A Recession Worse Than 2008? - How To Survive & Thrive The Next Economic Crisis | Peter Schiff PT 1

Tom Bilyeu's Impact Theory

Impact Theory

Business, News Commentary, News

4.7 • 5.2K Ratings

🗓️ 29 August 2023

⏱️ 94 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest today not only accurately predicted the 2008 financial collapse, he’s a seasoned Wall Street prognosticator known for his spot on predictions of the stock market performance, including gold, commodities, and the might dollar. Peter Schiff is breaking down for us the mind-games government uses with data to ease the pain we all know to be a rapidly declining standard of living and exposing how the Fed’s inflation strategies are destroying the American economy. *Expose the fallacy of inflation being needed to stimulate the economy and spending *Capitalism's role in creating freedom and opportunities Is a depression greater than the Great Depression we all ready about in US history on the horizon for the US? If record numbers of credit card debt and student loan debts serve as any kind of indication of what’s looming around the corner, you’ll want to take notes and really think through this for yourself and your family. This is Impact Theory and this episode is about thinking through not just how to survive the next economic crisis, but how to get ahead of most and actually thrive. Follow Peter Schiff: Website: https://schiffradio.com/ YouTube: https://www.youtube.com/@peterschiff Twitter: https://twitter.com/PeterSchiff Instagram: https://www.instagram.com/peterschiff SPONSORS: Get 5 free AG1 Travel Packs and a FREE 1 year supply of Vitamin D with your first purchase at https://bit.ly/AG1Impact. Right now, Kajabi is offering a 30-day free trial to start your own business if you go to https://bit.ly/Kajabi-Impact. Head to www.insidetracker.com and use code “IMPACTTHEORY” to get 20% off! Learn a new language and get 55% off at https://bit.ly/BabbelImpact. Try NordVPN risk-free with a 30-day money-back guarantee by going to https://bit.ly/NordVPNImpact Give online therapy a try at https://bit.ly/BetterhelpImpact and get on your way to being your best self. Go to https://bit.ly/PlungeImpact and use code IMPACT to get $150 off your incredible cold plunge tub today. ***Are You Ready for EXTRA Impact?*** If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you. Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness. This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day. * New episodes delivered ad-free * Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more * Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list * You’ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more: *Legendary Mindset: Mindset & Self-Improvement *Money Mindset: Business & Finance *Relationship Theory: Relationships *Health Theory: Mental & Physical Health *Power Ups: Weekly Doses of Short Motivational Quotes *****Subscribe on Apple Podcasts: https://apple.co/3PCvJaz***** Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:20.8	You know, a lot of people say, oh, we're leaving all this debt to our grandkids. The grandkids don't have to pay it. I mean, they can leave. People used to ask me, you know, where do you stand on a wall? And the main reason I was against it is I said, you know, if we build that wall can be used to keep the Americans in. There's no way out, you know, until there's a violent revolution. During periods of extreme economic uncertainty, like the one that we're living through right now,
0:26.3	I really think it's incumbent upon all of us as individuals to face the situation head on and develop a thesis for how to navigate that kind of period well.
0:30.6	But most people get overwhelmed and they shut down.
0:33.4	Do not let that be you.
0:34.8	The intelligent path forward is always a combination of information and action.
0:40.8	To that end, I bring you Peter Schiff, the man who believes the economy is headed towards a cliff,
0:45.7	but has a plan for how we get off the bus before the inevitable crash.
0:51.7	Are we headed towards a recession that's going to be worse than 2008?
0:56.7	I think so. In fact, I think we're actually in recession, although by the time they write the history books on this era, it may be considered a depression.
1:09.9	I think that the numbers that we get from the government are not
1:13.6	accurate by design. So I don't really think that the economy is growing in any real sense. I think
1:19.7	that the way they compute the numbers, I think, is deceiving. I think that for most Americans, their standard of living is declining. I don't think
1:32.4	the economy is really getting bigger. I think we're spending more and we're borrowing more and going
1:38.4	deeper into debt. We're paying more for everything we buy. And a lot of that consumption ends up feeding into the GDP.
1:47.7	And so we get a bigger GDP number and we think, oh, that means the economy is growing.
1:52.3	But I think it's all being distorted by the inflation and the debt. Meanwhile, individuals that
1:58.7	are living in the economy are struggling.
2:01.7	Their cost of living is going up.
2:03.7	You have a record increase in the number of people holding multiple jobs, not just two jobs,
2:10.2	but three jobs are more.
2:12.4	And they still can't make ends meet.
2:14.9	You've got record credit card debt, which is now over a trillion dollars
	...

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