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March 17, 2023 - Health Ranger - Mike Adams
42:33
PETER SCHIFF WAS RIGHT - Full interview with Mike Adams...
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Alright, welcome folks to today's interview on Brighteon.com.
I'm Mike Adams, the founder of Brighteon, as you well know, the free speech platform.
And of course, a lot of free speech could have saved us from a lot of human suffering and financial loss as the banking system is now falling apart.
In fact, if people like our guest, Peter Schiff, had been listened to, then a lot fewer people would be suffering financially right now.
That's the absolute truth.
So we're joined today by a very special man.
Peter Schiff is his name.
You know him.
I know him.
I follow his work.
He's brilliant.
He's ahead of his time.
He joins us today.
Thank you, Mr.
Schiff, for your time.
Welcome to the show.
Thank you, Mike.
That's a hell of an introduction.
Well, you're a hell of a guy.
I mean, let's be honest.
You've been nailing it again and again.
People like to say that you're a doom and gloomer, or I guess at one time even Dr.
Doom.
I thought that was somebody else the whole time.
But you've been Dr.
Correct, actually.
So where do you think we are?
Well, you know, when they first labeled me with the moniker of Dr.
Doom, that was in the days when I was still welcome at CNBC back in 2005 and 6 and 7 when I was warning about the financial crisis and they all kind of laughingly referred to me as Dr.
Doom.
Right.
And I kept saying, no, I'm Dr.
Reality.
I can't help it if the reality, you know, is doomed.
That's just, you know, what we're headed for.
And, of course, I was proven right.
But what's going to happen now, what's beginning in 2023, is going to be much worse.
I mean, this is a much deeper financial crisis.
But instead of a financial crisis, the Fed might trade it for a currency crisis and then a sovereign debt crisis.
Because they are going to just blow up the money printing during this downturn.
They've already started it.
I mean, they basically returned the QE without admitting it.
Yeah, yeah, exactly.
Well, and we saw headlines today.
I think JP Morgan analysts were saying that the Fed may inject $2 trillion in liquidity into the banking system.
And then Yellen comes out and says everything's fine.
Well, if everything's fine, why do you need $2 trillion, huh?
Yeah, nothing is fine.
And Janet Yellen should know because she's partially responsible for this mess.
I mean, she's not totally responsible, but she's certainly one of the people who is, you know, who bears responsibility here.
She was the chairman of the Fed and she was active at the Fed.
She was at the San Francisco Fed while the housing bubble was inflating.
You know, that California was, you know, one of the biggest parts of the bubble.
And she was there at the San Francisco Fed, I mean, telling people not to worry about the housing market, that the people who thought it was a bubble were wrong.
And she even said that if the housing prices went down, it wouldn't even hurt the economy because it was just so strong.
It didn't matter if housing prices went down.
Well, yeah, it's going to be fascinating to watch, especially in retrospect, the words of these people about...
But Peter, I brought a collection of failed fiat currency and put it on my desk today for this interview.
And I want to tell you, here's $1 million.
This is Zimbabwe.
And then it goes to $50 million.
Let's see if I can get this on camera.
And it goes on and on into billions.
Here's $2 billion.
Wait, 500 million...
That's into trillions, I think.
No, that's...
Peter, I'm a trillionaire.
I have 10 trillion Zimbabwe dollars right here.
Done.
How amazing is that?
You know, at one point, I forget what year it was, maybe the 1970s or so, one Zimbabwe dollar and one U.S. dollar were at parity.
So that just shows you...
What could happen?
You know, you have a whole graveyard of dead fiat currencies.
They've all died.
I mean, none of them survived.
And I don't think the current crop will be any exception.
The only question is, you know, how much longer do they have?
You know, what's their lifespan?
Well, let me ask you that, but you're right.
I also brought a stack of $100 bills here.
I don't know if you can see, but there's my stack of hundreds.
Actually, these are mostly Hollywood hundreds.
Only the top one is, quote, real, and even that one, I think, not even real by itself.
So that's supposed to be $10,000.
It's a joke at this point.
What's this going to look like?
I mean, are we going to expect prices to double in the next year or 18 months or, you know, in a practical level?
