Latest / Financial Survival Network / Peter Schiff Exposes the Weak Dollar and Financial System #6024

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Peter Schiff Exposes the Weak Dollar and Financial System #6024 · Financial Survival Network

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So the FED is responsible for all the debt that now makes it impossible for
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the FED to fight inflation, except that investors haven't figured that out yet.
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They still think, well, you know, if to FED just delays the
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raid cuts a couple of months, that'll do the Trick's not going to happen.
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Inflations are going to run out of control, and when people come to
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that conclusion, they are going to be running from dollars. You're listening to
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Carrie Letz's Financial Survival Network, where you get valuable information you just can't find
0:26
anywhere else to thrive in today's trying times. You need the Financial Survival Network
0:33
now more than ever. Go to Financial Survivalnetwork dot com and get your free
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newsletter and gift. Financial Survival Network now more than ever, And welcome.
0:48
You are listening to the Financial Survival Network. I'm her host, Carrie Lutz,
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special guest on today. I've known this person now for fourteen years,
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and hey, it looks like his time is here upon us, Peter Schiff
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and a euro Pacific Peter. Where's the best place to find you these days?
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For those who are looking for you? Well, first of all,
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kare I thought I knew you know, a lot longer than fourteen years.
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I don't know games that we've been so travel I don't like same circles.
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I don't want to get into the age thing. Man. Maybe maybe fifteen
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at the most seems like forever we've been on this merry go round though,
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right, Yeah, Well, a lot of people are about to get thrown
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off. But I know I'm the the same place I've been for probably all
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those fourteen years. You know, you can find me on the internet.
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You got I got my YouTube channel at Peter ship Show or Shift Report.
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I'm on Twitter now with almost a million followers, so yeah, I had
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a lot fewer back then. But you know, same website youropack dot com
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is my asset management company, although I used to be your capital now it's
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just your Pacific asset management. That happened around the time that I moved to
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Puerto Rico. I've been living here now full time for about seven years,
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part time for over ten. And you know Shift Gold that's still the same
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same website where people can buy gold for now under twenty two hundred bucks.
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I was talking about the opportunity to try to buy it below two thousand because
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I thought pretty soon that those low prices would be gone, and I think
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they are. I mean, I doubt we're going back down below two thousand
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again, but I think you know where we are now is still very close
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to the floor if two thousand is in fact the new floor on the price
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in gold. So you can get me at Shift Gold and my podcast Shift
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Radio about that. I do my podcasts usually about two a week, sometimes
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more, sometimes one. I usually don't skip a week, so usually get
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at least one podcast out of me. So you've been living in the tax
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havean called Puerto Rico now for yeah, I mean it's it's a tax haven
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for some people, you know, not for everybody. Not too. You
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have to, you know, you have to arrange your affairs in a certain
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way. But yeah, I mean it's certainly worth doing. I also enjoy
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it here. I mean I have some problems with the local government, but
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I mean I got problems with a lot of governments. But yeah, they
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haven't really treated me that well. But the income tax rates are low,
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so from that respect, you know, yeah, they don't take take most
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of my income like the US government does. So you pay you pay uh
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a zero percent on capital gains which you know includes federal because I pay no
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federal capital gains living here, so I pay four percent I mean zero percent
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capital gains in Puerto Rico, and I pay four percent on the vast majority
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of my income four percent tax. Yeah, and that's the that's the so
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I don't have to worry about the federal tax for that. I only pay
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federal taxes on my non Puerto Rican sourced income, which would be you know,
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dividends on a gold mining stock you know there, I would pay US
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tax on those dividends. But if I sell the stock in a profit,
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I pay no tax on that, right right? Well, who would think
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you would be an ex patriot in your own country. I remember years ago
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meeting British people who are living in the Monaco because they basically paid into taxes
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and the people too. So yeah, but if an American moves to Monaco,
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they're still paying US tax. That's the problem be in America exactly.
