market Greg Mannarino explains it well: Its a Commodity that derives value from its derivative.
@@derandreas When derivatives are taken with respect to time, they are often denoted using Newton's overdot notation for fluxions, (dx)/(dt)= x˙.
Although, the "d-ism" of Leibniz's df/dt eventually won the notation battle against the "dotage" of Newton's fluxion notation...
Russia is selling gold to finance it's economy and war. That keeps a lid on the price.
@@mrmustangmanthe you tube
Way to keep it calm & collected Peter. Bravo.
Just went over one trillion dollar debt service cost. This thing is sliding slowing, but will slide rapidly in the not too distant future. Thanks for posting.
sliding fast already in my opinion....
inflation is over 20% in real life but the media is only saying it's at 3%
Its not 20%, your feeling the compound interest of the last two years.
20% accumulated yes from 2020
inflation is 50% or more....milk was £1 one year ago today its £1.50.... thats 50% increase if inflation was 20% the same milk today would be £1.20
why USA can't see the biggest threat to USA is its own DEBT??? long time ago, US DOD stated that big threat to US is its debt. backbone of USA is its economy
Apple vinegar from Walmart store cost about $2 year ago now it's cost $6.14.
Peter knows economics better than anyone!Have him on more Kitco!
It's nice to see that Peter is speaking in a calm tone and demeanor. Never understood why he always yells but I do like his content.
he gets excited
This in-person format suits Peter much better than shouting into his lavalier mic from his remote studio.
Physical context matters. My mom YELLS into her phone... I'm convinced it's the same phenomenon 😅
"We are already in the Grand Canyon of holes" -- Peter Schiff
... "that's when you stop digging."
Where is it all going? It must go somewhere! It's not going to disappear when push comes to shove. If the dept is always part of the market, it's just numbers in accounts changing location. There is no dept collector to send after the fed and congress that spent the money.
@@jeromehaymaker5071 You're right, most of the currency gets hoarded by large corporations and by wealthy individuals. But it is very much a function of how much debt gets repaid. Every time we pay down debt, currency created by banks goes back to money heaven.
Peter is a legend. Thanks for having him on Kitco Michelle
Legend in his own mind…and yours.
@@kevinspence5093mine too
Why?
@@acornsucks2111 bc he knows his stuff
if for you someone who calls for a financial crisis quarter after quarter for years until it finally happens is a legend, we have very different definitions of a legend
This last week-10 days, has to be some of your best ever work, Michelle. Thanks.
He also called out Celsius CEO for fraud on this show. Its a classic!
Oh yeah shilling for bitcoin I remember that now lol
Machinsky is a scammer
And he said he would never talk to this incompetent "journalist" again, yet here is talking to her.
That was great.
@@Bleda412 She couldn't help it to be caught up in the BTC hype during that time lol
Peter should’ve also mentioned how he was right about Celsius being a Ponzi scheme, on her show!
Peter should also mention how he's missed Bitcoin since it was a buck
@@darnold1984even with benefit of max trying to orange pill him
@@darnold1984HOW ABOUT ALL THE SUCKERS THAT BOUGHT BITCOIN AT $ 59,000.00 ??
@@darnold1984yes, but he can buy it from his son over 100k pop.
Peter is such a wonderful educator. Good job!
"Things feel worse to consumers than the data would reflect" You can say that again!!!
Peter Schiff is Legend
In his own mind, maybe.
@@Phaedrus5015Apparently not, as plenty otherd agree with OP's comment.
@@Phaedrus5015Peter is a seriously good dude. If America listened to him rather man MSM the last 15-20 years we’d be an entirely different country 100x better off
This is as good as it gets! Thanks for the great contents.
LOL
Mike Maloney' hair went from Gold to Silver and Peter's went from Silver to Gold.
Hahha … well said 😂
Bread should color he forgot.
@@visittavee7773 uh....bread?
When they ban gold/silver they'll both be bald😮😮
Maybe Mike is a silver advocate and Peter is a gold bug.
I really enjoy listening to mr. Schiff. He’s so straight forward, calm and knows his stuff. More of this on Kitco, please. Next time, do two hours 👏
Bot.
