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Living through the financial collapse of 2008 was one of the biggest economical swings this current generation has seen, until now?
It’s hard to see what’s actually happening when you’re in the middle of it, and that’s exactly why I bring experts with a wide range of experiences and insights to the show. A lot of you are in the crossroads and feeling the pain of how much higher your grocery bill is for the same amount of food. If you were on track with a decent savings account a couple of years ago (especially if you took advantage of the stimulus money that got us where we are now… we’ll talk about that today) you noticed your savings are virtually non-existent now.
Working 2 to 3 jobs was once reserved for the hustler on a mission trying to work towards something major, and now it’s the standard for many people just to make ends meet!
My guest today not only accurately predicted the 2008 financial collapse, he’s a seasoned Wall Street prognosticator known for his spot on predictions of the stock market performance, including gold, commodities, and the might dollar.
Peter Schiff is breaking down for us the mind-games government uses with data to ease the pain we all know to be a rapidly declining standard of living and exposing how the Fed’s inflation strategies are destroying the American economy.
– Expose the fallacy of inflation being needed to stimulate the economy and spending
– Capitalism’s role in creating freedom and opportunities
– Why anti-discrimination laws create more prejudice
Is a depression greater than the Great Depression we all ready about in US history on the horizon for the US? If record numbers of credit card debt and student loan debts serve as any kind of indication of what’s looming around the corner, you’ll want to take notes and really think through this for yourself and your family.
This is Impact Theory and this episode is about thinking through not just how to survive the next economic crisis, but how to get ahead of most and actually thrive.
PETER SCHIFF QUOTES:
“When the government prints their way out of a short term problem they print their way into a an even larger long term problem.”
“The fact that we have an economy that is based in spending, that is the problem. That’s part of the bubble, we have a bubble economy. A legitimate economy would not be based on spending, it would be based on savings and production.”
“Money is supposed to have real value. It’s not supposed to be conjured into existence out of thin air by a central bank.”
“A lot of people believe that capitalism is evil, but capitalism is the least evil economic system that exist.”
“Capitalism created the American middle class. Without capitalism there wouldn’t have been a middle class. There would have just been a bunch of poor people and some rich bureaucrats at the top that were sucking the life blood out of everybody else.”
“You don’t get rich by hoarding your money because if your money is hoarded it doesn’t grow. The way people get rich is by investing their money, by creating economic growth, by producing more products, by providing more employment.”
“The inherent flaw isn’t capitalism, it’s democracy.”
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LEARN MORE ABOUT: Bank Failures
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A Recession Worse Than 2008? – How To Survive & Thrive The Next Economic Crisis | Peter Schiff
The year 2008 saw one of the worst economic recessions in recent history. The global financial crisis not only brought down the world’s largest financial institutions but also led to mass unemployment and a severe decline in economic activity. With the memory of that crisis still fresh in our minds, renowned economist Peter Schiff believes that we may be on the cusp of an even worse recession.
In his latest book, “A Recession Worse Than 2008?,” Schiff outlines his reasons for predicting an impending economic crisis and offers insights on how individuals can not only survive but also thrive during such challenging times. While his predictions may seem gloomy, Schiff encourages readers to take proactive steps to protect their wealth and make the most of the opportunities that a crisis can present.
Schiff begins by highlighting the fundamental weaknesses in today’s economy. He argues that over reliance on debt, both at the individual and government level, has made us more vulnerable than ever before. Additionally, he points out unsustainable government spending, artificially low interest rates, and a lack of true economic growth as other critical factors contributing to the vulnerability of the global economy.
Drawing parallels to the Great Depression, Schiff warns that the next economic crisis could be even worse than the one in 2008. He believes that it could result in a severe market crash, skyrocketing inflation, and widespread bankruptcies, leading to a significant decline in living standards for many people.
While sounding the alarm, Schiff also presents strategies for weathering the storm and even capitalizing on the crisis. He emphasizes the importance of diversifying one’s investments and taking a contrarian stance, which involves betting against the conventional market wisdom. Schiff advises readers to consider investing in assets like gold and silver, which tend to retain their value during economic downturns.
Furthermore, Schiff encourages individuals to reevaluate their spending habits and adopt a conservative approach to personal finance. He emphasizes the need to reduce debt, increase savings, and develop multiple streams of income. By adopting these habits, individuals can have a financial cushion to weather the storm and potentially seize lucrative investment opportunities during a crisis.
Schiff also argues for the importance of acquiring financial knowledge and being well-informed about the current economic situation. He urges readers to pay attention to economic indicators and make decisions based on sound analysis rather than emotions or popular sentiment.
While some may dismiss Schiff’s predictions as fear-mongering, it is undeniable that his track record of accurately predicting the 2008 market crash gives his warnings some credence. He is known for his contrarian and outspoken views, which have often been met with skepticism by mainstream analysts but have also earned him a loyal following of investors who appreciate his ability to identify trends before others.
In conclusion, Peter Schiff’s “A Recession Worse Than 2008?” provides a thought-provoking analysis of the current global economic situation. While his predictions may be alarming, Schiff offers practical advice on how individuals can navigate the impending crisis and potentially capitalize on it. Whether readers agree with his views or not, his book serves as a reminder that being proactive and well-prepared is crucial in uncertain times.
WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
WTF happened in 1971? It’s worth looking up…
HAHAHA "the older generation, ya know, the one with all the money, is way worse off than the younger generation who cant pay any of their bills and get paid low wages." GET OUT OF YOUR IVORY TOWER, SCHIFF, AND TAKE A LOOK AROUND. There has been an 1100% increase in people living in their cars because they cant afford the ever higher rent prices since 2019. Car repos are the highest they have been since the GFC.
