➡ The article discusses the potential economic consequences of Donald Trump’s tariffs, suggesting they could lead to a significant economic crash. It highlights that the U.S. has been able to maintain its standard of living by importing goods in exchange for dollars, a system that could be disrupted by the tariffs. The article also mentions the rising price of gold as a sign of central banks moving away from the dollar. Finally, it questions the feasibility of reindustrializing the U.S., given the time, investment, and infrastructure required.
➡ The article discusses the importance of having stable and long-term investment incentives, the need for congressional support for tariffs, and the role of gold as a reliable indicator of inflation. It also highlights the deceptive nature of stock market gains when compared to the loss of purchasing power of fiat money, suggesting that gold offers a more accurate measure of value. The article concludes by criticizing the Federal Reserve for creating a gambling-like environment in the stock market and cryptocurrencies due to cheap money.
➡ The article discusses the current state of the economy, suggesting it’s largely based on debt and imports, which could lead to problems. It mentions that Donald Trump’s policies may burst this economic bubble, leading to a difficult period before a potential economic boom. The article also discusses the possibility of a return to a global gold standard and the potential for a significant increase in the price of gold. Lastly, it touches on the suppression of silver prices and the lack of public and central bank interest in silver and mining stocks.
➡ The article discusses the current state of the gold market, the value of silver, and the impact of rising debt in the U.S. It suggests that we are in the early stages of a bull market for gold, with many people still skeptical. The article also highlights the U.S. government’s need to borrow a significant amount of money over the next four years due to maturing debt, which could lead to inflation and a higher gold price. Lastly, it criticizes the idea of DOGE stimulus checks and the government’s inability to reduce the deficit, suggesting that the economy is reliant on government and Federal Reserve money, which could lead to a financial crisis.
➡ The text discusses the economic policies of past presidents and their impact on the current state of the economy. It suggests that the inflation and financial instability we’re experiencing now are not solely due to recent actions, but are the result of policies from previous administrations as well. The text also discusses the potential for a significant economic crash and the likelihood of protests and social unrest as a result. Lastly, it touches on the role of gold and cash in the economy, and the potential for inflation to devalue these assets.
➡ The speaker criticizes the hype around cryptocurrencies, particularly Bitcoin, calling it a con and a waste of money. They argue that Bitcoin is not a store of value, but a speculative asset that behaves like a tech stock without any real assets or profits. They also express concern about the influence of Bitcoin on politics and the potential for fraud. Despite the hype, they note that gold has outperformed Bitcoin over the last four years.
➡ The speaker believes that gold, not bitcoin or paper money, would be a valuable trading resource even with aliens due to its universal scarcity. He also promotes his investment strategies, particularly in gold mining stocks, and his asset management company. He encourages people to follow him on social media for more insights and to counter misinformation about economic collapse, which he attributes to socialism and central banking, not capitalism. He advocates for a return to sound money principles, individual liberty, and capitalism.

Any politician that does what needs to happen is gone. Right? That’s why we keep kicking the can down the road. Donald Trump is threatening to prick the bubble. He’s just not prepared for the consequences. He’s calling April 2nd Liberation Day. What, are we being liberated from our standard of living? None of this good stuff is going to happen because of these tariffs. It’s all going to be bad. Oh, look, this is a great bull market. My stocks are so much more valuable now than they were. They’re only more valuable when you price them in the dollar that has lost more value than the stocks.

All these phony gains and prices are going to come crashing down. It’s the biggest investment fraud in history. Are you worried that the stock market’s going down? The more pertinent question is, are you worried that the gold price just broke 3,000? This is probably the biggest bull market in the history of gold, and it’s not even close to ending. World War three is already happening. This is a house of cars, and it is in the process of collapsing right now. You’re going to see an economic crash the likes of which we’ve never seen. Hi, folks. Canadian prepper here, back once again with a man who needs no introduction, Peter Schiff, the chairman of Schiff Gold and a financial commentator.

And Peter, I think, has been vindicated a lot in the last year. The last time we had him on, I believe gold was under $2,000. So now we got gold over 3,000. It appears as though the market is correcting right now. What is your take on the way things have gone and do you feel vindicated, Peter? Well, I know I’m vindicated, but I’m not going to take the victory lapse just yet. I think a lot still has to play out for complete vindication, you know, in the eyes of the public. That doesn’t quite get it, but we’re heading there.

And I think that Donald Trump’s tariffs are going to accelerate the plot process that, you know, we’ve been successful in kicking the can down the road for many, many years. But to the extent that we really follow through with these tariffs, that may produce a result that should have happened a long time ago, which is the world wakes up to this, you know, game and just stops supplying America with goods in exchange for our paper money. And, you know, our whole, our whole standard of living here is a function of our ability to export dollars to import goods.

And if we end up, you know, erecting tariffs to the, to the point that we can’t do that, Anymore. The whole thing can come, you know, crashing down. Yeah. And, you know, it’s interesting, Trump’s always talking about a trade deficit with Canada, but then, you know, I’ve heard it said that in order for you to have a global reserve currency, you have to have a trade deficit so people can get a surplus amount of dollars so that they can use for stuff. So essentially what’s been happening for the last 30 years is that. Well, I guess longer than that, but, you know, more or less, increasingly more.

So is that the United States has been getting goods in exchange for paper, essentially. Is that. Am I out to lunch on that? Well, we don’t have to have a trade deficit because we didn’t even have trade deficits up until the mid-1980s. So we still had the reserve currency and we had trade surplus. So it’s not that we have to have a deficit. That’s kind of how we’ve rationalized the deficit. But what the deficits are enabling is us to exploit the fact that the dollar is the reserve currency. And in fact, if the dollar was the reserve currency and it was still backed by gold the way it was up until 1971, there’s no way we can get away with these huge trade deficits.

But we’ve been able to get away with it because the dollar is no longer backed by anything. But because we’ve exploited the dollar’s reserve currency role, the dollar is going to lose that privilege, or we’re going to lose that privilege when the dollar loses that position. And that’s going to happen. I mean, that’s already in the process. So it’s not like a one day event where all of a sudden everybody says the dollar is not the reserve currency. It’s a process that’s going to happen gradually and then maybe suddenly, but it’s already happening, the process. That’s why gold is over $3,000 an ounce.