Peter Schiff just shilling his gold products, as usual.
I'll settle for "you're broke", because I have been since 2008. It means if his 'Collapse' happens, with 'sound money' back I'll only have upside.
@@_permanencemost illogical that you listened to him then. It's called free-market Capitalism but telling you is like telling a small child or golden retriever.
Man Peter must have taken a chill pill
Few old fashioned...
he was enjoying her presence
looks tired
Peter's usually calm in these discussions, unless he's being challenged or attacked. Michelle was incredibly rude to him during his debate with Alex from Celsius a couple of years ago. However, since she's an attractive and harmless-looking vvoman, he accepted the interview. If, on the other hand, Scott Nations from CNBC confronted him in person, he likely would have declined to interview with him.
He lengthened his telomeres before the interview
peter makes absolute sense and thats why people keep listening to him. Nobody can debate him.
His only blind spot is ₿itcoin. It's his Achilles heel.
Saylor would destroy him but he’s too scared
@@JimJamJuicy You forgot to take your meds.
@@alquemir lol obviously not a life long learner
Schiff is full of shit. He gets attention by making gloomy claims because people reacts quicker and more frantically to negativity versus to positivity
Michelle is truly awesome at keeping us abreast of the situation......
They cut the clip when Peter is drooling!
Michelle is sooooo awesome !!!!!!!!!!!!!!!!!!!
Straight forward, fact based information is so dam refreshing, thanks Michelle.
KITCO NEWS ROCKS
Glad you found it informative. Thanks for watching!
dire conditions for our once free country
Weak men create hard times....
This version of Peter is the best one. Calm and dropping bombs. Less excitable and sensational.
It’s cuz they always have some panel of idiots harassing him usually on TV
Nice to hear Peter relaxed and not losing his mind over bitcoin.
Good to see this is why people listened to him in the first place
Sure, but he's talking about us collapse for 20+ yrs. He Could be 10yrs off, he runs gold fund.
@@kisms8590how has that QE program been going for the past 15years? Good?
@@liamrmorgans921most of the QE went into tech stocks and bitcoin rather than gold though.
Even a broken clock is right twice a day. He's been right for a long long time and yet, they keep kicking the can down the road, surprisingly. One things for sure, fiat currencies always ever to 0. The dollar always loses value over time.
we probably got like 10 years left of dollar, most fiat currencies wont make it over beyond 50 years. Only gold and oil holds value for thousand years
hard to predict the massive amount of government and banking corruption
@@sten260 oil was barely used, if at all, a thousand years ago.
I was suprised Michelle did an interview with Peter. Their last get together was definately more volatile.
It is spelt definitely
He didn't feel threatened by her. Plus, she's an attractive and harmless vvoman, which makes a difference to some men. If CNBC's Scott Nations approached him instead, he probably would've declined the interview.
@@joshspikerHow many times do you need to keep saying this? SMH.
@@thomashume6497 Periodically, I intentionally misspell things just to provoke a reaction from the small community of individuals who lack more substantial reasons for their existence. This action may help them temporarily address their personal issues by providing a sense of improvement. I am glad I was able to help you.
This was one of Peters' best informative podcast interviews I have been fortunate to watch.
Excellant interview Mchelle
Schiff is the best. Thanks Michelle for getting him on - in person to boot!
Well done. ❤
excellent! my favourite economist being interviewed by my favourite host 😊
Michelle always gives us a fantastic view of the bust up ahead.
she is truly awesome at keeping us abreast of the situation......
I’ll subscribe when she gets rid of that table like it used to be!
Clever word selection
Oh mauve
All of your guests are intelligent. Peter is at the top of the list however. A great interview with one of the smartest guests. Thanks
Shame he’s so dumb about Bitcoin.
Peter is so truful and honest. Very rare in today's world.
Michelle calm demeanor is contagious! Even Peter couldn’t resist.
Right. Never heard Peter talk so calmly
how could he stay calm when that table wasn’t there..???
Peter must have had a J before the show, never seen him this calm! Love it Peter!!! peace.
