Do the Math: The U.S. is an Insolvent Zombie Nation – Ep 577
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 27 May 2020
⏱️ 55 minutes
🧾️ Download transcript
Summary
Trump’s odds of winning re-election continues decreasing.
Chinese trade deals unwind.
Stimulus more dangerous than virus.
Everything that can go wrong, likely will go wrong, all at the same time.
American taxpayers stuck with 8 years of tax debt and counting.
We are a zombie country and the world is about to find out we’re insolvent.
Jerome Powell saying the antithesis of what a Fed Chair should be saying.
Investors have a lot left to learn, which leaves gold stocks a lot of room to gain.
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Transcript
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| 0:00.0 | The Peter Ships Show. |
| 0:09.0 | Well, hope everybody had a very good Memorial Day weekend. |
| 0:13.1 | The stock market came back from the three-day weekend with back-to-back 500 plus point rallies. |
| 0:21.4 | Today's gained 553 points. |
| 0:24.0 | I think yesterday's was slightly over 500. |
| 0:27.2 | Although I think one point in today we were up better than 700. |
| 0:31.3 | Interestingly enough, the supposed catalyst for Tuesday's rally was another company that |
| 0:40.0 | had announced a pre-market that they had started phase one testing of a COVID-19 vaccine. |
| 0:48.2 | The market was rallying on this. |
| 0:52.3 | First of all, the market is already pricing in an eventual vaccine. |
| 0:58.6 | I mean, that is the scenario that everybody assumes. |
| 1:03.0 | I mean, yes, the vaccine is a year or two away, but it is in the market that there will |
| 1:08.7 | be a vaccine. |
| 1:10.4 | I mean, could you imagine where the market would be right now if nobody believed that we |
| 1:15.4 | were going to have a vaccine, right? |
| 1:17.2 | If the sheltering in place and the social distancing was going to continue indefinitely, |
| 1:23.6 | so clearly the market is expected vaccine. |
| 1:27.0 | Well, we can't have a vaccine unless we have companies doing a phase one trial. |
| 1:31.9 | I mean, that is just the first step in a long process to get a vaccine. |
| 1:37.9 | Because remember, you have phase one, you have phase two, and then you have phase three. |
| 1:44.4 | So you have to get through all of these phases and they get progressively more difficult. |
| 1:50.4 | They keep on raising their hurdle that you have to clear to get a drug approved. |
... |
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