The reason that gold got to this level was central banks divesting of dollars to buy gold. So they’re doing that to diversify away from the dollar because it won’t be the world’s reserve currency for much longer. Yeah. So do you think Trump obviously must be aware that there’s going to be some detrimental effects of these tariffs? So what do you think the long term strategy is? And it appears as though, I mean, everybody’s saying, I haven’t heard one person really say. I’m sure there’s some people who are maybe thinking more long game, but I haven’t really heard any positive assessments of Trump’s.

Move to impose tariffs on everybody. So what do you think the motivation is here? It almost seems like it’s like they’re crashing the economy intentionally. Well, the economy may crash anyway, so maybe it’s a good idea to act like it’s a controlled burn or something like that. But I think the President is opening himself up to a lot of criticism. He’s going to get the blame for a lot of bad things that would have happened anyway. I think the Fed is already ready to blame the tariffs for the inflation that they created. But I don’t really know what Trump believes, if he actually believes this nonsense about tariffs.

You know, some people say, well, it’s all just a bluff. It’s a negotiating tactic to try to get something in exchange for not imposing the tariffs. But I don’t know. I mean, he’s really hyping this up now. He’s calling April 2nd Liberation Day. Yeah, Liberation Day. Like what, what are we being liberated from? Consumer goods that we’ll no longer be able to afford, you know, our standard of living. It’s, you know, it’s hard to imagine just what the Liberation Day, you know, is liberating. But, you know, he’s hyping it up so much that I guess he’s serious about it.

I mean, it would be one thing, I guess, if they had the industrial base in place to kind of switch gears, but there really isn’t. And when you live in a globalized world, you know, you have different nation states with specialize in producing different commodities and products. And so to kind of onshore everything is going to take immense amounts of like a transition, an industrial transition that I don’t think maybe people are fully aware of. Yeah, although when you’re talking about comparative advantage and the gains you have from specialization and trade, that’s all true. But the problem is America doesn’t specialize in or have a comparative advantage in enough stuff to balance our trade.

We have record trade deficits. In fact, we have a record current account deficit. We’re running well over $1.1 trillion a year trade deficits. And so we’re not giving the world as much as we’re taking from the world. And that is the problem. And we’ve been able to get away with it because of the reserve currency status where the world is willing to take our dollars instead of our products. But, you know, if we had the industrial base, we’d be producing this stuff right now. I mean, the reason that we’re importing it is because we don’t and the idea that if we impose tariffs that somehow we’re just going to build factories overnight to produce this stuff is farcical because first of all, it’s going to take years to build them.

So what do we do in the meantime? And it’s not just the factories. It’s all the infrastructure, the supply chains, and then we got to train the workers. So you’re talking about a major investment that’s going to take many, many years, maybe a decade or more to develop. So what do we do in the interim? Like, where do we get this stuff between now and then? And where does the money come from to pay for this re industrialization? Right. Like, what are we going to stop doing so we can start doing all this? And given the fact that you’re talking about major capital investments that are going to take years to implement, whereas many of the investments won’t even be completed during Trump’s term, how does anybody know that if they invest hundreds of millions of dollars in building out some factories that by the time they finish the factory, the tariffs are still there? Right.

In which case they’ve wasted all their money. So none of this good stuff is going to happen because of these tariffs. It’s all going to be bad. I mean, from a World War 3 perspective, I can kind of understand Trump wanting to. To re industrialize the United States. So we have that level of self sufficiency. It’s almost like prepping on a national scale. But I agree with you, what you’re saying in that, and I never thought about that, how there’s not going to be the incentive there and the security in these investments, especially if they think, you know, that this switch can get flipped in four years.

It’s a good point. Yeah. Look, I mean, we have to be competitive, not because of tariffs, but we have to be competitive naturally. Because if it’s just an artificial trade barrier that can be lifted at any moment, you know, what we need is real congressional support for these tariffs. We need acts of Congress to make these things, you know, more permanent. Not like anything that’s put in with an executive order. The next president could just remove it, or Trump could remove it. I mean, he could change his mind. I mean, you know, when you break ground on your factory, you start sinking all this money in, and then Trump is like, oh, okay, no more tariffs.

It’s like, ridiculous. All right, guys. So as some of you know, Canadian Prepper is a fully independent channel. We don’t have sponsors, and we’re beholden to nobody. You can help support us by supporting yourself, by gearing up@canadianpreparedness.com I know that in an emergency, having the right gear can make all the difference. This is why I’ve tested and curated the best preparedness products on the market, so that you can be confident and ready for whatever comes your way. Now, back to the video. Yeah, going back to gold a little bit. So yesterday in your podcast, which I would encourage people to check out, it’s always incisive analysis, you were talking about how the Fed would not address the gold price.

And it’s like the elephant in the room right now, right? You have all these central banks, you know, running the price up in China. You know, people are lining up around the block to buy gold. Yet here, when you look on Google Trends and you type in Gold Buy, if you use those two keywords, you find that it’s pretty much where it’s been on average for the last 15 years. Like, it’s not, you know, there’s not a, a spike in interest. There’s a spike in interest in gold price on Google Trends, but that’s only because the people who have gold are searching it more.

Because, you know, but in terms of people actually like retail buying gold, you know, the media is not talking about it. Why is the Fed ignoring this? I mean, we obviously know the answer, but maybe you could just expound a bit on, on why. Well, I mean, the main reason that Powell is not addressing gold is because none of the reporters asked him about it. You know, that’s the problem. I mean, they asked them about the stock market. Are you worried that the stock market’s going down? The more pertinent question is, are you worried that the gold price just broke 3,000? I mean, do you think that’s.

That that’s meaningless because gold is a monetary metal. Gold is the primary competitor to the US Dollar for, you know, global reserves, and it’s just shooting up. And I pointed on my podcast that Alan Greenspan used to say he watched the price of gold very closely as an indicator of whether or not he had the correct monetary policy. He said if gold got closer to 400, that meant he was too easy, and if it went below 300, he was too tight. Of course, now it’s at 3,000. Well, if 400 gold meant the Fed was too loose when Greenspan was chair, what is $3,000 gold mean now? I mean, it’s obvious.