ARE THOSE PEOPLE LIVING IN CARS WITH THEIR KIDS, DRIVING FROM PARKING LOT TO PARKING LOT HOPING THE POLICE WONT KICK THEM OUT BEFORE THEY HAVE TO TAKE THEIR KID TO SCHOOL THE NEXT MORNING AND GO TO THEIR 20 DOLLAR AN HOUR JOB…are they the older generation with a "lifetime" of savings? No they are not, you buffoon.
I agree with you, Peter, on lots of fundamentals, and have been watching you for a long time (even bought one of your books right out of highschool in 2008). But this complete disregard by the boomer generation for the millenials and gen z regarding this whole financial mess THAT BOOMERS CREATED TO LINE THEIR OWN POCKETS AND KICK THE CAN DOWN TO US, is why the younger generation will eventually revolt…like france. Butrather than aristocrats, itll be boomers and congressmen. I hate to say that, and I hope it NEVER happens, but if even boomer peter schiff thinks he is worse off than the millions of people what are going to be on the streets here soon, i dont know how much time we have.
Richer are getting richer and poor are getting poorer! No more middle class.
If this guy believes what he is saying he's a fool, if he doesn't, he's a con man. I feel sorry for the man as he clearly believes that self-interest and greed is the only aspect of human nature that can motivate someone; there are many ways that are much better to motivate someone than through greed. He doesn't understand that Capitalism is solely about the acquisition of capital (wealth and property to create wealth), the whole freedom argument is bs. How can someone be free to enter into a contract (like employment) under the threat of homelessness and starvation (which happens to many who don't work); contracts, even in the Capitalist USA are not valid is negotiated under duress. This guy seems to think that government bailouts are Socialism, which is also bogus. It is rich Capitalists that buy our politicians and use them to get these lavish government perks. The end result looks like 2008 when Obama bailed out all the banks and screwed the American people. If you think that's what Socialism is, I'd suggest you crack open a book.
The Government has to realise that people after Covid have learned to get by with less. Prices are stupidly high, even if you have the money, we are just living without. Let it crash. Just make sure the politicians have no role in fixing it because that caused it all. Do we really need military bases all over the world? The Saudis don’t have a base in f*cling Utah do they?
True facts! This world is spiraling down fast!
Mr. Schiff, may JESUS bless you. You are so logical and smart and easy to follow and very very cool. I have listened to your speeches for years. Thank you.
I love Peter Schiff
Every single American needs to hear this.
A very good interview: really well conducted and answered.
What a hypocrite lol
Tom, your show just keeps getting better and better
U American should buy less products. Amazing that u can not see this lifestyle has to stop
The best Peter Schiff video I’ve seen. His knowledge on free market capitalism is second to none and he’s 100% correct. The government is the problem and there is no systemic racism other than
The only systemic racism happening is against the whites and Asians. Why do they have to get high narks to get into university while blacks can be racial quota admissions? Why is the US government suing Elon musk for not hiring enough “other” categories? Isn’t that racism against whites? Of course it is.
Only a government would cater to one group to anger another group.
I loved Schiff's statement: "Look, I'm not defending communism." No shit. Schiff offered the GREATEST and most consistent libertarian argument that I've ever heard.
Being a capitalist isn't a bad thing. It's just the pursuit of wealth.
The cost of printing is about $1000 for every million printed.
His father (Irwin Schiff did 13.5 yrs (until his death) for fighting the legality v the inc ome tax. Peter picked up his dad's sword!
He means it’s not good to have high interest rates when everything is already expensive and is at an all time high. Just doesn’t make sense. Cuz average pay is same but all these assets that you need for life are now double therefore cost of living feel 4x more!!!
I fucking wished I locked in at 3 percent who fuckong new it would double in a year. Like that never happen in my life what bullshit is this obviously if I saw interest rate rose .25 every few month I would’ve locked it but who knew.?? Now the government didn’t say shit!! Shouldn’t we be informer at all!?!? So we can prepare??? So obviously u need a government you can trust. Choose wisely make sure your leader is honest and transparent and understand a all walks of life. And can fix their mistakes asap!!
Malinformation from filth.
How can you save money when you spend all your extra money on interest and taxes. Gas for your 3 jobs that are all far away from each other. Like wtf is this bs. Life was so amazing before this crap. You think I want my kids to deal with this bs. You think trump will care about the poor. This is hopeless. Time to vote for a normal caring person that understand life is about hard work and luck which you can’t control
Bricks is 50/50 I think cuz poor people don’t need gold we can buy computers and cellphones for 100 dollars each. It’s the rich people that need gold. But to me it seems useless.
You are right Peter. But I don’t think there will be hyper inflation cuz if they do the masses will elect a leader that is real and for the people and obviously the 1 percent don’t want this. Because right now is borderline slavery to the lower/middle class
What a moron, trying to rationalize and justify discrimination
Peter for president. Biden honestly looks like this man’s old ass rich dad. That work 80 hours a week a don’t care about their childeren
There’s a recession! Our hydro and mortgage has doubled! My pay is the same! How can I pull a thousand dollars out of my ass please show me where to stick my arm!
I can listen to you all day Peter make a you tube and do this on short and you will inspire the younger generation. There is no hope for the older everyone so greedy. hopefully our children will understand and change the world
Maybe it’s time to go on 1 year cruise and life will be normal like the before covid days..? Not! I know the government is in on this crap they don’t give a shit. They make money on inflation and interest and taxes so why would they give a fuck and bring it back to the good ol days.
No one cares the if economy collapses we’ll be fine if beef and milk go back to 3 dollars. Like it was Only 4 years ago!!!