What do you think?
Well, you know, first of all, before I even answer that, I'm kind of jealous of your backdrop there.
I've got to step up my game.
Oh, man.
Look at that.
You've got some really nice stuff going on in that studio.
Well, no, thank you.
Look, I've got to give credit to the folks over at InfoWars.
You know, I fill in for Alex Jones sometimes.
They told me about the VJ software that drives this wall.
So we use, instead of DJ software, it's VJ software.
But I've got to get the wall, too.
I've got to spring for that.
Well, it's all doable.
Yeah, there you go.
Wide shot.
Yeah, we have all these screens here.
We barely know how to use them.
I know.
I just built this big studio here at my house, but I haven't furnished it yet.
I have just the old stuff that I have.
I've got to see about getting some of that stuff.
I like that whole setup you've got there.
Well, look, hey, InfoWars helped us.
We're happy to pass it along to you.
If you want to know what software and systems we use, I'm happy to share it with you.
But, you know, aside from the razzmatazz here, you know, the content of what you're saying is so critical right now.
And you've been the one voice in the wilderness, well, maybe not the only one, but one of a few that has...
The establishment loves to make fun of you and say, oh, it's never going to happen, and here it is.
It's happening.
Okay, so the debate's over.
What was the question you asked me?
I complimented your studio there, and I forgot to answer your question.
In fact, I don't even remember what it was.
Well, the question was, when are we going to be paying double for groceries compared to today, roughly?
Oh, I mean, soon, I think.
I mean, we're already paying double for a lot of the things at the grocery store.
You look at certain prices and they've gone way up.
But this latest round of bank bailouts Is going to cause tremendous inflation, because where is the Federal Reserve getting the money to bail out all these banks?
President Biden made a big deal about reassuring the public that the taxpayers aren't going to have to pay for this.
Well, technically, I guess it's not taxes that are going up in the traditional sense.
It's inflation that's going to go up.
These bank bailouts aren't free, and they're not going to be paid for by the banks themselves.
They're getting the bailouts.
They're not going to pay for it.
It's the American public that's going to pay for it.
But the way they're going to pay for it is through inflation because the Federal Reserve is going to have to create out of thin air trillions of new dollars and add it to the money supply.
It's going to give the dollars to the banks and the banks are going to give the Fed Their treasuries and their mortgage-backed securities, except they're going to give the Fed maybe 60 or 70 cents worth of treasuries and mortgage-backed securities, and they're going to get a dollar, right?
They're not going to get the market value for those securities.
Which is what we would get if you or I were dumb enough to buy U.S. Treasuries, you know, 20-, 30-year Treasuries a year or two ago when they were yielding 1%.
If we were dumb enough to buy them and then we wanted to sell them, you know, we could only get maybe 70 cents on the dollar or 60 cents on the dollar.
But the banks that were dumb enough to buy them, they could get 100 cents on the dollar from the Fed.
But the Fed doesn't have any money.
Yeah, and the Fed doesn't have any money.
It's losing money itself.
The Fed is getting bailed out by the Treasury because the Fed doesn't have any money.
But then again, neither does the Treasury.
So the Federal Reserve has to print money to give it to the Treasury to bail itself out.
But all of this means that the dollars that we all hold, I mean, I don't hold them because I get rid of them as fast as I get them.
Yeah.
And those dollars are going to buy a lot less as a result of these bank bailouts.
So when Biden or anybody in the government or in the media says, oh, the government acted prudently, we've saved the day.
We've we've reassured that your bank account is safe.
Nobody's bank account is safe.
You.
You know, when the government tells you that your bank account is safe, it's because it's not.
And the reason it's not safe, it's not because the banks are going to fail.
The government has already said, we're not going to let them fail.
Now, that's a mistake.
They should let insolvent banks fail.
That's how capitalism works.
But, you know, we don't have that anymore.
We have socialism.
And so the insolvent banks won't fail.
They're going to be propped up with inflation.
But what that means is every single bank account in the country, even the people who are banking with solvent banks, Their accounts are going to lose tremendous value because the money in their accounts is going to lose its purchasing power through inflation.
