➡ Nino’s Corner TV hosts an interview with Peter Schiff discussing the worrying state of the economy, the issues with excessive government spending and over-regulation, and the problems from the welfare state attracting immigrants. They also highlight the potential for a significant economic crisis due to inflation, with a particular focus on the unsustainable U.S. deficits and the increasing cost of interest on the national debt.
➡ The world beyond the U.S. supports the American lifestyle of consumption without production and borrowing without saving, creating an imbalance that when corrected could benefit the rest of the world. Simultaneously, the Biden administration’s sanctions on Russia served as a wake-up call to other nations to move away from the U.S. dollar, potentially leading to a significant fall in its value, which could in turn drive up consumer prices within the U.S. Maintaining portfolios in international stocks is advised, as typical U.S. investments may lose value amid this potential economic shift.
➡ The speaker operates and manages five mutual funds with Europe Pacific Asset Management. He believes in the potential of gold funds, the emerging market fund, and sees cryptocurrencies as a risky gamble due to their lack of intrinsic value. He encourages investment in gold and silver as a means to protect against the depreciation of the dollar. He also predicts a rapid decay of the dollar’s value over the next decade. He maintains an informative presence on several social platforms, sharing his insights on the financial market.

You. All right, folks. Welcome to Nino’s Corner TV. I’m joined with Peter Schiff. Folks, this is a big one. We’re going to be talking about the economy, financial, I guess a financial apocalypse coming, Peter. We’ll talk about that right now. First, though, folks, first trim with Nino, baby. Trim with nino. According to the CDC, 73. 6 of adults are over weight and a further 40% of those adults are obese or just fat.

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And ever since Biden took over and it’s been hell. And I guess you call it Bidenomics. Well, I don’t call it that. He’s calling it that. There really is no Bidenomics. I mean, all they’re doing is spending money. I mean, any fool can do that. I don’t know why that’s called Bidenomics, but there’s also a lot of regulation involved in the Biden administration. So it’s destroying the underlying strength that might otherwise be in the economy absent Bidenomics, which I feel is being done on purpose.

I believe this is all engineered to be done on purpose. Yeah, I just don’t think they’re smart enough to do it on purpose. I just think they’re trying to get votes. That’s the bottom line, right? They’re trying to hand out something for nothing. The problem is the voters don’t understand how expensive it is when you get something for free from the government. And so politicians exploit that ignorance and that greed to perpetuate their own careers.

But unfortunately, it undermines the living standards of all the people who are voting to reelect them. Right? And I’m here on the border. So I’m right here in El Paso, Texas. So I’m telling you right now, the immigrants are coming here like gangbusters. They’re not even staying here. They’re getting flown out to any place they please, anywhere they want. And it’s taking a strain on our resources and infrastructure.

Correct. I mean, what is the game plan for this? I mean, more and more people coming in. I know we’re switching over to the AI, taking over the smaller jobs, the lesser jobs. What are these people going to be doing? And it’s only straining the economy and the government. Go ahead. Well, the problem with immigrants isn’t the immigrants. It’s the welfare state that attracts many immigrants. So we need to turn that off because all four of my grandparents were immigrants.

Now, they came to this country legally, but when they did, it was very easy. It wasn’t a big deal. It didn’t take them a long time. We were flooding the nation with immigrants in. 18 99 00 19 10 19 20 we had much more legal immigration back then, certainly as a percentage of the current population we had back then than the immigration we have now, including all the illegal immigration.

And those immigrants helped the economy. They added to the labor resources back then, but today they’re getting free cell phones, free credit cards. Yeah, we got to stop that. My grandparents came here. They didn’t get free anything. They had to work for everything they got. So it’s not the people coming that’s the problem. It’s the welfare state that they’re able to become a part of. So we got to get rid of all those benefits so that when people come to America, they’re coming to work, they’re coming to contribute.

They’re not coming to live off the rest of us who are contributing. So that is the problem. So I think we need to crack down on the illegal immigration, but we need to make it much easier for people who are coming here for the right reasons to get in, because we need them. We need hardworking people. We need smart, industrious people. The more, the better. Like I said, I’m on the border.

