The Dollar’s COLLAPSE is Coming! (Uncut) 03-08-2025

 The Dollar’s COLLAPSE is Coming! (here’s what Peter Schiff predicts)

Look at the dollar. The dollar is tanking right now and it looks like it’s about to fall through a trap door. So that’s going to increase pressure even more upward on prices in addition to the tariffs.

And, you know, look what’s happening with bond yields. And, you know, bond yields are going up now all over Europe and Asia because now their governments are spending more money because they need to, you know, rearm. We’re telling them, hey, we’re not going to protect you anymore.

Don’t do the right thing. We’re going to have hyperinflation. We’re going to wipe out the dollar completely.

And that’s going to be far worse than anything that I’m talking. It’s a choice. You wipe out the dollar, you destroy the savings and the financial assets of a generation of Americans.

You’re watching Capital Cause and my name is Danny. And today’s guest is fan favorite, Peter Schiff. Peter, thank you so much for coming on the show, my friend.

All right. Thanks for having me on, Dan. Yeah, let’s just dive right in here, Peter.

Lots of things going on. The tariffs have come into play. The Trump tariffs that have come into play over the last day or so, and they have already been rethought.

Commerce Secretary Chief Luttnick now says more one month tariff exemptions are likely to come down the pike as it relates to Canada and Mexico. But I’ll let you start it off wherever you’d like to start it off. You can go ahead and take it away with this, but go ahead.

What’s your take on what’s going on with the tariff trade war between Trump and Canada? There’s so much misunderstanding about tariffs, especially with Howard Luttnick. And I’ve been posting a lot on X. He follows me. He doesn’t follow that many people, maybe about 120 people.

So I’m hoping that he’ll actually read some of my posts so he understands because he’s got it completely wrong about tariffs. First of all, he talks about, and so does Donald Trump, the good old days in the 19th century when we only had tariffs. And he concludes that the reason the economy was so good back then is because we ran on tariffs.

That’s not exactly it. I mean, his logic is a little faulty. The reason we had a strong economy in the 19th century was because we had a tiny government.

The government was so small that we could afford it on tariffs. So that’s why we didn’t have an income tax, because we didn’t need an income tax. So today the government is much bigger because of the income tax.

And what Howard Luttnick also doesn’t understand is the reason we have an income tax, the agitation to get it, it was part of the populist movement to shift the burden of taxation from the working class to the rich. And everybody knew back then when the country ran on tariffs who paid them. It was the middle class and the poor who bought the products that were tariffed.

And so we sold, or the government sold the country on the income tax as a trade-off for the tariffs. They said, hey, we can get rid of these tariffs that you have to pay and we’ll have income taxes that the rich are going to pay. And that was an impetus for it.

Of course, now the middle class are taxed at rates far higher than anything envisioned for Rockefeller or Vanderbilt or Carnegie or those guys. But at least people understood tariffs. Luttnick has no clue.

He keeps talking about the external revenue department as if these tariffs are going to be paid by Canada and Mexico or China. They’re not. We can’t tax those countries.

All of the money that comes in from tariffs, every penny of it, whatever the government collects, comes out of the pocket of American consumers. That’s it. It’s like a sales tax.

When you go and you buy something, there’s a sales tax. The store doesn’t pay the sales tax. You pay it.

It’s added to prices. Same thing with tariffs. The tariffs are paid by the importer, not the exporter.

Whatever company imports the product pays the tax. And then that tax gets passed on to the consumer in the price. That’s it.

Very simple economics. Now, you know, we need higher taxes because we’re running huge deficits. So, you know, in that respect, the tariffs will help shrink the deficits.

But they are a tax hike and people are going to be impacted. It’s going to increase the pressure on American families who are struggling right now. They’re going to struggle more as a result of these tariffs.

And, you know, it’s not going to bring manufacturing home. I mean, not anytime soon. And even if we brought manufacturing home, how are we going to finance that? I mean, you can’t manufacture without factories.

You know, so you’ve got to build the factories before you can make anything. But also the factories need supply chains. We don’t have those.

We’ve got to reestablish those. So to recreate the industrial base that we no longer have is going to take many, many years, maybe a decade, and require a huge sacrifice. We have to finance the build out.

And then we have to train the workers or build the robots or whatever. But it’s going to take a lot of resources. And that means we have to stop spending and start saving.

That means we’re going to get higher interest rates. That means we’ve got to get much lower stock prices and real estate prices. That means we go through a huge recession.

That means we have a lot of bankruptcies and defaults and cuts to government spending. So all of this stuff will help in the long run, but it’s going to be really painful in the short run. And nobody is prepared for that.