Finally, Peter Schiff!!! 👌
I believe the last time Peter was on Makori's channel was the Celsius debate with Mashinsky. Peter got a little frustrated because people like Michelle were making content and getting views by having on crypto pumpers. Glad to see Makori and Schiff move past that heated exchange.
Reserve banks will try to go to CBDC's before going to gold, it will flop, do even more damage, and then gold will have to come into the picture for backing currencies again. They will do whatever they can to not go back to a gold standard because of the sheer agony it would cause economies around the world.
Gold failed last time for a reason
@@JimJamJuicy Ahistoric perspective.
Cbdc will succeed because will be backed by gold
@@vincea2996And how are they going to do that? If people have the chance to trade in their CBDC for gold, they will trade it all in.
@@JimJamJuicygold didn't fail. Everything was fine any time the dollar was backed by gold. It was taking the dollar off the gold standard that caused this
Peter must have dropped a benzo he is so chill....i like him either way tho and have been a fan for many years
😂
Peter talks complete common sense as usual. The only potential downside to mining stocks is the possible nationalisation/state takeover of the companies concerned.
Great comment. 🍻
I laughed to see how careful you were not to mention BTC to Peter!! The conversation was great, especially because of the probing you did around the "tipping point" for the dollar. Thanks Michelle! Always great content!
Peter is a great guest! Smart and prescient!
his amazing record of predicting 15 of the last 3 recessions is unmatched by anyone the media regularly interviews
Can u share the dates he predicted? Since he's talking about collapse for 20+ yrs. Why is usd still strong 50+ yes after removed gold standard?
@@kisms8590 The deals our people made after WW2 making the dollar the de facto currency used for global trade and the military power that has has been used as a threatening cudgel to enforce it. that’s how the dollar has stayed strong.
Even when announcing to the world that our dollars were no longer redeemable in gold, the world strangling system we put in place gave the world no other options, even when we told them it was basically Monopoly money.
That stranglehold we have is slowly loosening. Digital online transactions being the main thing weakening it, that and the absurd amount of dollars being created.
😂😂😂😂
😂😂😂😂😂😂
Great interviev, Thank you Michelle and Mr Shiff
this is my favourite interview out of the whole summit . Bravo Peter
A very good interview from Mr Schiff and Madame Michelle Makori
In 50 day national debt up 750 billion to nearly 34 trillion
Kick that can !!
US Peso is on its way
Peter is a legend. I have the deepest respect for his words and knowledge, thank you for this interviewl
Glad you found the interview valuable. Thanks for watching!
Peter! Stepping up and interviewing with the beautiful michelle Makori! Congrats!!
Thanks for taking the time Michelle and Peter...all great stuff...and good to see Peter on his best behavior...Bravo
Excellent guest and interview...thanks Michelle.
Peter is Calm at this time he will always be a true legend!
The greatest advert for Bitcoin I ever heard.
Peter is spot on with this interview. The US will have to go back to some kind of gold standard in order to avoid a complete financial crisis that affects the world, probably about the same time we go to a CBDC. The financial crisis will be a reason the Fed insists that we have to use the CBDC. Get ready people--pay off your debt and buy some gold and/or silver, even stock up on some nonperishables because the US will experience major inflation. Great interview Michelle :)
We don’t even need a “standard”. Peter stated that before too. Standard was created by bank cartels to initiate control over monetary system.
We just need to start using physical metals - paying and being paid.
It was done for thousands of years, the only ones who’ll say it “can’t be done” are those doing the pillaging - banksters, corrupt politicians, corrupt plutocrats/oligarchs.
USA will never go back to gold standard but they will eventually issue digital dollar for the "benefit and safety " of the people
gold back where it was 10 years ago. Where's bitcoin? oh yeah, up 10000%
Peter looking sharp and Michelle stunning! Great interview!
Our country has no intention or plan to balance the budget. The ship is going down slowly but surely. 😭😭😭
Great news kitco.
Peter is an amazing man, great interview, very informative
Peter is the man. If i listened to Peter in 08 I would not have lost my shirt.
If you would have listened to Schiff and went all in on gold from 08 until now you would have barely made enough to buy a shirt today.
He calls for recession every year you just have to decide when hes right
Great interview and relevant content.
The interviewer was outstanding, by catching up with the guest and making appropriate questions.
