America is Already a Socialist Nation – Ep 554
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 27 March 2020
⏱️ 37 minutes
🧾️ Download transcript
Summary
Thomas Massie vilified for having integrity.
Every other Republican should change their party affiliation to Democrat.
Bankruptcies don’t destroy industries — they destroy moral hazards.
Bernie may be a socialist, but Trump is officially a communist now.
US government now has the authority to nationalize any business in the country, providing the mechanism for a communist revolution without firing a shot.
The dollar is falling and the Fed can no longer pretend there will be an end to QE
The Gold Standard is coming back, but will coronavirus disrupt the gold miners?
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Transcript
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| 0:00.0 | The Dow Jones ended its best week since the last great depression with a 915 point drop. |
| 0:17.1 | That was about 4.06%. |
| 0:20.1 | But on the week, the Dow was up about 13%. |
| 0:24.2 | And that includes a rather substantial drop that we had on Monday to begin the week. |
| 0:29.9 | So all of the gains took place on Tuesday, Wednesdays, and Thursday's spectacular rise, |
| 0:37.6 | which actually constituted an entire bull market condensed into three days of trading. |
| 0:43.2 | But as I said on my last podcast, with something like that happens, you're not talking about |
| 0:47.8 | a bull market. |
| 0:49.0 | You're talking about a vicious correction in a horrific bear market, which is the one |
| 0:54.1 | that we've just started recently, and which is a long way from over. |
| 0:58.5 | But I think what's more important than the bear market that we're going to have, or that |
| 1:02.5 | we are having in stocks, is the bear market that we're going to have in the US dollar. |
| 1:08.4 | And of course, when the dollar is in a bear market, it really masks some of the bear market |
| 1:13.5 | that you see in the stock market. |
| 1:16.0 | For example, the US dollar lost about 70% of its value during the 1970s. |
| 1:23.6 | And of course, that meant that the real decline in US stocks was far greater than the nominal |
| 1:29.1 | decline. |
| 1:30.1 | I mean, if you just looked at the nominal decline in the stock market, it wasn't that bad. |
| 1:34.6 | But in real terms, the Dow went down to one ounce of gold from around 20. |
| 1:39.6 | I mean, it was a destruction of the value of US stocks. |
| 1:43.6 | And of course, if you measured US stocks in Deutschmarks or Swiss francs or Japanese |
| 1:49.7 | yen, I mean, it was a complete demolition. |
... |
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