You know, it’s Donald Trump is telling everybody it’s going to be fantastic. It’s a golden age. You know, it’s going to be very difficult because we’re going to be in a huge recession very quickly.

And the question is, are they going to stick to it or are they going to go back for stimulus? You know, OK, cut rates, print money. We’ve got to stimulate. Now we’re in a recession and that’s going to send already soaring inflation through the roof.

If we do go into a recession as a result of these tariffs, won’t the recession create a deflationary effect on the inflationary impact of the tariffs? Well, I don’t think we’re going into recession because of the tariffs. I think we’re going to go into recession anyway. Tariffs will just make it worse.

But no, it won’t be deflationary. Look at the dollar. The dollar is tanking right now and it looks like it’s about to fall through a trap door.

So that’s going to increase pressure even more upward on prices in addition to the tariffs. And, you know, look what’s happening with bond yields. And, you know, bond yields are going up now all over Europe and Asia because now their governments are spending more money because they need to, you know, rearm.

We’re telling them, hey, we’re not going to protect you anymore. And so they’re going to try to spend more money on defense. And so yields are soaring in Asia and in Europe and Japan.

That’s putting more upward pressure on bond yields here. That’s happening. You’re seeing that.

So we’re going to see interest rates rising, mortgage rates rising, consumer prices rising. And, you know, if we put these tariffs on, if they stick on Mexico and Canada, some of the biggest imports that we have from Mexico and Canada are food. And food is already one of the prices that Americans are struggling the most with.

And tariffs are going to make food a lot more expensive. And in fact, on his State of the Union address or during it, Trump talked about how farmers are about to make a lot of money. Well, if they make a lot of money, it’s because the food prices go up.

So that might be great for the 1% of us who are farming. But the 99% who are just eating, it’s not going to be that great. If you had to bet a dollar, Peter, do you think that we will see significant cuts to income tax or a removal of the income tax in general? Donald Trump’s alluded to this a number of times already.

Are we going to see the end of the income tax in the IRS? No, unfortunately, I really wish we would see the end of the income tax. If I was president, maybe. I don’t know about Trump.

But I think we will get tax cuts because everybody wants, you know, tax cuts for the middle class. So those are coming for sure. No tax on tips, no tax on overtime, no tax on Social Security.

Those are highly inflationary tax cuts because all they do is blow up the deficit even further. They don’t increase productivity. They just increase consumption because they’re focused on, you know, it’s a demand driven stimulus.

So we’ll get that. But I don’t think we’re going to get a reduction in government spending. On the contrary, government spending is going to go up a lot.

Now, at least we’ll get rid of some of the waste, fraud and abuse from Doge and his Doge boys. But, you know, it’s not going to be enough to really move the needle in a significant way because the increases that we’re going to get in government spending on autopilot from this recession are just going to, you know, blow anything we’ve seen in the past away. And, you know, you have interest on the national debt.

Right now, we’re spending over 100 billion a month on interest on the debt. That’s 1.2 trillion a year all by itself, apart from everything else. And that figure is a moving target because it keeps going up every month because more low yielding notes mature and we got to roll them over at much higher rates.

Plus, we have new money to borrow. So all that debt is going to weigh heavily on the dollar. That’s going to push up prices more.

So it’s stagflation. But it’s not, you know, stagflation where, OK, the economy is weak. It’s going to be an outright recession and inflation is going to be high.

It’s not just going to be above the Fed’s 2 percent target. It’s going to be way up there, maybe double digits. So worse inflation than we had under Biden and a weaker economy than we had under Biden.

You know, in fact, a challenger announced the most monthly layoff job cuts since April of 2020 when we were in covid. Of course, Donald Trump was president then, too. So we haven’t had a month of job losses, job cuts this bad since, you know, the Trump first term.

We’re going to get tomorrow. We’re going to get the the official nonfarm payroll report. We’ll see if that has a negative, you know, number on that as well.

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You mentioned the doge cuts and you rewind back a couple of days to the State of the Union and Donald Trump was just naming all these things that he cut. But it was in the millions. It was in the millions of dollars.

I mean, we we need cuts and not just the billions, but the hundreds of billions, even trillions of dollars. So none of this is new. Every year, Senator Rand Paul, you know, you know, has a whole list of these grievances for, you know, for his Festivus video.

And he and he and he goes over all these same idiotic programs. It’s not like nobody knew about these things. Right.

So, I mean, if not now, then when? If if Donald Trump with the mandate that he was given back in November to significantly cut the government, if if he can’t do it now, when is the U.S. ever going to be serious about cutting? Well, again, the reason that Trump got elected is he he ran on a populist platform. So cutting government in the abstract, you know, is popular, especially if you say it’s just waste, fraud and abuse. Right.

