The King of Crypto Had No Clothes – Ep 856

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.7 • 5.8K Ratings

🗓️ 18 November 2022

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

· More economic data confirms we’re in a recession.
· Republicans gain control of the purse strings.
· Sam Bankman-Fried’s FTX was a crypto Ponzi scheme.
· If you’re still holding Bitcoin, you’re the bag holder.

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Transcript

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0:00.0	The Peter Shiff Show.
0:09.5	Today's podcast was recorded yesterday.
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0:17.0	shiffradio.com slash premium.
0:19.6	It only costs $5 a month.
0:22.0	Today's podcast is sponsored by Shopify.
0:24.9	Shopify is a platform designed for anyone to sell anywhere, giving small entrepreneurs
0:29.6	to resources once reserved for just big business.
0:33.0	Sign up for a free trial at shopify.com slash gold.
0:37.1	We continue to get more economic data that confirms that the economy is in fact in recession.
0:44.8	It's actually a stealth recession because nobody wants to acknowledge that it's actually
0:49.2	here and of course we did get positive GDP growth in the third quarter.
0:55.4	So that's also throwing everybody off.
0:57.6	Remember when we did have two negative quarters of GDP, they still denied that we were in
1:03.0	a recession.
1:04.1	So now that they got a positive quarter, it makes the denial even more plausible.
1:09.1	But again, when you look into the reasons for the positive number, it's all temporary.
1:15.1	It's all the result of exporting oil from the strategic petroleum reserve, which I think
1:20.7	is now at the lowest since 1982 and continues to be drained by sometime next year.
1:28.0	It will be completely empty.
1:29.9	There will be no more strategic oil left in that petroleum reserve.
1:35.4	And that means that oil prices will be set to explode higher and there'll be nothing
	...

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