And I’ll tell you right now, it’s not all hardworking Americans. It’s a lot of human trafficking. It’s a lot of people that are yeah, well, as I said, we can keep those people out, but we got to let the people that are not going to do that in because we need more workers. We don’t have enough. We need workers with certain skills. We have a huge skills shortage.

Unfortunately, in the United States, we don’t have people who could do the work. So we need to allow them to come in from other countries. Otherwise we have to outsource the whole thing, and America loses out on that. Know, a lot of people are talking right now. I’m seeing a lot of talk around the Internet talking about a silent depression, that we are going into this silent depression.

How do you see the economy right now, army? Do you believe we are in a silent depression or are we just in a recession? How do you see this all? How do you see the landscape right now? Well, I think we’re in the earlier stages of the depression. I don’t think it’s going to be very silent. I mean, I think it’s going to make a lot of noise.

Maybe the people in Washington won’t hear it, or it’ll fall on deaf ears in universities or at the Fed. But the people who are living in the depression are going to hear it loud and clear. They’re going to experience it in their daily lives to an even greater degree than they’re already experiencing it. I think what is going to be the catalyst for the next major leg down is going to be when inflation kicks into a new gear and it rears its head in an even bigger way than it did back.

In 2021, 2022, when we get the second wave of the inflation, which is going to be bigger, and then the markets finally come to terms with the reality on inflation, and then the bottom drops out of the bond market. Interest rates really skyrocket even more. Even though we’re at 16 year highs today in interest rates. You can see them going even higher, much higher. Much higher when the dollar tanks.

And oil, which oil is around almost $88 a barrel today, but it’s headed much higher when the dollar falls. I mean, you’re going to look at oil above and everyone’s leaving the dollar, correct? Everyone’s escaping the dollar. They will be. I mean, right now, it’s just kind of like a trickle. But it’s going to be a deluge before too long, where it’s a rush to get out of the dollar because we have these deficits.

$2 trillion plus annual budget deficits, not only as far as the eye can see, but the eye can see them getting much bigger than 2 trillion. 3 trillion. 4 trillion. It’s completely unsustainable. During the next official recession when unemployment really spikes back up, the deficits are going to be 4 trillion a year. 5 trillion a year. Right now, interest on the debt we almost have a $33 trillion national debt.

Interest on the debt is now the third biggest line item in the government budget. It’s Medicare, Social Security. Interest on the debt. Interest on the debt just passed this year. National defense. That’s never happened. But by next year, interest on the debt is going to be the biggest expense the government has. By the end of next, it’ll be bigger than Medicare and Social Security, and eventually it’ll be the only expense we have.

If this continues, there won’t be any money left over for anything but interest. And obviously we can’t get to that point. There’s going to be a massive crisis long before we get there, and it’s going to send the economy into a tailspin, and people are going to feel the economic pain. When do you see other countries just dumping the dollar? I mean, there’s already talks about it. I’m hearing rumors all over the internet that Saudi’s switching and they’re going to go to the ruble, they’re going to buy oil.

What’s going on here? Can you put those rumors to rest? What are you no. No, they’re definitely doing that. I mean, they have so many economic reasons for trying to move away from this system, which benefits the United States to the detriment of the rest of the mean. So we benefit from this subsidy. Americans get to live a standard of living that is much higher than what we would otherwise be entitled to based on our own productivity.

But to make that possible, the rest of the world and it’s not proportionate some parts of the world feel the burden more than others. But the world outside the United States collectively lives beneath its means to enable 300 million Americans to live above their means. So we get to consume without producing, but the rest of the world has to produce without consuming. We get to borrow without saving, and the rest of the world has to save without borrowing.

So we get all the fun stuff that make our lives better and they do all the hard work that makes that possible. So when this changes, it’s going to be a big benefit for the rest of the world. Level the playing field. Yeah, it’s going to be a huge negative. But we created an additional incentive for the world to move off the dollar based on the sanctions that the Biden administration imposed on Russia following the invasion of the Ukraine.