Sure. If there’s trillions of dollars of waste, fraud and abuse. Yeah.

Everybody’s forgetting rid of that. Right. But the problem is there’s not.

There is waste, fraud and abuse in government because that’s part of government. That’s the nature of the beast. You’re never going to have government without waste, fraud and abuse.

Now, if you try to get rid of some of it, yeah, that’d be great. You’re never going to get rid of all of it. The only thing you could do is get rid of government itself.

Right. As much government. So if you get rid of an entire agency like Trump is talking about getting rid of the Department of Education.

Yeah. OK. Then we’ll get rid of the waste, fraud and abuse in the Department of Education.

Assuming we have to get rid of it. It’s like you got to rip it out by the root, because if you leave it there, if you leave the waste, fraud and abuse is going to still be there. Right.

Because there’s no checks and balances in the in the free market economy. There’s very little waste because nobody wastes their own money. You know, I mean, people are are prudent with their own money.

And if you’re running a business, you got to be lean and mean. If you’re wasting money, not only is it costing you money, but your competitor is going to eat your lunch. He’ll be able to, you know, undercut you.

But in government, no one gives a damn about wasting taxpayers money. Who cares? It’s not your money. And you don’t you know, you don’t get a pay cut if you if you spent too much.

In fact, you actually get rewarded if you spend more, you get more money, you get a bigger staff. So it’s just a perverse system in government. So that’s why you want to keep government really small.

But so Donald Trump ran on a populist platform. He did not run on a platform of we got to cut Social Security. We got to cut Medicare.

No, no. He ran on a platform of nobody’s cutting Medicare. Nobody’s cutting Social Security.

Right. So if that’s your platform, you ain’t going to do anything that that’s the problem. The problem is entitlements and defense.

And, you know, they don’t they want to increase the Republican budget that they passed. You know, Trump’s big, beautiful budget, which is it’s big, it’s ugly, it ain’t beautiful, has like a hundred billion dollar increase in defense spending. I mean, what we’re telling the world, we’re not going to defend you anymore.

OK, well, why don’t we cut spending? I mean, why are we spending more if we’re going to defend less? That doesn’t make any sense. But we’re spending more. We can’t cut interest on the debt unless we default, which is not a bad idea.

But we’re not going to do that. So he didn’t really run on shrinking government in any way that’s painful. You know, he promised we can cut government, but nobody’s going to lose any of their benefits.

What do you think? Go ahead. Yeah. And that’s not possible.

So we need somebody to run on an austerity platform on. You know what? It’s time to bite the bullet and swallow the bitter tasting medicine. That’s what you know.

That’s how Malay in Argentina got elected. He said, look, you know, we got to do the right thing and it’s going to hurt, but it’s going to be worth it. That that isn’t the platform that that got Trump elected.

Do you think that could win in America, though? I mean, we have been fairly privileged for decades now. Not yet. It couldn’t win yet.

Things aren’t bad enough yet. Things have to be really bad for that message to win, because if they’re already really bad, hey, we got nothing to lose. Right.

But as long as everybody is still borrowing money and spending it and, you know, nobody’s going to nobody’s going to win on that message. Right. It’s you know, don’t shoot the messenger.

If you bring that message, you know, the voters will shoot you at the polls. But Trump’s message was a great message. I’m going to make everything better the minute I’m in office.

Remember, he said prices are going to start falling on day one. It’s like just put me in office and I’m going to make the inflation disappear. You know, the inflation didn’t start with Biden.

He handed he handed Biden a ticking inflation bomb. In fact, if you if you annualize the last two months of Trump’s presidency and the first two months of Biden before his first stimulus bill was passed and the text got in the mail, inflation was at five percent. He annualized those four months and the worst three months of the Biden presidency on inflation were those next three months that were in his first year in office.

April, May, June. Those three months annualized were like 14 percent inflation. How could Donald Trump say none of that was his fault? Right.

I mean, he had just left because he’s going to be blaming all the 2025 inflation on Biden. So how come he can’t accept responsibility for some of the 2021 inflation? Right. Were those the ones caused by the shutdowns? We’re talking about a shutdown now.

Well, the the covid shutdowns back in 2020. Yeah. Well, that was that.

Yeah. Yeah. Well, that was over mostly when he left office.

Right. Oh, no, I forget. No, we we opened later.

So we were still mainly shut down. But that’s when the stimmy chest see the stimulus checks first. At the end of March, an empty money.

So it didn’t start impacting prices till April, but a lot of it was lagged, you know, into a couple. But but yeah, but you never Trump sent out his own stimmy checks and the whole PPP program. Right.