So no bank account is safe.
Everybody with a bank account is going to experience substantial loss of purchasing power.
And so the smart thing to do is to withdraw your money from the bank.
I mean, your savings.
I mean, you've got to keep short-term there to pay your bills.
But money that you don't need for a year or two or five years, whatever, don't leave it at a bank because you're guaranteed to lose because prices are going to go way up.
So you should pull your money out of the bank and do something else.
Buy gold, buy silver.
That's a better savings vehicle than fiat currencies.
Or invest.
You know, get into stocks.
I buy foreign dividend-paying stocks for my clients, value stocks.
Some people buy real estate, but what you can't own is dollars or a bank account because you're going to lose.
Right there, right there with you on that, 100%.
In fact, let me bring in the company that you have, Europacific Asset Management.
The website is europac.com, that's P-A-C, Europac or Europacific Asset Management.
Now, let me pose an actual practical question to you, Peter.
The Health Ranger store, we do, you know, foods and so on.
And, you know, we buy and sell millions of dollars worth of food every year and supplements and so on.
We have, obviously, operating capital in the bank.
And this question is going to apply to a lot of our listeners.
And so we have operating capital in the bank.
We don't want it in the bank, but we need it near liquid.
So we don't necessarily want to take possession of gold and silver where you have to send it back and sell it back.
We know we're going to need to spend a million dollars.
Per quarter on raw materials.
How can your company help a company like us be out of the banking system in near liquid assets where we don't have to take physical possession?
Well, you know, my company, the one you're, you know, we're talking about your specific asset management, that we're not here to help you manage your cash flow or pay your bills.
So to the extent that you have money that needs to be liquid to buy Or pay for goods and services.
There, you need to leave it in a bank or some type of institution.
But we don't trust the bank.
Well, the banks are all going to be bailed out.
So what you can't trust is the money in the bank.
That's the problem.
So the money that you're going to use for short-term purposes, I mean, even if it loses value, it's not going to lose that much because it's not there that long.
You're spending it.
What I'm talking about is the money you don't need day to day.
If you have money in your business that you don't need, that you just want to keep it for a rainy day, but you're probably not going to have to tap into it, that's the kind of money that you want to send to me to manage.
Because there I can put it in assets that will beat inflation.
So as the dollar is losing value, your account with me is gaining value.
So now you'll have more dollars in the future.
But you don't want to send me the money that you need for next month's rent.
Leave that in the bank.
Now, eventually, I think the world will move away from fiat currencies.
And I think a lot of people will start transacting in gold again through the Internet, through the blockchain, or private companies will tokenize gold.
And then you'll be able to transact in gold.
gold.
You'll be able to use gold to pay your bills because the person you're paying is going to want to get paid in gold.
Exactly.
But that's when the dollar really starts to lose money rapidly.
You know, when we're like Argentina or something like that.
And then you can't even risk keeping your short term money in dollars.
It's not that bad yet.
But even if inflation is 10 percent or let's say 12 percent a year, you're only losing 1 percent a month.
So if you're turning your account over every month, it's 1%.
It's not the end of the world.
But when you start losing 10% a month, when you have 120% inflation, now you've got to worry about the money you leave in the bank overnight.
So that's when I think people will start turning to alternatives like tokenized gold so that they can transact in that.
Now, I know there's some people out there that think, no, they're going to use Bitcoin.
That ain't going to happen.
You know, they're not going to use Bitcoin, but they could easily use digital gold or digital tokens that are backed by real gold.
Yeah, well, I have questions for you about that, but first about your asset management company, just on behalf of our audiences, what's the minimum amount of money that someone needs to start with you on that?
Well, first of all, we have five mutual funds that I manage, and you can buy those funds.
I think our minimum is $2,500.
Most large discount brokerage firms have them on their platform.
The big full-service firms don't.
If you have an account at Merrill Lynch, they won't let you buy my funds at Merrill Lynch.
But if you have Schwab or Fidelity or Interactive Brokers or E-Trade, you can buy my funds.
So what are the names of these funds?
I'm sorry to interrupt, but people are going to want to look up the names and maybe buy these.