Thanks to both of you.
😅😊😅
😅😅I 😮
If only if we could get gold digitise it and make it native to the internet while keeping it hard and scarce
Hes so happy about the Recession coming in, like hes super excited to be witnessing it.
Today would be a great day to short all US stock indices!
So he can be finally right after 15 years of wrong predictions.
Because he's been preparing for it. He's ready for the recession to happen.
Michelle brings out the best in Peter.
Always good to see Peter
The Best Interviewer...knowledgable ...lets the Guest speak...asks intelligent questions...excellent work Michelle.
Best interview in a long while. Great job 👍
Peter always sounds so logical. I wonder if he will be alive when his predictions come true.
Great interview Michelle!! I love his outlook (political view)
I'm glad she let him speak is mind without debating him...great interview.
Peter gets cooler every interview he does.
The reverse-Collapse ETF.
Cooler he gets, more of a 💩-show
the country becomes.
He is just trying to be cool because of Michelle.
Interesting analysis. I hope the people take the issue seriously and protect themselves against the looming future of economy.
I feel very fortunate to have been able to open my eyes to the truth of how the world works, but ive realized that mindset is rare and people who watch a channel like this are few and far between. I feel like most people are actively trying to stay ignorant and in my experience there is no point in trying to help anyone else learn how to protect themselves economically. I think most people simply do not value the truth and do not actively seek to understand the world better and their ignorance is a conscious choice and not an accident.
Well said@@menamgamg
I for one believe everything that Peter Schiff has to say, in my book he is 100% spot on.
Always listen to him. Greetings from Brazil.
The last time these two were talking was with the Celsius CEO right? Peter called out his BS and now he's proven to be a fraud hahah
Peter was outstanding today. Thank you, Michelle/Kitco
Lucid presentation both persons in the program. thank You
- that was highly illuminating, thanks.
First time ever seeing Peter calm and not spazing out about bitcoin. lol He has all good points on the sh!t storm that is about to unfold.
Peter talking this calmly sure felt off, lol. Great interview!
I think Michelle's beauty and poise calms him down
Excellent report 👍👍👍👍👍👍
Peter vomited in his mouth when he suggested BLOCK CHAIN, as a means to support everyone being able to own gold 😂😂😂
He's Been saying this for 20 year's 😂😂😂 follow the money
Excellent interview
great video
Peter is still betting on gold, he was doing it 10 years ago and now the price is same.
Exactly 😂 he’s been trying to sell gold to morons for the past decade
@@_permanencelook at the price of gold in japanese yen
When I head Peter talk about gold used with blockchain I nearly laughed my head off. If only there were a form of digital gold on a blockchain already.....
Yeah, it's too bad Bitcoin is just numbers on a screen.
@@daveh6424 Gold backed crypto is the future. That's why central banks are hoarding gold not BTC.
@@joeacquavella6548 that was gonna be the point I was gonna make
@@daveh6424 Please explain how the most secure, most decentralized, and only form if incorruptible money is just numbers on a screen.
@@daveh6424you understand nothing about Bitcoin.
Wow!!! Great interview thanks
Agree with Peter. 👍Always enlightening.
The latest CPI report reinforced a potential end to the interest-rate hikes that have hurt growth for over the past year, making a soft landing scenario more likely for the US economy.Recently sold 30% of my $500k portfolio comprising of plummeting stocks, quite devastating!
In my books not your fault, the stock market seems to be more of a casino for gamblers now than a place for investors.Its your duty to properly research, buying now does not guarantee a rebound
Im glad Peter is in a better mood than in his last interview with Michelle.
I think that he knows USA economy is sinking
Yes she behaved way better this time not biased 😉
I hope he takes that table with him!,
@@foolsleadtheworld578Biased by pointing out that prices fluctuate?
OMG this was the biggest reality check we all needed!
Great interview Peter!
Been hearing this forever now 🤣😁😁
You can feel the tension in this interview. Peter calling out the Celsius CEO on this show will forever be remembered and should be noted as a legendary call out of a fraudster
Great interview. Congrats to both
At 52:30 you can hear the camera crew laughing at Peter promoting his funds lmao