That was a disaster. I mean, that caused a lot of inflation. Right.

That happened before Biden. It’s just that the the effect of the inflation didn’t show up as much while Trump was still there. Had Trump been reelected.

Right. He would have, you know, presided over this huge increase in inflation, just like Biden. What do you make of Scott Besson’s stated goal of bringing down the 10 year because of the fact that the the Fed rate hasn’t effectively brought down the interest rates materially? You know, the Fed.

Yeah, well, that’s a great goal. But how are you going to accomplish it? I don’t have money cuts, but yeah, but they’re not. I mean, not enough.

You have you have to. But even if we cut the budget. Inflation based on all the money we’ve already printed and that is now making its way through the economy and based on the renewed weakness of the dollar, we’re going to have inflation rates well above the Fed’s 2 percent target.

I’d say we’ll be lucky if inflation is only, you know, in the four to six percent range right over the rest of Trump’s term. I mean, I think it’s going to be higher than that. But if inflation is, let’s say, five percent, interest rates are too low right now.

They’ve got to be a couple of percent above the inflation rate. Right. You’ve got to get a positive return to lend money.

So we’re not going to get lower interest rates. And in fact, if the Fed resumes cuts, rates on the long run are going higher. The only way we’re going to get a temporary drop in interest rates is if we go back to QE.

That’s it. But it won’t be temporary because the QE unleashes even more inflation. And so eventually inflation will push those rates higher, even though the Fed is buying the box, because everybody else in the world will be selling.

But also, I think that right now Europe is going to be going into this arms race. They’re going to be spending a lot of money on building up their military. I think a lot of that is going to be paid for by selling treasuries.

And they have to borrow a lot of money. And so they want to tap into the same people that have been lending us money. And so if German rates go up and now people are like, OK, I’ll buy bonds instead of treasuries.

We’ve got to compete with them for sovereign credit. So rates are going up. Yeah, Besson may want them to go down, but they’re going to go up whether he wants it or not.

You don’t think that capital will flow into the U.S. as Europe continues to crumble? I mean, their situation is a lot worse than ours. And especially if they want to go to war with Russia, in this case, shouldn’t we see capital flight from Europe into America in that scenario? Yeah, I don’t really think so. I think our markets are already so overpriced, our stock market.

And if we’re in a recession and the Fed is printing money, that flight capital is more likely to go into gold. Maybe it’ll go into emerging markets. I mean, they’re pretty cheap.

So if I’m in Europe and I want to get my money out of Europe, I don’t have to go to the United States. There are other places I could go. And I think money might go into some of these commodity economies like Canada, like Australia, because I think we’re going to see a boom in metal prices.

I have a chart for you to look at here. Since you mentioned gold, let’s look at… So I have a chart here of the COMEX. Give me one second.

But yeah, essentially… I’ll get it up here in a second. But essentially, the COMEX vaults have been stacked to the hilt lately, given the emptying out of the LBMA and the Bank of England. What do you think is going on there? Why is gold moving from east to west? Why is gold leaving London, effectively, and coming into the U.S.? What’s going on there? Not only just London, but also Switzerland as well.

Well, it could be coming in here because people are worried that it’s going to be tariffed. And so people might want to get their gold back before it’s subject to a tariff. But maybe some of that gold belongs to the U.S. government.

If they’re going to audit Fort Knox, maybe that gold has to get back there. Maybe they’ve leased it out and they’re calling in their loans. I don’t know.

Right. So I’ve got the chart here, Peter. This is gold in the COMEX vaults plotted over time, over the last six or seven years or so.

And you can see the spike in the COMEX. So something’s been going on here in the last… Now, maybe also what’s happened that we don’t know, maybe a number of longs in the futures market have put in delivery notices. And so maybe they need that metal to deliver into those contracts.

We’ll see. So what do you think is going to come out of this Fort Knox audit? Do you think we’re going to find the gold in there? Well, I joked, maybe it’ll be like Geraldo Rivera’s Al Capone safe. I don’t know if you’re old enough to remember that.

I know who Geraldo Rivera is, but I don’t remember. Yeah. Well, before your time, I think it was in the 70s.

They had Al Capone’s safe and he did a live broadcast. They went into the safe and they were all talking about, I wonder what’s in the safe, how much gold is in there or whatever. He was like this big, notorious mobster.

And it’s a huge safe. It’s not like a little dinky safe. It’s a big safe.

And they got all these cameras and they open it up. It’s a big special. They get in there and it’s basically empty except for some empty bottles of Prohibition hooch.

That’s all that was there. So it was a big disappointment. I mean, it wouldn’t be a big disappointment if we opened up the vaults and it was just full of empty liquor bottles and there was no gold there.

