We're already in a depression - and it's going to get worse.

Peter Schiff again a chief Economist Global strategist also the founder of shift gold and owner of Euro pack joins us once again to unfortunately give us the bad news on the state of the U.S economy Peter um where do I begin whether it's the oil or uh taking away the dollar as a monetary Source around the world or Biden's just horrible economic policies back home all three of them are pointing to a recession this year in this nation and a destabilization of the dollar around the globe and I'm scared to be honest I will and we'd be very lucky to escape with just a recession I think this is a depression we're probably already in it it's just going to get worse you know you started by talking about the jobs report and one of the reasons it wasn't much worse as far as the numbers are concerned is because government created something like 50 000 jobs the private sector job creation was well below estimates but there's a big problem here with these government jobs because the taxpayers get get the bill most of these bureaucrats aren't producing anything in fact they're making the rest of us less productive we need private sector jobs that pay for themselves and that add to our productivity not more government jobs that require taxpayer funding and diminish our Collective productivity but the real threat you mentioned is going to be the foreigners pulling the rug out from under the economy by abandoning the dollar because that's what makes this dysfunctional economy that we have possible we have a trillion dollars year trade deficit that means we import a trillion dollars a year worth of stuff that we didn't make and the only reason we could do it is because foreigners will take the paper that we print for all the stuff that they produce but if they don't want to do that anymore then how is our economy going to function without all this stuff because we certainly don't have the factories to produce it yeah you know I'm reading this Forbes article uh back to the jobs thing Peter because that just still amazes me when I watch mainstream media continue to brag up these job reports when they come out try to make the Biden regime look good when they're lying to the American people and that just I'll tell you Peter you know I'm sure you get upset when you see economists go on the mainstream media and live off the economy that's how I feel when I watch so-called journalists or talk show hosts lie about the economy to the people and I'm reading the Forbes article here from just a couple days ago job cuts are up almost 400 percent this year as jobless claims are on the rise yet they come out and they say unemployment's down and that's an okay number two hundred and some thousand could have been better but it's not horrible but then Peter there's all these articles of all these tech companies cutting seven thousand here fifteen thousand there twelve thousand there Disney's cutting thousands I mean all the good jobs are the ones that are being eliminated look at the jobs that weren't created by government the number one is Leisure and Hospitality these are restaurants and hotels and of course A lot of these are people returning from their their covid absences but these are low paying jobs and in fact many of the jobs that are being created are part-time jobs for the people who lost their good full-time jobs the people who are getting laid off from these tech companies are getting two or three jobs uh waiting tables working in hotels and somehow the economy is stronger because on a numbers basis we've got more jobs but the quality of those jobs has gone down and most people that have two or three lousy jobs they would rather have one good paying job but unfortunately they no longer have that option yeah exactly when I'm seeing places like meta Facebook alphabet Microsoft Goldman Sachs all cutting thousands in this Wall Street Journal article and saying Point Blank we're cutting them ahead of fears of a major recession they're telling you it's coming the CEOs of these major companies know what's happening out there I just don't understand how the well I do how the Biden regime turns they're back on all the evidence but plus we are in the early stages of another financial crisis nobody wants to acknowledge but that's exactly what's going on here but this financial crisis by the time it's over is going to be far worse than the one that we had in 2008 because we have a much bigger problem today than we had then and it's the consequence is a much larger financial crisis now than the one we had then and it's going to end I believe with an all-out U.S dollar currency and sovereign debt crisis and that inflation is going to explode through the roof oh God you know I always tell my viewers that I bring on the best guests to try and provide the most accurate details facts and the truth about stories happening here at home and abroad and folks I trust Peter like as one of the top economists out there so when he's telling you this believe it I know it's scary I don't want to hear it but this is where we're headed and my last one two is a simple one Peter can this ship be righted in time to at least ease some of this recession burden that the American people are going to face no matter what because two more years of this same policy is going to destroy us well there's nothing that we can do to avert this I mean we're going to have to suffer the consequences of of failed policies that have gone on for basically decades but the only way that we can minimize the pain and accelerate the healing of the economy and rebuilding something viable is if the government completely gets out of the way we need massive reductions in the size of government government needs to cut spending across the board and repeal all sorts of rules and regulations to liberate the economy to unshackle it from government taxation regulation so we can dig ourselves out of this ditch that Decades of central planning and Central Banking have placed us in I said that was my last question but you just said something I totally forgot to ask you about the banking crisis you said Central Banking we all keep hearing fears more banks are going to collapse after those last two Banks here in the one overseas what are you hearing with the banks and how many more could go down well a lot of banks would fail if the government and the FED allowed it to happen but unfortunately they're not going to let them fail they're going to print a bunch of money and create inflation instead and so instead of losing your money at the bank because your bank fails your bank won't fail it's going to get bailed out but your money that's at the bank is going to lose its value so yeah you can go to the bank and take out your money but then take it to the grocery store or the gas station you're not gonna be able to buy very much WoW okay folks sorry to start off a Monday like this with Peter but uh hide it under the mattress buy some gold buried out back I don't know what to tell you it's not gonna be safe under the mattress but gold is a good idea so if you got a lot of guns and ammo it's safe under my mattress Peter no but it's paper inflation is going to just oh that's true that's true okay yeah yeah so I gotta buy gold and stuff it in the mattress and sleep on it right that's right and you can protect it with your with your with your ammo your guns and ammo as always we appreciate your straightforwardness and your honesty about what's actually happening out there and not with the regime and the mainstream media spews to the American taxpayer thank you Peter take care

Channel: Peter Schiff

Views: 157,703

Keywords: silvergate, svb, silicon valley bank, bailout, credit suisse, financial crisis, banks, banking, bailouts, central banks, fed, federal reserve, tech stocks, stock market, investing, bank accounts, bank run, bankrun

Id: I_uY1kkhgog

Length: 7min 17sec (437 seconds)

Published: Mon Apr 17 2023