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So when you get to taxes, we get to all these problems. We
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got literally runaway spending, runaway deficits. The next election from that standpoint,
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and the eventual collapse really isn't going to matter, is it. Well,
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I mean, the real collapse that's coming is going to be the collapse of
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our currency, collapse with a dollar are our standard of living here in the
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United States. I mean, hopefully it won't be a permanent collapse that you
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know, there's some you know, light at the end of a very long
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tunnel. But we're we're headed for a lot of problems, you know.
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And the day of reckoning has been a long time in coming. And we've
5:17
kicked the can down the road, and we continue to kick it down the
5:20
road. But I've been expecting that our ability to do that is going to
5:25
come to an abrupt end one day and it's probably one day soon at this
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point. How much longer can they kick the can down the road? Oh
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though, I mean, you got a thirty four and a half trillion dollar
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deficit. You know, we're rising three to four trillion per year in the
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national debt, and that's going to accelerate as you know, we move into
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recession or as the current recession gets worse. I mean, I actually think
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that we're in a recession. I think all the talk about this strong resilient
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economy is just a bunch of talk. I think people should listen to the
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voters who are giving Biden the lowest marks on the economy probably in the history
6:05
of these popularity surveys. And that's not because we have a strong economy.
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It's because the public is living in the economy and they know how weak it
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is. But a lot of the jobs we got jobs numbers out on Friday.
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It was a horrible jobs report. Even though the headline number was a
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beat, The headline number is always a beat. Meanwhile, they went back
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to the prior month and they knocked out about one hundred and twenty five thousand
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jobs, including almost all the manufacturing jobs that they claimed were created. And
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then last month we lost manufacturing jobs. Manufacturing is in a recession. It's
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spent in a recession for years. Even the government statistics acknowledge that the manufacturing
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is in a recession. The trade death sits keep getting worse because we're not
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producing. Meanwhile, I look at the debt levels, household debt, credit
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card debt soaring to all time record highs. So that's all. Inflation is
7:00
an expansion of the money supply and the supply of credit. And the whole
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time the Fed has been claiming to be fighting inflation, credit has been expanding
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the entire time, and that credit is used to bid up prices, and
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that's what we're seeing. That's why the inflation numbers that came out this morning
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again were hotter than expected. As I expected, they'd been that way for
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a while. Now inflation is bottomed. Disinflation is over. It's now reflation
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or just plain old inflation. But we're not going back down to two percent.
7:28
We're more likely going back up to nine percent. In fact, we're
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probably going to go higher than that. The question is when are the market's
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going to figure it out? And what if anything is to fed a reserve
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going to do about it. That's a good question. And but what I
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said before is Trump was no deficit hawk, right we go, Well,
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he's pretending to be now. You know, when he's not president, he
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talks a good game about, you know, cutting spending. In fact,
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I just saw an interview with him the other day in which he was talking
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about, you know, how he was paying the debt and now he was
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cutting spending him. It's like it's a fantasy world. But you know,
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everybody lies. Biden lies about how great the economy is now, and Trump
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lies about how great it was when he was president. The truth of the
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matter is it was a bubble under Trump. It's just a bigger bubble under
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Biden. And the difference between the Trump and Biden is that Trump actually remembers
8:22
his lies and Biden doesn't. Right, I don't know what Biden remembers or
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what he even believes. But yeah, I mean cognitively, you know,
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at least Trump, you know, is in control of his faculties, and
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you know, and and and it is you know, is capable of making
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a form decision. I mean, he may make the wrong decision, but
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he also may you know, may listen to reason. I think that when
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we do have this you know, economic crisis, which will you know,
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take the form of a sovereign debt and the currency crisis, and when we
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really have to make the tough decisions about eliminating government agencies and departments and cutting
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spending, you know, kind of like what Malay is doing, doubt in
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Argentina, when we actually do that stuff, I mean, Trump is far
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more likely to agree to it than buy it. So let's talk about what
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Malay is doing there in Argentina, because that could become the template for the
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rest of the world. Because once this fake stuff blows up, where is
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that going to leave us? Do we follow? Remember, Argentina's been living
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in misery for a long time, you know they. I mean, things
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have been pretty tough down there, and so I hope it doesn't take America
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that long to come to the same realization that the Argentines have, and that
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is that government doesn't work. Socialism is a lie, and government is the
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source of all the problems that it claims to be trying to solve. And
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so the problems that government causes have been so bad for so long that the
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Argentinians were finally willing to say, you know, no, Moss, you
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know you, and let's try something different. And Malay had the something different,
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which is economic freedom, liberty and limited government. And people you know,
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don't really know history. I guess Americans in particular because they were educated
10:16
or indoctrinated in government schools. But a undred years ago, Argentina was one
10:22
of the wealthiest countries in the world. And in fact, they're an expression
10:26
in America was he's as wealthy as an Argentine or as rich as an Argentine.