That would be like a major thing, but it could be like we just open it up and hey, all the gold’s there, much to do about nothing. But we’ll see. I mean, there hasn’t been an official audit and you can’t just open up the vault and just eyeball it and know if somebody’s got to actually check all those bars, count them all up.

You need somebody that knows what they’re doing to go in there and verify that every ounce that we claim to own is accounted for in that vault. And some of the gold that’s there may be there. It may be held for other countries.

It may not even be. We have to make sure how do we have our gold plus we could have gold that belongs to other countries. So gold is currently valued at $42 on the treasury balance sheet.

There’s always been this talk about the revaluation of gold, but it’s really sparked up a lot recently. I want to get your view on this. Do you see the U.S. ever revaluing gold past $42 to fair market price to what it is today to $2,900 plus? Well, I mean, it’s irrelevant.

I mean, it’s worth what it’s worth. I mean, nobody believes it’s only worth $42 an ounce. But if they were to do that, they would have to officially devalue the dollar because the dollar is now defined at a certain weight of gold.

I mean, that’s what the dollar legally is. And so that would be a massive devaluation of the dollar and admission that the dollar has lost that much of its value. But I mean, everybody knows it anyway, so they might as well admit it.

But as far as the government is concerned, it doesn’t confer some windfall on the government like these idiots like Senator Loomis and the crypto pumpers in Congress. Hey, we can have a windfall. We’ll just revalue our gold.

And now we can just use it to buy Bitcoin for the Bitcoin reserve. There’s no extra purchasing power. If we sell our gold, then we sell our gold.

Obviously, if we sold it, we’re not going to sell it for $42 an ounce, but it would be dumb to sell it. And if we do sell it, just pay down the national debt. Don’t buy Bitcoin.

But I think we should hold on to our gold. Other nations are buying gold. I mean, I think we’d be dumb to sell it to them.

I can pretty much presume what your view is on the crypto reserve, the Bitcoin reserve, but what’s the rationale behind it? Why are they building a crypto reserve? Well, I mean, the pretense behind it and actually some of these Bitcoin guys actually believe it. I posted this on X and a lot of people wanted to claim that I finally saw the light. They always twist my words around.

But the argument that the Bitcoin believers have is that Bitcoin is digital gold. And if Bitcoin is digital gold, which it is not, I don’t accept that premise. But if you accept that premise on face value, if Bitcoin is digital gold, well, we have a gold reserve.

So why not a digital gold reserve? And if you believe digital gold is a superior form of gold than analog gold, then yeah, we should diversify our analog gold reserve into the new digital gold reserve. That’s the argument. But then the rest of the crypto pumpers want Cadera in there or Solana or Ripple or whatever.

And so all those guys have donated to the Trump campaign too. So Trump, they’re all saying, oh, we’re going to have a crypto reserve with all these other coins. Well, I said, what’s the rationale for having Ripple in there? Because it’s not digital gold, right? So why do we need a reserve of Ripple? I mean, why don’t we have a reserve of Apple stock? There’s a lot of things that you can claim are valuable, but the government’s not going into debt to hold them in reserve.

The only thing you really need a reserve of is something that you’re in danger of running out and you might need, like oil, right? So you can have a reserve of oil so you have energy. I mean, you can have a reserve of wheat in case there’s a bad harvest or you don’t want to starve. But nobody is going to starve without Ripple.

Nobody needs Ripple. I mean, I’ve never used it. It doesn’t bother me.

I’ve never used any of these things. I haven’t used Bitcoin either. So I don’t need a reserve of Bitcoin.

But the reason that all these crypto pumpers want the government to establish a reserve is because then the government has to go into the market and buy them. And that will push up the price and that will enrich the people who already own Bitcoin or other cryptos and who have the opportunity to sell their tokens to the government who is buying with other people’s money. Talk about a waste, right? This is going to be a bigger scam than anything that they found with Doge if they actually pull this off.

They get the government to use taxpayer money to buy worthless tokens. They might as well send it for transgender studies in Mongolia, whatever they’re doing with it, right? I mean, then buy Bitcoin. But they’ll enrich the few at the expense of everybody else.

And it’s the government taking my money at gunpoint and using it to buy a crypto token that I could easily buy on my own if I wanted it. Michael Saylor is like, America is going to get rich. We’re going to get so rich if the government buys Bitcoin.

Well, why not just let the people buy it themselves then? I mean, he’s basically saying it’s guaranteed to go up 100x. OK, well, let the people buy it. Why does the government have to do it, right? Can’t we just let the people buy it? And then we’ll all be so rich, the government will be able to tax us and pay off the debt, right? But it’s ridiculous.

