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The Peter Schiff Show Podcast

Capitalism empowers people. Socialism empowers government – Ep. 528

The Peter Schiff Show Podcast

Peter Schiff

News, Business, Investing, Business News, Politics

4.65.9K Ratings

🗓️ 23 January 2020

⏱️ 60 minutes

🧾️ Download transcript

Summary

While I was at VRIC, Trump was in Davos touting to other world leaders the “unmatched” period of prosperity America is experiencing, thanks to him.

Trump claims that nobody benefits more from his presidency than the middle class. In reality, the only people benefitting are the asset owners - the 1%.

There are more women than men in the workforce for the first time ever. Housing prices and household income are at all-time highs. Trump spins these as signs of a healthy economy, but the opposite is true.

This period of prosperity America is going through is a figment of Trump’s imagination, but the Republican party and Wall St aren’t questioning it.

On CNBC, Trump tells Joe Kernen that he still doesn’t know who’s buying these negative yielding bonds. He admits to having no intentions of paying off the national debt or cutting government spending. Trump pretends we can pay for it all with the bubble that he thinks is an economic “boom.” Trump and the Fed are proving there is no exit strategy for these inflationary policies.

Tesla stock, the most heavily shorted stock has skyrocketed, putting shorts through the grinder.

Sanders passes Biden to #1 in the Democratic presidential polls. Democrats are worried because Sanders will actually try the socialist policies that they know won’t work. It’s not common a Democratic presidential candidate has principles. Unfortunately, this time those principles are socialism. The road to hell is paved with good intentions and the people who vote for Sanders are going to be feeling the burn worse than anyone.

If you thought socialism was scary, AOC has gone full blown communist. She says inventors, business owners, and entrepreneurs are stealing off the backs of the workers and the workers should organize and steal those businesses back.

AOC and Bernie are reactions to Trump and when this economy finally blows up on Trump’s watch, it’s going to pave the way for a socialist (or worse) president of the United States of America. And there may not be any coming back from that.

Also, I lost all my bitcoin. They’re gone. Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: https://sleep.me * Check out DBJourney and use my code Schiff15 for a great deal: https://dbjourney.com * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

Transcript

Click on a timestamp to play from that location

0:00.0

The Peter Ships Show.

0:09.1

It's been a week since I did my last podcast and the reason I waited so long as I was out

0:14.1

of town, I was in Vancouver and Canada at a conference.

0:19.0

In fact, if you go to my YouTube channel, you can see an interview that I did with Kitko

0:24.8

that I did from that conference.

0:26.9

And I'm sure probably by next week we'll be posting my talk from the conference, maybe

0:31.9

one or two of the panels that I participated in.

0:34.9

So you'll be able to see all that on my YouTube channel.

0:37.8

But of course, while I was in Vancouver, you had a lot of the world's financial people

0:43.2

convening in Davos, Switzerland, including President Donald Trump, who was in Davos and

0:50.5

who was basically giving a self-congratulatory speech about how great the US economy was.

0:58.2

Now, one of the things where I do agree with Trump is I do not buy into the gloom and

1:04.0

doom of the green new deal type people that we have this climate change emergency and

1:10.8

that we need to embrace socialism as the only solution to saving the world from extinction

1:18.0

due to man-made climate change.

1:20.1

So I would support the President in much of his statements with respect to that issue.

1:27.0

But where I disagree strongly with President Trump is his characteristics or characterization

1:33.3

rather of the US economy, where he's basically making claims that the US economy is experiencing

1:41.2

unprecedented economic growth, unprecedented undeniable prosperity such that the world

1:49.2

has never seen that something is going on right now.

1:52.4

So an economic boom that nobody has ever experienced, which is all nonsense.

1:58.6

I mean, Trump obviously knows nothing about American history because to put the last three

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