Yeah, and in fact, one of them, my International Dividend Payers Fund, last year...
I was the number one fund in the international value category.
Out of 350 funds, I was number one in total return.
And you can't even buy it at Merrill Lynch, right?
But you could buy it at the discount brokers.
I was number one according to Moody's, according to Lipper, out of 350 funds.
U.S. News& World Report, which if you saw, we put that on our website, but they did a survey of international value funds, and they looked at all 350 of the funds in the category, and they narrowed it down to the top 60, and then they ranked them.
And they were looking over a one, three, and five-year time period.
And my dividend payers fund was number one.
Wow.
And my value fund was number three.
So the only fund that beat my value fund, other than my own fund, was a Goldman Sachs fund.
But they had a lot more horses in the race than I did.
I only had two funds out of the 350.
Two were mine, and I was one in three.
I won and I showed.
But I think that...
This year, I could end up with one and two.
Again, nothing's for sure, but I think my portfolio in those two funds, your Pacific value, your Pacific dividend, Is poised to do very well in this environment of a return to quantitative easing, maybe rate cuts, stagflation, another financial crisis.
I think I have the type of stocks that do well in that environment because I've been positioning for this environment for a long time.
Then I also have an emerging market fund, which is doing great so far this year on a relative basis.
And I think the emerging markets are going to do particularly well In a weak dollar environment, which is where I think we're going to be for the remainder of the decade.
So I think emerging markets are going to do better than developed markets, and certainly I think all developed markets that are outside the U.S. I think will beat the U.S. So I've got that.
Then I think the fund that is going to deliver the best returns, but of course with the highest risk, but I think that it's going to end up being worth it, is my gold fund, the Europe Pacific Gold Fund.
Because I think gold stocks are just going to go up 10 times, 20 times.
Some of them will go up 50, 100 times.
Some of these really small ones.
So you can buy my gold fund.
And then I also have an international bond fund.
So if you don't want to be in equities, if you just want to kind of park your money in cash and get a yield, but you don't want dollars, you'd prefer other currencies, then look at the Euro-Pacific International Bond Fund.
So you can buy that.
So those are the five funds.
You can buy them, you know, again, if you have a brokerage account, you can buy them.
We actually have a product at Europe Pacific Asset Management that we call a WRAP account, in which we'll manage a portfolio for you in those five funds.
Now, also, if you don't have a brokerage account, right, you can go to my website, EuropePacific, EuropePAC.com, And you can buy the funds right on the website directly from the distributor with the same $2,500 minimum.
You don't have to talk to an advisor.
Just go on the website and you can just buy it, send your money in, and you'll own the shares directly at the fund.
So you don't even need...
A brokerage account.
You could do that.
But if you're doing more money, the minimum for a RAP account is $50,000.
And there you can talk to one of my advisors at your Pacific Asset Management.
They'll take you through the paperwork.
You'll have a personal advisor.
But if you're just putting in $2,500, $5,000, you don't talk to anybody and just do it on the website and do it yourself.
I thank you for taking the time to detail that.
This is really fascinating, not just for our audience, but also I'm talking to a lot of people personally, family and friends, who are just right now finally getting what I would say financially red-pilled.
I'm sure this is happening to you too, Peter, where they say, oh, you know, I ignored you for 10 years or 15 years since 2008.
Now I realize that the banks really aren't safe.
What should I do?
And I'm like, well...
Buy gold.
But then they say, well, I don't know what to do with gold.
Maybe I can't defend it.
Maybe they live in an apartment somewhere.
They can't bury it in their apartment.
Or maybe they're elderly and they don't own a Glock.
I don't know.
But whatever the case may be, they're looking for something that's maybe gold mining stocks.
Well, gold mining stocks are very different than gold itself.
I look at gold as a store of value, as a safe haven, as just an alternative to cash.
That's what it is.
It's money.
It's not an investment.
But gold mining stocks are an investment in businesses that mine gold.
And so whenever you make an investment and you're a stockholder in a company, you subject yourself to all sorts of risks, market-related risks, company-specific risks, political risks.
But If the price of gold does what I think it's going to do, you know, these gold stocks are gold mines.