I mean, I hope it doesn’t happen. They’re teasing about it. And I think that’s bad enough because every time they tease about the reserve, the price of Bitcoin goes up and the insiders dump it into the pump.

Yeah. Yeah. Speaking of pumping dumps, what’s going on with all these meme coins? Of course, obviously, the Trump meme coin before his inauguration, he also had a Malay meme coin as well.

What what’s what’s going on here? Why why are all these presidents pumping meme coins all of a sudden? Because there are people dumb enough to buy them. I mean, it’s just like, you know, if you’ve got that big of a megaphone. It’s easy money.

I mean, how much did Trump and his buddies make off a Trump and Melania coin? You know, hundreds of millions of dollars. What value did they create for society? None. Right.

But where did they get their money from the people who were dumb enough to buy those coins? Right. And I don’t think the president I think it was wrong for him to exploit his office to that extent. And for his kids or whoever else, you know, was close to him that were able to do that.

You know, so but they’re doing it. But I think it really highlights the real absurdity of the whole crypto industry, because I don’t know the difference between Bitcoin and Trump coin. Yeah, there’s a lot more of a computer power behind Bitcoin.

But so what? You know, there’s a limited supply of Trump coin, too. There’s only one billion of those. So get them while they’re hot.

Yeah. Yeah. There’s only one.

There’s 21 million Bitcoin, but there’s two point one quadrillion Satoshis because all the Bitcoin is, is a random bundle of Satoshis. So when you buy a Bitcoin, you’re buying 100 million Satoshis. You don’t have to buy 100 million Satoshis.

You could buy 100 Satoshis. In fact, there’s enough for every man, woman and child on planet Earth to buy several hundred thousand Satoshis. So when you put it that way, they don’t seem that scarce.

Right. And of course, it’s not scarce in any real sense, because you don’t have to buy Bitcoin. You could buy Zipcoin, right, or ever, ever, Fartcoin or, you know, or Ethereum or Solana or Ripple or any of these other tokens.

Right. They all compete with each other because they’re all worthless. If you were Trump’s economic advisor, what would be the advice you’d give him? What would be some of the key points that you’d push him forward? Well, you know, I say, look, you know, he he has the right idea, like the end of his State of the Union address was beautiful, very well written, you know, very libertarian sounding message of restoring American freedom and shrinking government and doing all that.

And I would say, you’re right. That’s what we need to do. And here’s what has to happen to accomplish that.

And what you need to do is you need to have a fireside chat, you know, kind of Jimmy Carter style, only with a little bit of a better message. But you’ve got to have a chat and you’ve got to level with the American public and say, you know what? I had a talk with Peter Schiff and here’s what we got to do. Right.

And I know I promised a golden age in America. We’re going to have one, but it’s going to be maybe five years into the future. Right.

But before we can get to that promised land, you know, we got to have a few years waddling in the desert. Right. And here’s what we’re going to do.

Right. We got to cut Social Security, cut Medicare. We’re going to cut, you know, we’re going to so we’re going to cut government’s pensions.

A lot of people are not going to get any Social Security at all. I’m sorry about that. But we’re going to means test it.

We’re going to have a way to make sure that the poorest among us, you know, have something. We’re not going to let anybody starve, but, you know, we’re not going to let you, you know, play pay your country club dues with Social Security. You’re just going to have to keep working or something.

We don’t have the money going to get rid of Obamacare. We’re going to close down all these departments, you know, education, energy, you know, housing. You know, I forget.

I mean, I’d say three quarters of the government departments. We probably could shrink it down to maybe five or six of them left. You know, you know, we’re going to get rid of all of our subsidies, no more agricultural subsidies, no more corporate welfare.

We’re going to slash the spending and we’re going to get rid of at least half. We’re going to go, you know, we got it. We got to cut government pensions.

You know, we got to make government a lot smaller. I know that’s going to be a problem for a lot of people who are dependent on government, but the government’s broke. We don’t have the money.

And the other thing that I would say is, look, we have thirty seven, thirty eight trillion dollars of debt. Can’t afford it. So we’re going to restructure it.

People are going to lose money who own U.S. treasuries. Sorry, we can’t pay it back because interest rates have to go up. Right.

Rates need to go up. We’re going to get rid of the Federal Reserve. We’re going to privatize money again the way it was before the Federal Reserve.

Interest rates are going to be determined by the free market, not by a central pilot bureau of government planners at the Fed. Rates are going to go up. And of course, we can’t afford to pay interest on the treasuries when interest rates go up.

So we’re going to have to restructure. So China, you know, any any countries around the world that own a bunch of treasuries, you know, you’re not we’re not going to pay it. Sorry.