Powell keeps saying that the Fed is restrictive in its monetary policy. Gold is saying the opposite. Gold is saying you’re too loose Gold would not be going like this if the Fed was restrictive. And there’s all sorts of other things. We wouldn’t have record trade deficits, record current account deficits. We wouldn’t have record high consumer debt, record high government debt. We wouldn’t have stock market valuations at such inflated levels if the Fed was restrictive. I mean, all the anecdotal evidence, if you just look at stuff, you would say, gee, the Fed is being very accommodative, which they are.

That’s the problem. And inflate, which is why the inflation numbers are going to be much, much higher in the future. You talked recently about the relationship between the S&P 500 as it relates to the price of gold. Can you maybe educate people a little bit on the relationship between these two things? Because I think people see the stock market going up and they think to themselves, yeah, everything is just fine. But is it really keeping pace with inflation when the true barometer of inflation is the price of gold? What is the reality of the stock market bubble that we’re in right now? Yeah, over longer periods of time.

I mean, over short periods of time, gold can have some volatility. But over longer periods of time, gold is probably the best barometer of inflation. Basically, it’s the loss of purchasing power of fiat money. And because gold, gold stays the same. Right. Other products you can’t. Like if you look at a car. Well, a car today is not the same as a car 20, 50 years ago. I mean, very different. Right. You know, everything but gold is a constant. The gold that people bought 50 years ago, 100 years ago, is exactly the same as the gold you buy today.

Right. It hasn’t been improved or it hasn’t degraded in quality. It’s exactly the same. And you can go back 1,000 years ago, 2,000 years ago, there’s no difference in gold. Yeah, my cell phone’s a lot different. My television’s a lot different. Right. You know, so it’s hard to say, but gold is a constant. And so if you look at how many ounces of gold you needed to buy the S&P 50025 years ago, when this century began. January 1st, 2021. Right. The beginning of the 21st century. Over this 25 years, priced in gold, the S&P 500 is actually down by 60% now in dollars.

You know, maybe it’s up, you know, fourfold. You know, and people, oh, look, this is a great bull market. My stocks are so much more valuable now than they were. No, they’re not. They’re actually less valuable. They’re only more valuable when you price them in the dollar that has lost more value than the stocks. So it’s a relative situation. Like if, if, if. If there’s two cars, there’s a car next to me that’s going backwards 20 miles an hour, and I go backwards 10 miles an hour. It looks like I’m going forwards, but I’m not. I’m just going backwards more slowly than the other car.

And so the S and P has been going backwards for the last 25 years. It’s just that the dollar has gone backwards even faster. So you’ve lost less money in cash than you have in the stock market. But had you just converted your cash to real money gold 25 years ago, you’d have more purchasing power today, even with the dividends of the S and P. Now, maybe if you reinvested those dividends. It’s hard. The dividends have been pretty low. But yeah, stocks do throw off dividends, but not that much these days. The dividend yield has been pretty low.

But we’re talking about price. We’re talking about trying to measure prices. And if you measure them in gold, you have a much better perception of what’s actually happening than measuring them with fiat currency. It’s crazy to think that people are okay with this. People are okay with having a higher. I mean, there’s a test that you do when, when kids are, you know, in a developmental phase between 5 and 6, and they ask them, you know, how much liquid is in this cup versus this one? And they show them a tall, skinny one versus a short, fat one.

And all the kids always say the taller one. And it’s like we’re still in that developmental phase where we can’t see that, you know, we’re actually getting, you know, where our purchasing power is diminishing. Okay, so maybe the s and P500 has increased by, you know, 4 or 500%. But how much has property costs increased in that period of time? You know, how much is the cost of everything increased? Yeah. And look at copper. Copper today is over $5 a pound now. I mean, it’s, you know, I mean, look at it. I mean, it’s record highs, and it’s going to keep going well.

And I think they’re. They’re depending on people’s process addiction with the stock market. Like retail is more exposed to stocks and stonks and, you know, altcoins and all this stuff than ever before. And they’re almost depending on people’s Process addiction to just the quick, the highs and you know, that sort of non fixed variable reinforcement that you get. Just like a gambler, like people are literally gamblers and they don’t even realize that they’re addicted to. And that’s what this whole system is being moved on. It’s crazy. Yeah, well look, I think the Federal Reserve has created a casino like environment in the stock market with cryptocurrencies.

Everybody’s just gambling because money is so cheap and it’s been that way for a long time. People are able to borrow money, the credit’s been flowing and that’s the source of all the problems. That’s why we don’t have the infrastructure and the factories to build our own stuff. We’re able to import everything and people don’t have to work. They could just go into debt and spend money they borrow or they could get money from the government. So we’ve had this whole phony economy and Donald Trump is threatening to prick the bubble. Now I agree the bubble should be pricked and maybe it’s a good idea that we do it, but he’s just not prepared for the consequences.

And he didn’t prepare the electorate for the amount of pain and how long it’s going to have to be endured. He promised like an immediate economic boom, a golden age. Well, to get to that golden age, it’s going to be a pretty rough ride. The problem is, you know, the Republicans are going to get thrown out of office early in that ride in 2026 and we’ll probably have a Democratic president in 2028 because we’re still going to be enduring the pain. You know, by then it isn’t going to be over. Yeah, now they want to increase trading to 24,7.

I think the New York Stock Exchange is going to start opening up the casino 24 7. So you, I guess the question is like, where does this, where does this end? You know, like when are people going to relive? When is the system just going to collapse precipitously? Well, I don’t know exactly when, but I think, you know, again, the US is at the epicenter of this screwed up system because we’re really the cause of the massive macroeconomic imbalances around the world. So I think that it’s a good thing when this system comes to an end and hopefully what replaces it is going to be something viable.