I mean, they're going to go way up.
I mean, I have, you know, a lot of my own portfolio, my personal portfolio is invested in gold stocks, a very high allocation, maybe about 50% of my investment portfolio.
Not my net worth, but what I have in my brokerage account, right?
About half of that is in gold mining stocks.
The rest is in dividend-paying foreign stocks.
Some of them are in the commodity space.
My second largest allocation is oil and gas and alternative energy.
So I have a lot of energy-related investments.
But they all pay good dividends, most of them.
I mean, pretty high.
And so I'm getting income off these investments.
And I don't need the income because I have income.
So I can reinvest the dividends in more stocks.
I mean, that's what people need to be doing when they're building for retirement.
What Wall Street tells you to do is buy these stocks that don't pay any dividends while you're working.
And then when you retire, you can sell those stocks and buy bonds and get some income.
Well, what if by the time you retire, the stocks that you bought have crashed, and they're not worth very much?
And if you sell them, you can't get much income.
You see, I build portfolios for people, and we have separately managed accounts, too, that you can have an account that's individual stocks, too, not funds, and you could talk to my brokers.
But I build portfolios that you don't have to sell when you retire.
So you have a portfolio that's paying 5%, 6% dividend right now, right?
But it's also stocks that are growing their earnings and should appreciate and grow their dividends.
So as you're working, when you don't need the income, you take the dividends and you reinvest and you buy more stock.
Then, when you retire, you've got this big portfolio of income producing stocks that's even larger because you've compounded your returns by reinvesting those dividends.
Now, when you go to retire, it doesn't matter what the price of those stocks are because you don't have to sell them To retire, you just stop reinvesting the dividends and you live off the dividend income.
That's a much better strategy than betting on a Ponzi scheme.
Oh, I'm just going to hope these stocks go up and when I retire, I'm going to hope they're high.
What if they're not?
What if the price crashes?
I'm buying stocks, doesn't matter what price it is, because you're not going to sell.
You're just going to spend the dividends because they're real businesses generating real income.
And the reason that this strategy is going to work, I think, so well is because I'm buying foreign stocks.
So my income is coming from foreign currencies.
And if the dollar really goes down, then when you translate those foreign currencies back to dollars, your dividends will be far more valuable.
And so, you know, they'll go a lot further when you spend them here in the United States.
That's the thing.
In all your videos and interviews, everything you say makes perfect sense.
It's logical, it's rational, it's cause and effect, and it's just that some people choose to ignore that for whatever reason because they'd rather believe Jim Cramer for some reason.
Peter, I really wanted to ask you today about your take on what's happening with Credit Suisse.
And also the First Republic bailout in the United States.
But first, Credit Suisse, you know, Swiss National Bank has said they're going to step in with however much money is needed to prevent this thing from collapsing.
Seems like the same plan that the Fed has for printing money in the U.S. What's your take?
Well, I don't think any banks should be bailed out.
The fact that banks are bailed out is the problem.
We've set a precedent and created a moral hazard by bailing out banks.
And because everybody expects a failed bank to be bailed out, the banks take a lot more risk than they would take in a world where they weren't going to be bailed out.
I mean, why should we create a special privilege for banks?
Why is it that if a bank is in trouble, it qualifies for a federal government bailout?
I mean, where in the United States Constitution does it authorize the United States government to bail out failed banks?
It doesn't.
I mean, that's not a role of the U.S. government.
I want bad banks to go out of business.
And if bad banks were allowed to go out of business, fewer banks would be going out of business because fewer banks would be bad because they would be forced to be responsible because they're depositors.
Would force them to be responsible.
You see, when the depositors are sure that the government will bail out their bank, well, then they just give their money to any bank, which, whatever one is the closest to my house, that's where I'm going to put my money.
Who gives a damn what they do with it?
I don't care because it's all government guaranteed.
But if everybody knew that the government wasn't guaranteeing your bank account, you wouldn't just put your life savings in a bank without doing a little research on that bank.
And, you know, you don't have to be A financier yourself to pick a good bank.
Just like I go shopping for cars.
I'm not an auto mechanic.