I mean, you’ll get something. We’re not going to totally screw you, but you’re not going to get 100 cents on the dollar. You may get 30 cents on the dollar.

You know, we’ve got to figure out how to restructure these bonds. You know, but we just got to dismantle. And of course, by the way, the saving grace is we’re going to get rid of the income tax.

We’re going to get rid of the Social Security tax. We’re going to get rid of corporate income tax, the personal income tax and to get rid of the estate tax. We get rid of the gift tax.

We’re going to go back to the good old tax system that we had in the 19th century. We’re just going to have sales taxes and tariffs and stuff like that, indirect taxes. So no more lawyers, no more accountants.

Right. Nobody has to worry about a tax tax day. No one has to keep any books and records anymore.

You know, you own if you work, you own, you keep 100 percent of what you earn. The only time you pay a tax is when you spend money. Nobody’s going to get taxed when they earn money.

So, you know, we could do all this, you know, so. But, you know, we have we you know, we’ve got to go through, you know, people are going to have to stop spending. I know, you know, you can’t just keep buying stuff on your credit card anymore.

You’ve got to save your money. And when you have enough savings and you can buy stuff, you don’t buy stuff and pay for it on a credit card. Is that credit going to be there anymore without the Fed? Oh, and by the way, the government’s not going to guarantee banks anymore.

No more FDIC. So, you know, better make sure that when you put your money in a bank, that they’re not doing stupid things with it. And if the bank fails, you know, that’s it.

You know, so. So, you know, we got to roll back big government so we have a free market economy. But if we do all the right things, I mean, we’re going to have a boom like we’ve never seen.

We’re going to have the real boom that Trump is just talking about. That’s a pure fantasy because it’s not going to happen, because we got to you know, it’s like they say you got to die, you know, before you can go to heaven. Right.

Well, I’m not saying we have to kill ourselves, but we’re going to have to go through some real pain to get to get to get where he’s talking. And, you know, yeah, I guess you could say it’s easy for me to say because I’m going to be fine. Right.

I’m not going to the austerity is not going to impact me. I get that. But, you know, it’s still worth it.

You know, I mean, it’s because people are going to suffer more if we don’t do this. I mean, it’s not like austerity is for nothing. If we don’t do the right thing, we’re going to have hyperinflation.

We’re going to wipe out the dollar completely. And that’s going to be far worse than anything that I’m talking about. Right.

It’s a choice. You wipe out the dollar, you destroy the savings and the financial assets of a generation of Americans. I mean, that’s worse than cutting Social Security, because if we wipe out the dollar, the Social Security checks have no value.

So even if you’re poor and depend on Social Security, you got nothing. At least with me, the people that we leave on the system still have a check that buy something. Yeah, you’re going to suffer nonetheless.

But the choice is do you want to suffer on your own terms or do you want to suffer even more so in an uncontrolled fashion later? And do you want constructive suffering? Do you want suffering that leads to a positive outcome instead of suffering that just leads to more suffering? Right. Peter, for the last few moments I have you on here, I want to get your take on the recent price action of gold and silver. Gold has had a phenomenal year last year in 2024.

It still is doing phenomenally here in 2025. Where do you see it going from here on out towards the rest of 2025? Much higher. And again, it’s not gold going higher.

It’s the dollar and the euro and the yen and the pound and all these currencies going lower. It’s a race to the bottom when it comes to fiat currencies. Now, the dollar had been losing that race for a while.

It’s going to start winning. And that’s why the inflation problem is going to get worse in the United States, because the strong dollar relative to other currencies was mitigating the impact of inflation. But when the dollar really starts to fall, it’s going to augment the impact of inflation on consumer prices.

So the prices that will be most impacted will be goods prices, especially the goods that we import. So the offset might be the service sector prices that we provide for ourselves. Those prices won’t go up as much.

But of course, that’s bad news for you if you’re a service provider and you have to charge your customers less because they can’t afford to pay you anymore because their goods cost so much. So we’re going to go through some tough economic times. I mean, we’ve been kicking a can down the road for a long time, way longer than I’ve had this beard.

And we’ve got to pay the piper. And from what I’ve heard, you could be shaving it sometime soon. Well, I said that at the beginning of the podcast.

That’s why I brought it up. I don’t think we were recording back then. Oh, I thought you were.

No, no. But yeah, so be on the lookout for that poll, guys, whether or not you think Peter should shave his beard or not. Go back to recession.

Well, when do you air this? It’s probably going to go out tomorrow. Because if I do it, people will see. I’m probably going to do my podcast tomorrow after the close of the market because we get jobs Friday.