10:31
I mean, they there was a lot of money down there, and
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you know, but the government destroyed all that with the same types of programs
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that our government has been destroying our country with. And you know, we're
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we're going to experience the same consequences. But every government that's ever been created
10:50
has done the same thing, hasn't it. When they have it, it's
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been for short periods of time. Yeah, I mean looks to come.
10:56
The founding fathers in the United States were very familiar with the track record of
11:01
government, and they recognize that the success of a nation is defined by its
11:07
ability to constrain its government. And that's what the whole Constitution was about.
11:13
It was about chaining the government, binding the government, and the change and
11:16
the Constitution is what they said. And they warned us that we can maintain
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our limit in our prosperity so long as we maintain those chains. But to
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the extent that the government was able to break free and start doing things that
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the Constitution prohibited, you know, our days were numbered. And that's what's
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happened. I mean, the Constitution now is basically a piece of paper for
11:41
all practical purposes. The government does all sorts of things that are not authorized
11:46
by the Constitution, yet it does it anyway, and so you know,
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that's why we're thirty four and a half trillion in debt. That's why we
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have you know, a couple of hundred trillion of unfunded liabilities. You know,
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that's why, you know, record numbers of married women have to work.
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That's why record numbers of workers have two or three jobs just to pay
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the bills. That's why Americans are drowning in debt and have no savings and
12:11
are dependent on a government run POSI scheme for their retirement. You know,
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once upon a time, this is not the way it was in America.
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We were a very strong economy and we had you know, wealthy individuals and
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a small government. And I'm talking about just the middle class. I mean,
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we built the middle class. You know, the middle class didn't build
12:31
the country. Capitalism and freedom built the middle class, you know, and
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government, government, regulation and taxation is destroyed. It so true. So
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going back to inflation, when you if you actually had a real inflation number
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figured into these elusive GDP numbers. We've been in a recession for years already,
12:54
haven't we. Yeah. Well, you know a lot of people don't
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recall, or maybe they don't even know, but the Great Session two thousand
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and seven, two thousand and eight. That recession started in December of seven,
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but up until December of eight, a year later, everybody was talking
13:11
about how great the economy was because all the numbers were still good. And
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I remember, you know, the summer of two thousand and eight being on
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you know, CNBC and Fox and CNN table shows arguing about the weakness in
13:28
the economy, and people were saying, you know, no, the economy
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is great. It's the greatest story never told. It's goldilocks. There's no
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inflation, no recession anywhere in sight, and we were in a recession.