I don't have any expertise in How cars work.
I buy cell phones.
I'm not an electrician or an engineer.
I don't need computer science.
I don't know how any of this stuff works.
I buy stuff all the time.
I don't know how it works.
But there are consumer reports out there.
There's other ways I can do my research to try to figure out what brand I trust, what I want to buy.
The same thing would happen with banks.
We had banks in this country before we had deposit insurance.
We didn't get any deposit insurance at all.
Until the Great Depression.
So we managed to go from 1789, whenever we signed the Constitution, to 1933 or 34 without any deposit insurance.
We financed the Industrial Revolution without any deposit insurance.
We had big banks.
Lots of people put money in banks.
It all worked fine.
And in fact, even during the Great Depression, with all the bank failures, Only about 2% of the value of all the money on deposit in all those banks was lost.
That wasn't that bad, considering that it was a Great Depression.
Because the banks are much worse off now.
They're far less stable than they were During the Great Depression, because back then, the market was regulating the banks.
Now, you've got the government regulating the banks, and it's much worse regulation.
And of course, you've got this moral hazard because people just put their money in any bank, and the banks know.
The banks know that people don't care what they do with their money.
Because it's all guaranteed by the government.
So this is a mistake.
The Swiss government, everybody thinks you can't let a bank fail.
And the problem is, because of the attitude that no bank can fail, that's why all these banks are so big.
All these banks that were designated as too big to fail in 2008, well, they're all way bigger now Maybe we should have let some of them fail.
We would have been better off instead of making them so much bigger.
Now they're really too big to fail.
But the thing is, they're too big to exist then, if they're too big to fail, because everything has to be able to fail.
Because if you think a bank can't fail, then everybody wants to put their money there.
If they've got this government guarantee, how are you supposed to compete with that?
I start up a little bank.
How am I going to compete with this huge bank that's too big to fail when my bank isn't too big to fail?
So how do I compete with that kind of...
Yeah, well, and yeah, here we are.
Last question I want to ask you, though, kind of on a personal note, but first, let me plug your website for you here, shiftgold.com.
Also, you have a gold retail operation here and a free report, free download of avoiding gold scams, which I think is really critical.
I've heard a lot of people getting ripped off buying proof sets.
Oh, yeah.
Yeah, especially, you know, when they have these proof sets of these brand new coins, right, that were just minted.
Why pay for a proof?
I mean, it's going to be in pristine condition, even if it's not a proof.
I mean, exactly.
It's like when it matters to get something in really nice condition is if it's like 100 years old.
Right.
And it's you know, it's like most of them are all beat up because people were carrying them around in their pockets.
You know, but if something just rolled off the mint, you know, this year that you don't have that.
You don't need it all in a little bot in a plastic container that says certified or pristine condition.
You're not going to get any extra value, but you're going to pay a lot more money for it.
And where does that money go?
It goes to the broker or the gold salesman who sold it to you.
And that's why if you go and you look at all the talk shows, the right-wing talk shows, You know, they've all got sponsors.
All these gold companies sponsor these guys.
How do they get the money to pay for these endorsements?
Because these guys don't come cheap.
They charge a lot of money to endorse one of these gold companies.
They get it from their customers by overcharging them for their gold.
That's the problem.
Absolutely!
We don't spend any money on advertising, not a nickel.
The only advertising is me talking about it, right?
So I don't have to pay people to promote it so we can pass on the savings.
We don't rip anybody off.
You know, the markups are very, very low.
And, you know, you maximize how much gold and silver you get for your buck.
You know, the money stays in your pocket.
It doesn't go into Schiff Gold's pocket.
No, I'm really glad you mentioned that.
I had one of these sponsors that's out there.
I'm not going to mention names, but they came to me.
They literally offered me $100,000 a month to plug them because they sell these proof sets that I know are ripping people off.
And I said, hell no.
There's no way.
They said, no, we'll give you six figures a month minimum.
And I'm like, forget it, man.
What am I going to do?
Rip off my audience?
Yes, of course, because that's where the money comes from.
If they're giving you $100,000 a month...
I mean, that's a lot of money.