It should be a big day in the market to finish up a big week. So I’m sure people are going to be anxious to get my take. So I don’t want to make them wait till Sunday.

So I’ll probably just do it on Friday. Yeah. Whatever’s good for you.

Well, hey, Peter, thank you. Thank you so much for coming on. Fantastic.

Chat is always deep with insights. Anything else you want to talk about that we didn’t get to? Well, you know, you mentioned that we had a good year for gold, great year for gold last year, but not the year you would have expected in the gold mining stocks. I mean, they’re giving these things away.

Literally, you know, they’re like in the Cracker Jack box. And so people should just be loading up the truck, backing it up and loaded it up with these gold stocks. I think the best way for most people to get in is in my my gold fund, EPGIX.

That is the no load symbol you can get at any discount brokerage firm, Europe Pacific Gold Fund. I think we’ve got a fantastic portfolio, some real quality junior miners that you never would know to buy in this fund. I think we’re just loaded and ready to go.

I think that there’s no better speculative investment out there right now than these mining stocks. It’s amazing that you could still buy in this cheap. Wall Street is completely asleep and oblivious to what’s happening.

They’re kind of like a deer in a headlight when it comes to gold. I mean, they see it, but they don’t know what’s going on. They’re not getting out of the way.

Why is there no coverage on gold when it comes to CNBC? We make new all time highs every day. What’s going on? Well, their crypto advertisers probably have that in the contract, you know, don’t even cover gold because they’re the biggest advertisers on CNBC. That’s why they won’t let any Bitcoin critics on CNBC.

In order to be on CNBC, you have to be a Bitcoin cheerleader because that’s what their advertisers want. It’s a very incestuous situation where they have one guest after another who’s telling you how Bitcoin is going to 100 million or 10 million. It’s going to beat every stock, every bond.

It’s the greatest thing. And then when they got cut to a commercial break, it’s all these crypto companies to how you can buy Bitcoin. So, yeah, I mean, that’s why they don’t talk about it.

You know, gold is being bought by central banks. Bitcoin is being bought by Gen Zers, you know, using their Robinhood apps or, you know, through their smartphone. Who do you think knows what they’re doing? These central bankers or these kids? You know, I think they have an idea of what’s going on and that’s why they’re buying all this gold, right? They know about Bitcoin.

They couldn’t care less about it. Yeah, I did an analysis on this. I looked at multiple gold ETFs out there.

And what appears to be happening now is if you look at institutional buying across these ETFs, it’s been skyrocketing up the last few months. Yeah, because they expect Donald Trump to buy it with taxpayer money. They’re just front running the Bitcoin reserve.

But if we don’t get it, we’re talking about gold and silver ETFs. Oh, recently. Yeah.

Yeah. Recently, sure. But all last year, there were net outflows out of those.

And the public has been selling. The public is still selling their gold. Yeah.

Well, hey, they’re selling physical gold. They’re selling their paper gold. Yep.

Tell us where we can find you, Peter. Drop us your socials. Well, EuropePAC.com is my website.

In fact, you can even buy my gold fund right on my website. Go to EuropePAC.com. But you can read about all my funds on my website or contact my representatives at Europe Pacific Asset Management. You can reach me, follow me on the internet.

My podcast, The Peter Schiff Show podcast is on Schiffradio.com. It’s also on my YouTube channel. You can watch it live or listen to the rebroadcast. Follow me, social media.

I’ve got now 1.1 million plus X followers. I’m constantly posting on X. So follow me because you could get my thoughts real time. But I’m also on Facebook, Instagram, TikTok, all those.

Subscribe to my YouTube channel. You’ll get the notifications of the podcast there. Oh, I’ve got a new venture, Schiff Sovereign, a publishing company.

We’ve got a free newsletter that comes out two or three times a week. We’ve got some premium products. Definitely worth checking out.

Certainly get the free subscription. You just go to Schiffsovereign.com and sign up. But you can learn about some of the premium products.

There’s a lot of really valuable information that we’re putting out there. And I would encourage people to take advantage of it. Awesome.

We’ll get all that stuff linked down below. So be sure to check it out, guys, if you’re interested. If you got value out of this program, be sure to give us a like and subscribe to the channel so you don’t miss an episode just like this.

Comment go, Peter, go in the comment section. If you agreed with Peter’s analysis, if we disagreed with anything, do let me know. I do read the comments.

So super interested in getting your takes here, guys. And also check us out on Substack at capitalcosm.substack.com, where you can get all my interviews early and ad free, or you don’t have to hustle with all these different YouTube ads and uncensored ones that warrants it. So with all that said, I’ll catch you guys in the next episode.

Thanks for watching. Bye. Thanks a lot, Danny.

Bye.