The Peter Schiff Show.

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Yesterday, we got news of the biggest corporate takeover in Australian history when a company

called Afterpay that just went public six years ago was bought by Square, which is Jack

Dorisie's other company, the first one being Twitter for $39 billion Australian dollars,

which was about $29 billion US dollars.

It's an all stock deal.

And in fact, the deal was actually more valuable because shares of Square actually rose 10% on

the news of the takeover.

See normally when you have a normal market, when one company buys another company at a premium

and issues a bunch of stock, normally the stock of the acquiring company goes down.

But not in today's crazy bubble world.

In this bizarro world, the acquiring company goes up, which is exactly what happened, even

though it has dramatically overpaid for a company, which I don't even think has any value

whatsoever.

If you're not familiar with Afterpay, what their business model is is acting as a middleman

between merchants and let's say credit card companies so that instead of somebody going

...