I mean, SHIFT, that's about all the profits that SHIFT Gold makes.
Maybe a little bit more, but I mean, total on everything that we do.
It's not a high markup business.
No, exactly.
Margins are normally pretty darn thin on gold.
In ours.
I mean, we mark up gold, make one to two percent.
That's it.
And then out of that, I got to pay all my bills, right?
Exactly.
If I mark it up one percent, I don't keep that.
That's gross.
Now I got all kinds of overhead and stuff like that.
We could never afford to pay you $100.
You'd have to send us so much business.
No, it'd have to be like $10 million a month or more.
But most of these talk show hosts, they don't give a damn.
I mean, that's so frustrating.
I see that, too.
They just sell out, and they sacrifice their audience.
They say, this is the gold company I trust.
And it's all BS. It's the gold company that paid them a lot of money.
To help them rip off their own audience.
So yeah, congratulations for giving a damn about the people who are watching you and not abusing.
That's one of the things that happened too with all the crypto and all the pump and dumps.
Somebody would come out with a coin.
And they would pay some influencer to tweet about it or put it on Instagram, because then they can dump it.
And they were ripping off their own followers by suckering them in.
But that's what's going on in the gold industry, and it's still going on in the gold industry right now.
That's why we have gold scams, because there's so many things.
Some of these gold companies mark up their coins.
40, 50, 60 percent.
I mean, the price of gold has to basically double just for you to break even.
And they bury it in the fine print.
But they take advantage of these older people who listen to these talk show hosts and they just trust the talk show host.
And so they buy from whatever gold company they recommend and they get ripped off.
It's very unfortunate.
We're on the same page, and the sponsor that I do have that I've had for years also is right with you, Peter.
They rail against these scams, the bait and switch, the proof sets, all that stuff, and they get a lot of hate for that.
But you know what?
At the end of the day, folks, you better get the most ounces per dollar when you're in this translation.
Yeah, and there are other, you know, Schiffgold's not the only honest gold and silver dealer out there.
I mean, there's plenty of, you just don't know about us because we can't afford to advertise.
Right, exactly.
But, and that just shows you how small the gold market is right now.
Nobody is buying.
Believe me.
But business really picks up.
When more people realize that inflation is here to stay, and the business at Shift Gold, when it grows tenfold, I'll be able to afford to advertise when I have enough volume to do it.
So then people will know about us.
But right now, since the business is so small, the pool that we're all divvying up, There's no way you can advertise.
You can't advertise on CNN or Fox without ripping off your customers, because there's no way you're going to be able to do it.
You know, given the fact that Shift Gold is out there, you can't compete with us if you have to buy those ads.
You can come on here at no charge, anytime, all the time.
I will gladly give you publicity and mention shiftgold.com because you know what you're talking about.
So that's an open door.
But last question, just to be sensitive to your time.
Kind of a personal question.
Has anybody apologized to you yet because you were right?
You were right.
You were right.
Maybe you were a little bit later, but you're still right about exactly what's going down.
The only people that apologize...
In 2009, Ben Stein apologized to me.
He was one of the guys that was kind of laughing at me and making fun of me in 2007 and stuff like that.
So Ben Stein apologized.
That was a long time ago.
But I forget most people haven't apologized.
I mean, they still make fun of me.
They still think I'm wrong or I'm just a stop clock.
But the stop clocks are the people who have been bullish for the last 15 years or even longer because they didn't understand the problems underlying the economy.
They didn't understand all of the mistakes that the Fed has made and what the consequences of those mistakes will be.
The problem is I see this so clearly and so far in advance that if it takes a long time for everybody else to figure out what I knew from the beginning, they think I'm wrong all those years.
I'm not.
They're wrong all those years.
I'm just right.
It's just because so many people are wrong, that's what allows it to continue for such a long period of time.
The bubble gets bigger and bigger and bigger because nobody knows that it's a bubble, except the guys that are on the outside looking in saying it's a bubble, it's a bubble.
But, you know, now the air is coming out and people don't understand it.
I mean, and when COVID first hit...
And I saw immediately the impact that was going to have because we were telling people not to work and then we were printing more money.