We should really return to a global gold standard. And that may be why central banks are buying so much gold. They have a feeling that that’s where we’re headed? Yeah, certainly in China and around the world. It’s trending right now. People are running into gold at a record pace. I mean, China has its own inflationary problems as well. But I have a lot of questions, just little odds and ends to ask you here. Like, what’s your take on this whole Fort Knox thing? Is this just all, you know, theater, or is there actually going to be something discovered? Like, what is the whole psychological operation around that? Because it appears as though there’s something, you know, like, why out of nowhere did Trump decide to do this inquisition about it? Well, you know, he seems to be trying to expose a lot of information to satisfy some of the global conspiracy theories or whatever you want to call them, all the things that people have been suspicious about.

He’s trying to open up the records. That’s why we got Epstein files or whatever we got. They just released the jfk. There are always things that people have been distrustful of and skeptical of. And he’s saying, okay, well, let’s take a look. Well, one of the rumors or theories out there is that we don’t really have all that gold left in Fort Knox, that we’ve sold it over time in order to suppress the price of gold, or maybe we’ve loaned it out and so we don’t have it on premises anymore. Right. And maybe we won’t be able to get it from the people we loaned it to.

So I think the inclination was, okay, yeah, let’s open up the books and show everybody, you know, what’s in Fort Knox, because, you know, it hasn’t been audited. So we’ll see if it actually happens. Because, you know, if. If it turns out that the rumors are true and the gold’s not there, that’s a major problem. Yeah, they may not want to expose that. Yeah, it seems like one of those things that might, you know, get you JFK if you were to, you know. I mean, this is. This is the cornerstone. This is the foundation of the financial system.

So I can’t see him necessarily messing with that in a way which is going to seriously compromise the whole thing. What is your take on this whole idea of potential revaluation of gold in order to pay down debts? Well, that doesn’t work to pay down the debt, unless if you just take gold to the market price, that doesn’t come close to giving us enough gold to pay down the debt. Right. So what we would have to do is devalue the dollar, which is officially on the books at about maybe $42 an ounce. We’d have to devalue it.

So maybe the price of gold was 20,000 or 30,000. I know I haven’t really done the math, but if we, if we made gold that high, then yeah, we could pay off the national debt in gold. If we paid it off and said, okay, we owe you a million dollars, well, here it is in gold, but we’re counting each ounce at $30,000. So if we did that, but that’s like a major default because gold isn’t worth that much on the global market. So what we’ve done is we’ve just devalued the dollar. We’ve made the dollar worth a lot less.

So you need a lot more dollars to buy gold. So it’s a massive currency devaluation. But in technical terms, I guess it wouldn’t be a default because we just devalued the currency relative to gold. But, you know, I don’t see that happening in the short run. But the idea that we could just market to market, that doesn’t even come close. And of course we wouldn’t want to get rid of all of our gold, that’d be a problem because then what would we do when we ran out? We’d still have a huge debt and we’d have no more gold.

And what’s your take on this whole LBMA gold transfer from London to the comex and private investors presumably scooping up all this gold? What is your take on that? Yeah, I mean, I don’t know. I don’t know why it’s happening. I mean, it may be related to tariffs and gold trying to get into the country before tariffs may be imposed. I don’t know if it has to do with people who own futures contracts having notified the COMEX that they intend to take delivery of the gold and so now the gold is being brought back so that it can be delivered to the long side.

I really don’t know. But it is very interesting that it’s happening and it could be a harbinger of a big move coming in the price of gold. We’ll see. I mean, I think gold’s going up anyway, but this could be a sign that it’s going to go up a lot faster, a lot quicker. What is your prediction for gold price in the near term and I guess long term? Well, I think just gold is going to keep on going up. I think it built a huge base, around 2,000 or just under 2,000 for many, many years.

You know, it first got to almost 2000 and 2011, and it didn’t really break out above it until 2023. So we had a dozen years or so where gold built an enormous base. And we just took off from that base in the fall of last year, early 2024. And I think we have a huge leg coming that’s going to take gold much higher from here. I mean, certainly north of $10,000 an ounce. It may take, you know, a few years to get there, three or four years, I don’t know. But I think, you know, I mean, 10,000 is a little more than triple the current current price.

But if you look at, you know, what gold did from 2001 to 2011, those 10 years, gold went from under 300 to over 1900. So it went up more than six fold during that 10 year period. So six fold from here is almost 20,000 an ounce. So saying it could hit 10 is not even that big of a stretch. What about silver? I know you’ve been talking a lot about that, lady. Why do you think the price of silver has been so suppressed? Considering it’s an industrial metal, it is in great demand, it’s used in pretty much everything, and there’s a shortfall in terms of supply.

Why do you think the price has been so suppressed? I think even today the price is down like 1%. It seems like it just can’t get a break. Yeah, I don’t know why. I think maybe a lot of people have been shorting silver and buying gold in speculative accounts. The public has been out of the market. Central banks, though, haven’t really been buying any silver. They’ve just been buying gold. So the public’s been buying nothing. And so that might be why silver hasn’t participated, because it doesn’t have the retail buying that it would typically have. I think that’s the same reason that mining stocks are still so cheap, because investors aren’t buying those either.

You know, they just don’t believe the story. They don’t understand the story. They’re skeptical. You know, I think this is probably the biggest bull market in the history of gold and it’s not even close to ending yet. I think there’s more skepticism in this bull market, less confidence, less faith than is real than in any prior bull market, which just shows you how early we are. Because that’s how bull markets start. There’s a lot of naysayers, there’s a lot of doubt. And you know, and then, you know, it starts going up and people are afraid to buy it.

Oh, it’s over. I missed the rally, it’s too late to. We’re still in that stage, which is the first stage of the bull market. Yeah, I mean silver was like 50 bucks an ounce, which in real terms that was like in 2010 or 2011, which in today’s dollars is probably, I don’t know, twice, if not three times the amount. Yeah, well, it even got to 50 in 1981. So think about that. Think about how cheap silver is today. If it’s 40% cheaper than it was in 1981. I mean, you can’t find anything that you could buy today for less money than 1981.

Right. I mean, what’s cheaper? I mean, other than like a computer, something like that. I remember I bought my first Apple computer in 1981, 82 timeframe, and I paid $5,000 for the Apple IIe. 5,000 bucks. It was like a glorified word processor. You know, I had a dot matrix printer, a dial up modem. You know, I bought my car. To give you an idea how cheap. In 1980, I bought an MGB that was four years old, a MG. You know, I paid thirty six hundred dollars for my car. So my car was thirty six hundred dollars.