That was a huge wake up call to every nation in the world, but in particular a nation like China or maybe Saudi Arabia. Anybody that potentially could also incur come out of favor with US. Politicians. And it sent a message get out of the know you’re. You’re in a very vulnerable position because the US. Could punish you for using the dollar. I mean, Russia did exactly what we wanted them to do.

They held all these US dollars. They held all these treasuries, and then we punished them for doing that. And so the message is clear don’t do that. And so the world has heard that message and so they’re moving to get away from the dollar. But when I think there will be a rush to get out of the dollar is once you start to see a significant erosion in the dollar’s exchange rate relative to a lot of other currencies.

So right now, the dollar is still hanging in there. You have a lot of speculators that are still buying it based on rising interest rates, based on a lot of tough talk from the Fed. And so interest rates have helped prop up the dollar. And so our creditors are not in a rush to get rid of their dollars, but once they really see the dollar falling and I think maybe it needs to fall maybe 20% or more from here.

But once that happens and then it keeps falling, then it can go into free fall because then people are going to get nervous about their dollars and they’re going to want to get rid of them. But then as more people want to get rid of them, the price starts to drop even faster and ultimately it produces a crash when everybody’s like, oh that’s it, we got to get out no matter what.

Sell at any price, right? And then you get a complete implosion of the dollar which sends consumer prices absolutely ballistic here in the United States. When do you see something like that happen? Is there any kind of prediction on that? I mean, can you make a guesstimate? Obviously not. Anybody that’s been familiar with me, I’ve been talking about this stuff for a long time. You’ve been saying it’s going to come for a very long time.

We’re literally living on borrowed time. We’ve been able to kick the can down the road for many, many years longer than I thought we could a decade or two ago. But the problem is all these years of can kicking have simply allowed the problems to get much bigger. And so the consequences we didn’t want to deal with a decade ago are much more severe now because we didn’t deal with them a decade ago.

We let the problems get bigger. And so when this crisis hits because we’ve succeeded in delaying the inevitable, the inevitable is going to be that much worse. So I don’t know. Do we have a few more years? Do we have a few more months, days? Hours? I don’t know. I’m not smart enough to figure that out. And you tweeted this article as well. Home insurers cut natural disasters from policies as climate risks grow.

I mean that’s pretty scary to me. So now they can’t even get their houses covered. So people are chipping away. Chipping away. Where that’s going to cost them? So can you explain that for a second? So home insurers are now not covering homes for climate disasters, right? I mean that’s a big well, it’s not necessarily because of climate change. I mean maybe that’s part of the way they want to spin it.

The insurance companies are in a lot of trouble because they own a lot of bonds that have gone down in value as the Fed has raised rates. Meanwhile, inflation is driving up the cost of the claims because if your house burns down or gets blown down and the insurance company has to pay to rebuild it, the raw materials cost a lot more, the labor costs a lot more.

So they’ve got to figure out how they can recover this. But one way they’re trying to shore up their companies is just by not insuring properties that are at high risk of burning down or being owned down or flooded. And to the extent that they are going to insure these properties, they’re going to charge much higher prices because insurance companies are not charities. They need to make a profit.

People think that you have some kind of right to insure the business. The business? Yes. You buy insurance, nobody gives you anything for free right now, there may be some calls for the government to provide the insurance. Then it’ll really cost a lot of money, because if the government gives you insurance, it costs a fortune. You just don’t see it. But it’s way more expensive when the government provides it than when the free market provides it.

Because the free market is very efficient at mitigating the risks and allocating the risks among its policyholders, the government is extremely inefficient. So if the government steps in to fill that vacuum, it just means more inflation to pay for it, because that’s really how the government pays for stuff. That’s why we have all this inflation. That’s why prices are going up, because the government is financing its spending by creating inflation, which is printing money and running deficits rather than raising our taxes.

So don’t think just because you didn’t get a tax hike that you’re not paying for Bidenomics, you’re paying for it all. Every time you go to the supermarket, every time you fill up your car with gas, or every time you pay these bills and you see they’re so much higher than they used to be, that difference, that’s the tax, that’s biden’s tax to finance all the spending. So, okay, we’re sounding the alarms here.