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They couldn't see one that they thought was in the future, but we were
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already in one in the present. The government all of a sudden in December
13:48
of eight went back and they revised a year's worth of economic data, and
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then after the fact said, you know, we've actually been in a recession
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for a whole year. All the time we were giving you all this positive
14:00
data, it was actually wrong. We were in a recession. So there
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already is a precedent for the government putting out bake data for an entire year
14:09
before having to go back and admit the truth. They even admitted what the
14:13
truth was. So I think that you know, given this as an election
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year two, that there's a good chance that the data that we've been receiving
14:22
that is leading people to believe we have a strong economy is in fact inaccurate,
14:26
and it will be revised and we'll find out that we're in a recession
14:31
right now. In fact, every month, I think maybe there's been one
14:33
month in the last year year and a half where they haven't revised down the
14:37
job's number a month after. I mean, that's not random coincidence. I
14:41
mean, if you toss a coin, you're not going to get, you
14:45
know, fifteen heads in one tail. I mean, if that happens is
14:48
because the coin is not fair. There's something itch ring right, and so
14:54
the government is rigging these numbers. It's always overestimating how many jobs were created,
15:00
and then it comes back the next month and eliminates them and comes up
15:03
with another overestimation. But the media always seeses on what they report for that
15:09
month. They ignore the revisions for the prior months, and they don't look
15:11
beneath the surface, and they don't look at the household survey which shows every
15:16
month that we lose jobs, and in fact, there are fewer people with
15:20
full time jobs now than there were a couple of years ago. True,
15:24
and pretty much all the jobs that we're creating are part time jobs, and
15:28
they're all going to people who already have jobs. So it's not like people
15:31
are moving from the unemployment line to some production line. It's people that have
15:37
jobs that are moonlighting. And they're not moonlighting because they want to, it's
15:43
because they have to. It's because their salaries haven't kept pace with the true
15:48
increase in the cost of living, and so the only way to pay the
15:50
bills other than putting it on a credit card is to get another job.
15:56
And that's why a lot of people do it. And then Biden wants to
15:58
claim credit for all these jobs that are being created when the people who are
16:02
working these jobs would prefer not to have them. So they want to blame
16:06
Biden for these jobs. They don't want to give him credit. Yeah,
16:08
they're going to give it. Eight. So, going back in history,
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you mentioned the Great Financial Collapse, the GFC, as they call it,
16:17
the Great Recession. You give a talk, you're a keynote speaker at the
16:22
National Association of Realtors. If I remember correctly explaining to them that housing was
16:29
going to have a bust, and yeah, well you're talking about That was
16:33
mortgage Banker's conference in Las Vegas, right. I spoke there twice in two
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thousand and six, in two thousand and seven, And the only reason I
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came back in two thousand and seven was because I was trying to get investors
16:47
into my hedge funds short the subprime market. No, two thousand and six,
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excuse me. I spoke in two thousand and five, in two thousand
16:53
and six, so two thousand and six was the second talk. And I
16:56
always spoke because they gave me a workshop where I could, you know,
17:02
promote and look for investors in the hedge fund. And you know, there
17:06
were three thousand mortgage bankers there, and I thought, some of these guys
17:08
are going to want to put a little money, you know, on the
17:11
don't pass line just as a hedge because they all make their living in mortgage
17:15
finance. And I was going to tell them that the whole market was going
17:18
to implode, and I thought maybe some of them would like to just bet
17:21
a little bit on shorty subprime so that they lost their jobs. You know,
17:26
they could at least make money in the fund. But out of the
17:29
three thousand people that were there, maybe fifty sixty decided to hear me out
17:33
for my hedge fund. And out of those guys, only one guy invested
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and he sent in five hundred thousand dollars and about a year later I sent
17:41
him back five million. So that was that was his return short for shorty
17:45
Subprime Abey, after he paid the twenty percent profit share. But yeah,
17:51
I mean, people just didn't want to believe it. I was trying to
17:52
tell them, you know, what was really going on in the mortgage market
17:56
and the alsie market, but you know, nobody could accept that reality.
18:00
And you know, the same thing is happening today. I mean, it's
18:03
cognitive dissident. People are trapped in a gigantic bubble and they think everything is
18:07
great and they think it's imperious, and you know, I've been warning about
18:11
it for years and years, the way I warned about the housing bubble for
18:15
years and years. But as the bubble got bigger, everybody just assumed that
18:19
I was wrong. And the bubble we have now, which is much bigger
18:23
than a mere housing bubble, has been inflating for you know, many many
18:27
more years, and people have just made the same mistake. They think,
18:32
well, I've been warning about it for so long, I must be wrong,
18:34
because you know, nothing's crashed, you know, the stock markets and
18:37
a record e right, so Peter Schiff must be wrong. I'm not wrong.