My computer was five grand. Yeah, it seems like computers have come down. We’ve exchanged processing power for food, food prices. You can, you know, unfortunately the stuff that we need is a lot more expensive. You talked Yesterday about the 26 trillion in debt maturing in the next few years and how that’s going to create all kinds of instability with respect to, you know, refinancing debt and this sort of thing. Could you maybe. I brought, I brought that up on my podcast yesterday as well that, you know, we have 36 trillion plus in debt, probably 37 trillion plus.

They’re not really keeping track right now with the debt ceiling stuff, but 26 trillion of that debt matures over the next four years. And so that means the government has to borrow that 26 trillion either from the same people who have loaned it to us or that we have to find new suckers to buy to loan it to us. And in addition, we’re going to run deficits every year over the four years. I’d say they’d average at least two and a half trillion a year. I mean, that’s probably optimistic. It’s probably going to be worse. But if it’s two and a half trillion a year, that’s 10 trillion over four years.

Right. So we got to borrow 10 trillion to fund the new debt and we got to buy, borrow 26 trillion to repay the existing debt. That means the US government has to tap the world markets for $36 trillion over four years. I just don’t think the world is going to be willing to lend us the money. Not at a four handle. So this is a major problem. I think the Fed is going to end up buying most of that debt and that means a much bigger quantitative easing program than we’ve had in the past. And it means the Fed’s balance sheet is going to explode and that means runaway inflation in the US which of course would equate to a very high gold price.

Yes, exactly. And I think you jokingly talked also about the DOGE stimulus checks, which I think is just comical at this point. I mean, it’s exactly what I would expect in the idiocracy that we live in. And trust me, Canada is no better in this respect. But you know, this idea that they’re going to give out Doge, what do they call them? Dividends. When, and they’re really just. Yeah, Joe, you know, when you, when you guys become the 51st state, you could get, you could get some of those checks. Hey, probably won’t be able to buy much with it, but.

Well, who cares, you know, it’s the thought that counts. We’ll be able to get our guns back, but we won’t be able to buy any guns because we’ll be paying down your guys debt. Yeah, but yeah, you know, it makes no sense. The whole idea behind DOGE is we have to reduce the deficit by cutting out waste, fraud and abuse. Well, if you just take the savings and just mail out checks, you haven’t reduced the deficit, you know, you’ve just, you know. Yes. You know, you’ve redirected government money, you know, from whoever was the recipient of, of, of, of those programs back to the taxpayer, which I suppose is, you know, that’s a winning trade.

Right, but if the goal is to reduce the deficit, then you don’t send out any dividend checks, you just reduce the deficit. Right. I mean, because we don’t have any money to send out dividends. We’re broke, we’re operating in the red and we have a huge debt. But you know, the Republicans of course are very anxious to reward the voters by giving them a check, you know, but you know, that just shows how this whole thing is a bunch of BS because we’re probably not even going to save anywhere near as much money as Doge claims.

Meanwhile, the actual deficits are skyrocketing despite Doge. So whatever they cut it’s still not going to, you know, change the game. It’s not big enough to move the needle to any degree because the national debt is going to keep going up despite whatever Doge does. And the deficits, the size of the deficits are going to keep going up. They’re not even. We’re not even going to have smaller deficits. It seemed like the only thing that really saved the system in the last few years was the stimulus, and saved in the sense that it kicked the can down the road.

And I think the last ditch Hail Mary is going to be a more euphemistically cloaked dividend. Dividend. It preserved the bubble and prevented the market from correcting the imbalances. I mean, Treasury Secretary. What’s his name? The new guy? Yeah. Is it Lutnick or. No, not Ludnick. He’s Commerce. Huh? Yeah. Scott Bessett. Scott Bessett. Yeah. I’m getting old. I forget names. So Scott Bessett talked about how we need to detox, how the economy is hooked on a drug of government money. And he’s right. And it’s not just government money. It’s cheap Fed money. I mean, we’re hooked on a lot of drugs and we need a massive detox.

I’ve been saying that for, for a long, long time now. What the government has done is prevented us from having to go to detox. They keep. Every time we start coming off the high, they inject us up with, with more drugs. So, yeah, he’s right that we need, you know, detox. We need to check in the rehab. But he doesn’t appreciate just how bad that’s going to be and how long it’s going to take. And you know, there’s going to be a massive financial crisis in there. Not just a huge recession that will dwarf the Great Recession, but a much bigger financial crisis than 2008.

And a lot of people are going to lose a lot of money in that detox. Right. All these phony gains and asset prices are going to come crashing down. So we’re not gonna detox. They don’t have the stomach for it. We’re just gonna get more drugs. Yeah. It appears like they’re kind of teasing like they’re willing to burn the boats. But like you’re saying, I don’t think they’re gonna do it. When it comes down to it, they’ll use this last bit of ammunition. No, they don’t appreciate what’s actually involved. They don’t know the consequences. Now they’re actually Worth it in the long run, but not to a politician.

Because if the politicians won’t have a job in the long run, any politician that does, what needs to happen is gone. They’re not gonna get reelected. That’s why we haven’t done it. Right. That’s why we keep kicking the can down the road. Because the people in power wanna stay in power and so they wanna keep the bubble going. See, I’ve always thought that the ideologically charged MAGA movement, if there was that, would be willing to take the licks that are necessary in order for this system to crash. It might be them. But, you know, because remember, a lot of the MAGA people, you know, were promised just a bunch of free stuff.

You know, Trump said, I’m going to make Social Security benefits tax free. So he appealed to a lot of people on Social Security because he promised to give out more Social Security when Social Security is already broken. Right. He didn’t ask people on Social Security, hey, you know, we don’t have money, we’re gonna have to cut your benefits. No, he was like, hey, no one’s gonna lose their benefits. Same thing with Medicare, Medicaid, Obamacare, government pensions. You know, he also promised, you know, unions to protect their. Protect their employers so they could get more money. Right.