Everyone knows, everyone’s freaking out. So what do we do, Peter? What do Americans do? What does my audience do to prepare gold and silver? That’s the only thing I can do. That’s the only thing I can think of that’s stable is gold and silver. But I don’t know. Well, one thing you can do, that’s certainly one thing you can do. Buy gold. Buy silver. I’ve got a company shift gold that you can go and buy gold and silver from.

We got great prices. We don’t push people into Pneumismatics or other so called collectibles where the commissions are huge and the salesmen make a lot of money. We get you into just the right coins and bars that you need at the lowest markups and that’ll hedge you from inflation. I mean, don’t be fooled into thinking, oh, I can get 5% in a money market. 5% isn’t going to even come close to breaking you even with how much inflation is going to be.

So you’re going to really lose if you the safest bet is gold and silver, that’s the safest bet. Obviously, gold and silver, they’re better than holding cash or bonds. But I would not put everything into gold and silver. Now, if you don’t have a lot of money, if you only have a few thousand dollars, that’s fine. But if you’ve got a real portfolio, if you’re my age and you’re saving for your retirement and you’ve got a portfolio that has stocks and bonds, you don’t want to put the entire portfolio into gold.

But you do want to get rid of your US stocks and bonds and you want to get into international stocks. That’s what we do. At Europe Pacific Asset Management, I’m building portfolios of income producing companies around the world that I believe are going to retain their value even if we have double digit or triple digit digit inflation here. That they will maintain their real value and provide you with an ongoing income stream that will keep you ahead of inflation and enable you to continue to have the purchasing power that you expect from your investments, but which you will lose if you continue to hold on to overpriced US.

Stocks and bonds. And so if you have a portfolio, whether it’s still in a retirement account or you have your own portfolio that’s in a taxable account, you should contact my reps at Europe Pacific Asset Management and talk about the various strategies that we offer, how we can manage your portfolio and if you’re a do it yourselfer. I have five mutual funds that I operate and manage out of Europe Pacific Asset Management.

I’ve got a gold fund which invests in gold stocks, which if you like gold, I mean, these stocks can do much better. If the price of gold does what I think gold doubles or triples, I think my gold funds could go up 510 X, and if gold goes up ten X, those things could go 100 X. So there’s a lot of leverage in the mining sector. Then I’ve got an emerging market fund.

I think the emerging markets are going to be the major beneficiaries of the dollar’s demise. Then I’ve got a global value fund, a global dividend payers fund, and an international bond fund. So those funds are available at all the major discount brokers. You can buy them all, no load and just incorporate them into your current portfolio. If you’re managing it yourself, wherever you are, if you have somebody else managing it, you should just transfer the whole account over to me so that I can manage it for you with my team and get you into these types of stocks.

What’s your thoughts on cryptocurrency? I mean, a lot of people are playing with that right now. I look at it as a huge gamble. What’s your thoughts on bitcoin on XRP? I mean, there’s so many out there. There’s a plethora of this shit that I don’t even know what to go for here. Seriously, what do you do? Look, you’re right. It’s all gambling. It’s not even a zero sum game.

It’s a negative sum game due to all of the transaction costs. Look, people lose money going to casinos. Even the people who lose money lose more than the people who win money win. And that’s because of the casino. They take a vig, right? So everybody loses collectively. Even the winners lose because they didn’t make as much. It’s a negative sum game, right? If you and your buddy just cut cards and 50 50, then one person wins, one person loses.

Okay, so it’s even. Nobody’s really lost anything. You’ve just switched it. But all these people gambling in crypto, they’re losing money because it costs a lot of money to run the crypto casinos. The miners charge a lot of money, and then there’s a lot of stuff going on. But yeah, I mean, the underlying cryptocurrencies, whether it’s bitcoin or any of the other coins, they don’t have any inherent real intrinsic value.

They don’t generate any income like stocks or bonds or real estate. They don’t have a real world use like a commodity would, like gold or oil or copper or soybeans. It’s simply used as a mechanism to trade. As long as somebody is willing to buy it, then you could sell it. The problem is, when the supply of people who want to buy it dries up, you can’t sell.