So we were producing less and printing more.
That was a recipe for massive inflation and now we're having to eat that.
But still, you know, the mainstream was worried about deflation.
Deflation, they're printing money like crazy and nobody's working and these fools are worried about prices going down.
Prices were going to go way up.
And now, you know, we've been creating inflation for 20 years.
We had interest rates at zero.
We printed all this money.
The Fed's balance sheet got to $9 trillion.
Now we're going to have to live with decades of high inflation and potentially hyperinflation based on, you know, the way these policies are evolving.
So we'll see if some people apologize when we finally get that kind of outcome, which is, you know, my big picture forecasts have been for collapse of the dollar and Right.
Maybe some of the apologies will be reserved until those things happen.
But of course, by then it's too late to follow my advice.
If you wait until I'm right about everything, then it's not going to help you.
Exactly.
You're broke by then.
So you have to look at the things I've said, the things I've written over the past 15, 20 years, and say, you know what?
98% of what this guy said would happen has happened.
In fact, all the stuff that he said would happen, everybody else said was impossible.
It would never happen.
So I think I've got a very good track record of understanding the big picture.
Has everything that I predicted come to pass?
No.
But you have to, you know, gauge, you know, do you think if I've got so much right, what do you think the odds are that I'm right on the rest of it?
Versus just following the advice of people who have gotten everything wrong, you know, including, you know, the people who have run the Federal Reserve.
And, you know, make your investment.
I mean, you know, get out of the dollar.
You know, get out of harm's way and, you know, inflation-proof your portfolio.
It's not just crash-proof this time.
It's inflation-proof.
Really good point.
Very important advice, folks.
I encourage you to do your research.
Check out the EuroPacific Asset Management Company as well.
I'm going to look at a couple of your funds there, Peter, now that you told me about them.
I'm interested personally, but I'll look at those.
The website is europac.com, like EuroPacific, europac.com wealth management services.
I'm not paid anything.
Peter Schiff's not a sponsor here.
And he's just a very informative guest of the show and someone who I've listened to for many years.
Peter, you've taught me a lot about macroeconomics over the years.
So I thank you for all that you've done, and I thank you for joining me today.
I appreciate you having me on as a guest.
Absolutely.
You're welcome here anytime.
So thank you so much.
And for those of you watching, share this video anywhere you'd like.
Give credit to Peter Schiff at Europac.com.
Of course, I'm Mike Adams, the founder of Brighteon.com, free speech platform.
Thanks for joining us today.
Everybody, be safe.
Take care.
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A quick note here out of the studio.
I just want to disclose that until today, I owned no mutual funds, no stocks or bonds or anything.
I was not in the market at all.
But after interviewing Peter Schiff, A few hours later, I did purchase $4,500 of one of his funds.
The Euro-Pacific Gold Fund Class A, symbol EPGFX. So I do want you to know that I did purchase that fund.
Because I was so impressed with the interview.
You know, a few thousand dollars.
I want to watch this.
And I see what's in the portfolio is a lot of gold and silver mining companies, which, frankly, is exactly what I was looking for.
I've been wanting to park a little bit in some mining companies, but I don't know which mining companies are any good.
And I don't want to manage.
I don't want to have to watch a bunch of mining companies.
I'm busy, like you, right?
We've got other things to do.
So I figure Peter Schiff is watching these companies.
He's put them all together into this fund.
And so I'm going to give some money to Peter Schiff's fund and let him manage this.
It's kind of a high-priced or high-load fund, as it's called, a high management fee for it, roughly, compared to other funds.
It's 4.5% annual.
So that's pretty high as far as funds go.
But, hey, again, I'm busy doing what I do.
Let's let Peter Schiff do what he does, his expertise.
So I just wanted to be upfront about that, that I did just purchase $4,500 worth of his fund.
There you go.
I will always disclose if I have any financial ties to guests like that.
Not that this is, I mean, you know, he didn't pay me anything, obviously, to interview him or to mention this.
I'm just saying, I think it's very compelling what he's doing.
So, you make your own call, but I just wanted to be upfront about this.
Full transparency.
Thanks for listening.
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