So their wages could go up. So, you know, he didn’t talk about, you know, we’re gonna have to tighten our belts and it’s gonna be, you know, some lean years of austerity. That’s not the platform he ran on. He said, elect me and it’s going to be the greatest boom you’ve ever seen from day one. The minute I take the oath of office, it’s going to. Everything is going to just happen, you know, just. Just because I’m there. All we have to do is get rid of the worst president in history and replace it with the best president in history, and now everything is going to boom.

That. That’s what the American voters bought. You know, unfortunately, they bought a bill of goods. Yeah. Not that I was a fan of Biden. Biden was a terrible president. But the difference between Biden and Trump is not quite as great as he would have you believe. Yeah. I mean, with the exception of a few statements by Elon Musk who said, you know, things are probably going to get a little worse before it gets better. And I think Trump said, you know, there recently, after he was elected, he said something to the effect of, well, you know, we might have to more or less, you know, take a.

Take a few Hits before we get back up and off and running. Yeah, that is. That is a gross understatement. So what do you think that. How does this all culminate? Because, you know, you’re talking about, I mean, we’re looking at inflation, we’re looking at commercial real estate bubbles, we’re looking at everything potentially crashing on Trump’s watch. I mean, we’re already in a market correction. And do you think the market correction is going to continue, or are they going to find a way to artificially inflate it further and kick the can down the road again? Yeah, you know, in honesty, I thought it might have crashed during his first term, but they managed to kick the can down the road long enough, you know, for Trump to get out of Dodge.

And then things started to unravel under Biden because we saw the consequences of the inflationary policy of the Trump era. But also from Obama and Bush. Right. You know, we had been creating inflation for a long time before it blew up on Biden’s watch. So Biden’s not the reason that we had so much inflation in the last few years. He didn’t, you know, he made it worse. Right. He didn’t help any man. But we would have had this, you know, the same thing if Trump had a second term. Right. His second term would have been a terrible term, and we’d have a Democrat president Right.

Now, maybe Bernie Sanders, who the hell knows? But now he’s, he’s, you know, he’s coming onto the helm. You know, he’s taken the helm of the Titanic and, you know, it’s already hit the iceberg. Yeah. And so it’s just going to sink. Right. There’s no, you know, there’s no way around it. Right. Just mathematically, there’s nothing, there’s no way to stop the ship from sinking. And so, you know, he gets to blame because he’s the one at the helm when it goes down. And like you said, this is going to be a very unique situation in the sense that people are going to lose a lot more than they did in 2008.

What do you think that’s going to look like on the ground in terms of, like, is there going to be protests, movements? I mean, I could see this get. People are already losing their minds over things that really don’t matter. I can’t imagine what it’s going to look like when they can’t. Well, and I think the real losses are going to come in terms of inflation, purchasing power, because I think the government is going to be bailing people out again and bailing out financial institutions. But the money that people get, like you alluded to, what good is your Social Security or what good is your doge check if it doesn’t buy anything? And that’s what’s going to happen.

Yeah, maybe you don’t have to pay taxes on your Social Security benefits, but you can’t buy much food with those benefits, so what good are they going to be? Because that’s what’s going to happen. The dollar is going to depreciate dramatically because we’re going to have to print so many of them to bail out everything. If we don’t do that, then people are going to see losses in dollars because banks are going to fail and the government’s not going to be able to bail them out. I mentioned on my podcast that before we had FDIC insurance, we had the Great Depression, and then the government decided that they needed deposit insurance, you know, to protect depositors because of all the losses.

But only about 4% of all of the bank deposits were lost during the entire decade of the Great Depression. 4%. Americans lost more than 4% last year to inflation. Right. Every year, Americans who have money in the bank lose more than during all the years of the Depression. And in fact, during the decade of the Depression, consumer prices went down by 30%. So even if you lost some money in the bank, you still had more purchasing power on the money you didn’t lose. Whereas now, I mean, Americans lose all this money every year. So our bank accounts were a lot safer when the government didn’t insure them.

Now that the government insures our deposits, your deposits are guaranteed to lose money every year. Right. So it’s been a lousy deal, and we have a very insolvent banking system. You know, I think in this next crash, if the government didn’t bail out the banks, probably at least half the money in the banks would be lost. Right. I mean, it would. It would dwarf anything that happened during the Depression because the banks are so unstable now because they rely on the fdic. But back, you know, before the fdic, banks didn’t rely on government insurance, and so they had to be financially sound.

Right. But now, because the government stands behind all the banks, they’re all insolvent. I have an interesting question for you with respect to Warren Buffett. He’s kind of an anomaly here because on the one hand, he’s all in on cash, which you say is depreciating every year. Yet he’s also not at all a Gold bull, even though I think he has some exposure to Barrick Gold. And that was only because one of his, one of his underlings recommended it a few years ago on him. And why he. They had Barrick Gold for a little while, and then they got rid of it.

I think there was a lot of pressure on him because, you know, a lot of people follow him. He’s a very important figure. And I think he was worried about the message he was sending by owning Barrick Gold because he always wants to champion the US Economy and America is great. And so I think that it was a mixed message if, if he were to take out some insurance that maybe America is not so great. Right. Because, you know, you’re buying gold, you’re worried that some bad things are going to happen. And I think that if Warren Buffett were a private investor and not managing Berkshire Hathaway’s portfolio, that is under a big microscope, I think he would own gold over cash.

Now, I think he would rather invest in a business than just hold gold because he wants to participate in the growth of the company and the income that the company generates. But if he thinks stocks are expensive and he wants to wait and keep dry powder waiting for a better buying opportunity in the future to buy stocks, I think he would hold on to gold. You know, he once wrote, read and wrote an article about the US Dollar, and he called and he called the dollar Squanderbucks and he called America Squanderville. And he wrote about. And at one point, a long time ago, Warren Buffett had a lot of silver.

He bought a bunch of silver years and years ago, and he sold it. He made money. So he’s traded in and out of silver. He owned Barrick Gold. But again, I think there was a lot of attention on that. And he said, you know, I better not do that because I’m sending the wrong message. But he understands inflation. I’ve heard him describe inflation as a tax. He knows that the government is the source of inflation. He’s got to realize that there’s going to be a lot of inflation, and so the cash that he’s holding is going to lose a lot of value.