So you’re not a big bitcoin guy, you’re not a bitcoin guy. I have some people that come on that are huge, XRP huge with bitcoin. But you’re neither. No, they’re all caught up in it by telling this to them. They’re like, oh, wait a minute. You know what I mean? They get big. Well, the bitcoin guys, they think bitcoin is digital gold. They think it’s just like gold, but it’s nothing like gold.

They don’t understand gold. That’s why they don’t understand bitcoin. So that’s it gold and silver. That’s what I’m getting from this. Every time I talk to a financial expert, the only thing I get out of it is gold and silver. Well, that’s because you’re not talking to me, because they don’t look at the yeah, yeah. I’m saying that you can own income producing assets. You just have to own the right assets in the right countries, the right sectors, because gold and silver are never going to throw off any income.

They’re just going to sit there. But what they’re not going to do is depreciate like your US. Dollars. They’re going to stay ahead of it. It’s safe. It’s just a safe bet. Yeah. Look, when we went off the gold standard, 1970, gold was $35 an ounce. Right? Now it’s $1,900 an ounce. What happened? Well, gold didn’t really change. An ounce of gold is still an ounce of gold.

What changed is how many dollars you need to buy that ounce of gold. You used to be able to buy an ounce of gold with $35. In fact, when we first went on the gold standard, you only needed $20 to buy an ounce of gold. Right. And it’s almost 100 times. Right. You’ve almost had a 99% decline in the value of the dollar, because you need 100 times as much gold to buy the dollar as you needed in the beginning when we first had the federal reserve.

Because gold isn’t 100 times more valuable, the dollar is 90. 90% less valuable. Less valuable. That’s what happened. Yeah. And I think, though, the rate of decay for the dollar over the next ten years is going to be much faster than what we’ve experienced in the past. And so you’re going to see that reflected in a much bigger increase in the price of gold. So the dollar free fall is inevitable.

It’s inevitable, but I can’t imagine it happening on anybody else’s watch other than Mean. Look, if Trump gets elected, it could happen on Trump’s watch, it doesn’t even matter. This is going to happen. It’s inevitable. Yeah, I don’t think it matters now. It matters. It’d be better to have Trump at the helm when we hit the iceberg than Biden. But look, these consequences are inevitable. The key is, what do we do in the aftermath? What do we do to mitigate the damage and allow us to repair? Because the real problem with having Biden in there or somebody like him is that we’ll never repair, we’ll never get out of the hole.

We’ll just dig it deeper. Yeah. And that’s exactly what’s happening. Peter, where can people find you? Well, I’m on the Internet, pretty easy to find. I don’t maintain a low profile, so you could go to my YouTube channel. I do my own podcast, usually two a week, sometimes more, sometimes less. Depends on my workload and what’s going on in the market. But is it Europac. com? Is that where people go? Well, my YouTube channel is the Shift Report, so just go there.

I got about maybe 560,000 odd subscribers. You can also listen to my podcast on Shiftradio. com. That’s where the podcast is hosted. It’s also on a lot of other podcast sites. My social media, Twitter, is where I am the most active. I do all my own tweeting, so I don’t pay somebody to tweet for me. I’m tweeting, tell people that, yeah, I’ve got close to a million followers now.

And so you want to follow me on Twitter, because when I see something or I read something and I want to react to it, that’s where I react immediately. I just put my thoughts out there. And so you want to follow me there and encourage other people to follow me. But it’s X now. It’s X, not Twitter. My bad, x. So follow me on X. But I’m also on Instagram, Facebook, TikTok.

I mean, I’m on all this stuff, so you can look for me and just follow me or whatever it is, be a subscriber. But, yeah, my main website for my asset management company is the one you can see above my shoulder. It’s Europac. com. So if you do have a portfolio that you’d like me to manage for you or look over it and give you some thoughts, contact us@europac.

com. And again, to get some gold and silver. Shift gold, that’s where you want to call. And I’ve got representatives standing by that will educate you about the market and make sure you buy the right gold and silver and pay the right price. It’s scary times, man. We’re living in some scary times. And you’re the guy to go to peter so I appreciate you coming on, man. Thank you.

All right, well, thanks a lot. Really appreciate the opportunity. God bless. Peter. All right. Take care. .