He’d be better off holding gold. And I think he knows that. And he’s just reluctant to do that publicly, that’s my guess, because of that public profile and his Never bet against America philosophy. One last question here for you. It wouldn’t be a, a podcast here if we didn’t take the piss out of the bit bros a little bit. And I would strongly encourage people to go and watch your debate with Robert Breedlove, who I’ve been trying to get on the channel, but he won’t come on the channel for some reason. But I gotta say, man, like, when you debate these crypto guys, and I actually like Robert Breedlove, like, as a person, I think he’s, you know, he’s an interesting dude, but in terms of his, you know, crypto philosophy and rhetoric, I simply can’t wrap my head around him and Saylor and, you know, all of these guys.

Like, I mean, this just seems like one of the biggest cons in history being perpetuated and it’s almost like a cult. But I would strongly encourage people to go and watch Peter’s debate with Breedlove. It has to be one of the biggest, you know, intellectual ass kickings that I’ve seen in some time. But, like, what are your thoughts on. On crypto, man? Because, you know, it seems like the top is in, at least for the foreseeable future. I mean, first of all, you should try to get Michael Saylor on your podcast. He goes on just about any podcast there is.

He doesn’t miss an opportunity to shill bitcoin. So he’ll probably come on, like, you know, it doesn’t matter. He is a constant promoter, you know, for bitcoin. But look, you know, I’m really pissed off about bitcoin. I didn’t mind it so much in the early days, but so much money is being wasted. So many people are being defrauded. So many politicians have now been corrupted by the money. It really is a shame, and it’s an embarrassment and it’s doing a lot of damage. I mean, this strategic bitcoin reserve, Even though they’re not going to be putting any more bitcoin into it, the bitcoin community, the crypto community, is using it as a marketing campaign to convince more people to buy crypto, because the government is going to buy it, and so you better buy it.

You know, I mean, if we want to build factories, we better stop squandering our money making meme coins, because this is all a complete waste. But I think that, you know, initially Wall street didn’t believe in crypto, but then they got suckered into it, or they got into it when they saw that there was enough demand that they could make a buck off of it. And so they created all these ETFs, and they’re making a ton of money there. They’re also making a ton of money underwriting Michael Saylor’s stock and preferred bond sales. Right? He’s probably.

Michael Saylor is probably the biggest customer on Wall Street. He’s probably paying these bankers more money than any other company with all this paper he keeps selling. So Wall street found a way to make money off of this con. Their customers are going to lose a lot of money, but they don’t care. You know, the house makes money, the broker makes money. Two out of three ain’t bad. Right? That’s how Wall street works. But you know, once kind of, they couldn’t get any more momentum out of the ETFs, and the market was topping out. They got the government to come in and they, they, they bribed a lot of politicians on state level, federal level, you know, you know, maybe through campaign donations and stuff like that to embrace bitcoin so that they can get the government to take taxpayer money and buy bitcoin.

Right. I mean, nobody is advocating that the U.S. government, you know, buy any other asset. You know, people who own real estate aren’t saying, hey, the government should buy real estate to push up the price of real estate, or, you know, the government should go into the stock market. You know, they should start buying penny stocks so the people that own those penny stocks can make a bunch of money. But somehow the US Government has to go buy these tokens, buy bitcoin, you know, so the people that own bitcoin can make a bunch of money selling their tokens to the taxpayer, who’s got no choice but to buy because the government’s doing it, you know, with by force.

But, you know, I think the market has topped. You know, it’s interesting that at its peak in 2021, November 2021, one Bitcoin bought 36 ounces of gold. Today it buys 27. So you’re talking about a 25% decline over almost four years, despite all the hype, all the Wall Street ETFs, the strategic reserve, Super bowl ads, NFTs, El Salvador, you know, all this crap meme coins all. And gold is still beaten bitcoin over the last four years. And nobody’s advertising really that nobody’s promoting that. So. And I think gold, Bitcoin has proven that it’s not a store of value in any sense of the word.

It is a highly speculative asset that is correlated with the, you know, the NASDAQ 100, not gold. In fact, it has an inverse correlation with gold. How could it be digital gold if it behaves the opposite of actual gold? It trades like a tech stock. So What Bitcoin really is is a digital stock that has no actual assets, generates no revenue, makes no profits, pays no dividends and never will. Right. So it’s like a phony stock. It’s nothing. It’s a pure Ponzi, that’s what it is. Or a pyramid. I mean, I think it’s the biggest investment fraud in history.

Well, I’ve been open, I’ve been open to having, you know, crypto enthusiasts on the channel because I truly want to see if there’s something there. Like I truly, genuinely want to understand. You know, I’m not just trying to be, you know, stubborn in my ways or, you know, old school or anything. I actually want to understand, but I haven’t. And you know that they’ll always defer to, well, you just don’t understand it or, you know, instead of explaining, okay, well, explained it to me in simple terms. You know, like Einstein said, if you truly understand something, you should be able to explain it in simple terms or something to that effect.

So, but I still, I understand it. I’ve had it explained to me. In fact, I don’t need it explained to me. I can explain it to the people who have fallen for it. I just don’t believe it. I mean, they say the value in Bitcoin is really, that it’s peer to peer, that I can send it to you, I can self custody it and I can send it to you. And I don’t need a bank, I don’t need a government and I can trust it. Right? It’s permissionless, but I can trust it. And it’s the most back.

It’s protected by the most powerful computer system in the world and it’s, you know, and therefore it has value. And I don’t know how much value to ascribe to that because it’s not unique. It’s unique in that it has more power behind it than other tokens that do exactly the same thing as Bitcoin. And there are other tokens that do the same thing as Bitcoin, but better, faster and cheaper. So I don’t know why Bitcoin is so valuable when there are already superior alternatives. They just say, well, they’re not superior in that they don’t have as much computer power behind it.

Okay, but that might change. I mean, the reason that there’s a lot of computing power behind Bitcoin is because the miners are still making money mining Bitcoin. But when they don’t make any money mining it anymore, then a lot of that computer power is going to go away, right when they can’t get rewarded, when, when, when, when it costs more to create a bitcoin than you could sell it for. All that power is going away and you’re just left with nothing. You’re left with a meaningless string of numbers. Because at the end of the day, that’s what it is.

And people say, oh, it’s a store of value. Well, you can’t store what you don’t have. Gold is a store of value because gold is a valuable metal that doesn’t corrode or rust or tarnish gold. So I can store the value of that metal. The gold that I have today can be used here. I’ve got this gold ring on. And in a thousand years, you can melt this gold ring down and you could do whatever you want to do with it. You could do exactly what you could do with gold now. You can put it into a computer chip or put it into a spaceship, or use it for any of the numerous uses that gold has.

And who knows? I’m sure that a thousand years from now they will have discovered uses for gold that we don’t even know about yet. Because we have more uses for gold today than they had 100 years ago, 200 years ago. Right. I always jokingly say it’s what the computer chips are coded in that bitcoin is printed on. Essentially. I laughingly, because I exchange messages with Breedlove every once in a while. And I told them that, you know, if I was an alien, you know, and I came here looking for something of value, I probably wouldn’t be interested in bitcoin, but I might be interested in gold.

Because as you say, who knows what sort of aerospace, digital, you know, utility. I mean, it’s actually what the quantum computers are coded in. I mean, I’ve joked about that, but yeah, I mean, if aliens came from outer space, we could trade with them in gold because I’m sure they need gold. They, I mean, you know, the gold’s valuable, but they wouldn’t take our bitcoin. They’re going to take our bitcoin back to their mother planet. I mean, what are they going to do with it? Absolutely nothing. Or if we showed up, if we went into space and we found life on another planet and we wanted to trade with them, we say, hey, we could give you some bitcoin.

We wouldn’t get anything. They just laugh at us. But if we actually had gold bars, we could get something. Because I, you know, I’m sure gold is a valuable scarce resource all over the, the universe just like it is here, you know, and, and so, you know, it’s a universal, it’s something we could actually put on our spaceship and travel with if we, you know, if we, if we needed to buy something. Exactly, yeah. You never know when you’re going to hit up intergalactic. They wouldn’t take our paper money either. I mean, if you showed up on another planet with, with, with dollar bills, what the hell would they do with that? They wouldn’t want that either.

Right. So they, but the real goal they could accept, they, they know, they would recognize it and they would know that it’s valuable. Yeah. Well, I hope that we probably ruffle some feathers in the comments section, but we tend to do that often. You know, I will say that, you know, you’ve, you’ve shared a lot of insights today. Where can people get more information on what you do? I know you have a blog right now. You have some good premiums on, some low premiums on silver and gold at your shop there. People are interested. Yeah, well, if you want to buy some gold and silver shift gold is the place to buy it.

If you’d like me to manage a portfolio, particularly gold mining stocks, which I think are phenomenal buys right now. We have separately managed accounts, but, you know, my investment strategy, after being out of favor for years, is finally coming into favor. If you look at my, my dividend payer strategy, which is probably my, you know, my biggest separately managed account strategy. And I also have a dividend payers foreign dividend payers mutual fund. It’s ranked number one year to date by Morningstar in the category of international value. As of yesterday it was up, I think, 19% on the year, you know, with the S and P down 4 or 5%, Nasdaq down like 8 or 9%.

And you’ve got, you know, my, my, you know, conservative fund up 19% and we’re not even finished with the quarter. So I think we’re seeing a major shift out of momentum into value, out of us, into international. And I think that’s going to include Canada, by the way too. I think there’s going to be some flows coming into Canada because I think we’re going to have a real mining boom and Canada is well positioned to benefit from a real gold rush. So, you know, if you’re interested in having us invest money for you, you can go to my asset management company, europack.come u r o p a c dot com.

We’ve got a new newsletter now. I’VE just started a publishing company about a year ago, Shift Sovereign. We’ve got a free letter that you can sign up for@shiftsovereign.com we’ve got several premium letters that have even more content, more valuable content at a very reasonable price. So you check out shiftsovereign.com and make sure and sign up. You know, the free one comes out two or three times a week, and it’s really good stuff that comes out into your inbox. Follow me on social media. You know, my, my podcast is on shiftradio.com also on my YouTube channel. You could subscribe to the YouTube channel if you want to.

I do them live. You can see me. I’ve been doing a lot of spaces, so make sure you follow me on X. I have about a little over 1.1 million followers now, but I’m starting to do more regular spaces where you can interact, you can ask me questions. So make sure and follow me on X. But also, you know, I’m on Instagram, Facebook, TikTok, you know, so try to find anywhere I have social media and just, you know, follow me or whatever you do, because I’m putting out a lot of content and it’s all valuable. It should all be shared with your friends because there’s so much bad information out there.

We got to get the good information to counter that. And I want people to know, like when we have this big collapse, I want them to know that it’s not capitalism that did it. It’s not, you know, the small government or deregulation. It’s socialism. It’s fascism. And not that Trump’s the fascist. We’ve had a fascist system. Fascism is a form of socialism. Bernie Sanders doesn’t know it, but he’s a fascist, right? A lot of these guys are. They don’t even understand what the term means. But, you know, it’s central banking, central government, planning, all this kind of corporatism.

None of this stuff is free market capitalism. The government and the central banks are responsible for the pain and suffering that so many people are going to be enduring over the years. And the only way out, the only solution is to get rid of the government, get rid of the central banks, the fiat money, and go back to the principles of sound money and individual liberty and capitalism. That’s what we need. And if we embrace that, then the future looks bright. Excellent. Well, you know, I would say to people that I certainly don’t think it’s too late.

I’ve been pushing gold since it was like 1500 I’m sure you’ve been doing it a lot longer. Maybe silver is a better investment for some people, but there’s plenty of places you can get it. One of the places, obviously, is shiftgold.com so anyways, thanks a lot for coming out once again and we’ll be in touch probably in the not so distant future. All right, thanks a lot, Nate. See you next time. The best way to support this channel is to support yourself by gearing up at Canadian Preparedness, where you’ll find high quality survival gear at the best prices.

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