18:42
All the problems that I've been warning about have gotten worse as i've been
18:47
warning about them. And it doesn't mean that there's no consequences. It just
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means that the consequences are going to be even worse because we allowed it to
18:55
continue for so long. Because in a now, allowing it to continue,
18:57
we actually make it worse, right, we make them bigger bubble, and
19:02
so it's even you know, greater consequences and more people are going to get
19:07
decimated when when it pops and pop it will. Do you think there was
19:11
anything you could have said to those people back in two thousand and five,
19:17
two thousand and six, anything you could have done. I don't know.
19:22
I tried. I tried my best because I was going to get a percentage
19:26
of their profits if they got into the fund. No, I mean I
19:30
was talking until I was blue in the face, you know, I mean,
19:33
I haven't seen anything like that you know, it was even worse,
19:37
I thought than the dot coms, because I tried to talk to a lot
19:41
of people about why I thought the dot coms were going to come down.
19:44
But the people who own these stocks, I mean, we're really like religious
19:47
fanatics and like nothing I said, you know, penetrated their own self defense
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wall that they built up. Housing, to me was almost worse or was
19:56
in that, you know, people own homes and they couldn't even contemplate that
20:00
the price can go down, right, that's impossible, right, but real
20:04
estate doesn't go down. Yeah, But what I've seen now in bitcoin tops,
20:08
it all takes the cake. I've never seen more irrational exuberance, more
20:14
arrogance, I've never I've never seen more smart people say so many dumb things
20:21
other than through in bitcoin into crypto. So this is this is the worst
20:25
of them as far as I'm concerned with psychology and occultish nature of what's going
20:30
on. But all these bubbles are sourced, you know, basically from the
20:33
FED and cheap money and and and you know, the crypto bubble is just
20:38
you know, the epitomey of it. But I mean, there are a
20:42
lot of other examples of what's going on. And that's another thing where people
20:47
say, well, I've you been warning about bitcoin being a bubble for a
20:49
long time. Yeah, I have, and the bubble just gets bigger and
20:52
bigger and bigger. That doesn't mean that I was wrong about my underlying assessment
20:57
of what of what bitcoin is. You know, Michael Sailor is out the
21:00
other day, you know, just borrowed another six hundred and eight hundred million
21:03
to buy more bitcoin, right with borrowed money. But he acknowledges that it's
21:07
not a currency. He says, it's it's not a good media of exchange
21:11
or a unit of account. He just thinks it's the ultimate store of value.
21:15
But what value is it storing if it doesn't do anything? It does
21:18
it does it generate income, It doesn't have any real use case. And
21:22
he says that bitcoin is the greatest property, that digital property. He thinks
21:27
bitcoin is better than gold, better than stocks, better than real estate.
21:33
It's nothing, it's but you know this, this is the reality of where
21:40
of what we're living in. But look, it's going to come crashing down.
21:44
And that's what. Look, I've got my own money invested. I'm
21:49
prepared, you know, I own real assets. I have the portfolio of
21:53
global equities, a good dividend paying value stocks. The businesses that I own,
22:00
I invest in for myself and clients are selling uh uh services or providing
22:04
services, producing manufacturing products, harvesting resources that the world needs, that their
22:11
customers need, that they're going to keep paying for if they raise their prices,
22:15
they're going to keep buying, and the companies are going to keep paying
22:18
me dividends. I've got a lot of resource type stocks. I've been loaded
22:22
up, you know on the gold mining stocks. Uh. They've been giving
22:25
them away. In fact, a lot of people recently I've been selling their
22:27
gold stocks and their goal to buy bitcoin ETFs, which has been a godsend
22:33
for people like me and my clients. This gives us more opportunity to buy.
22:37
It's unfortunate that that people are trading in their goal for trinkings of you
22:41
know nothing. But the other big winners have been the foreign central banks.
22:45
They're the major buyers of gold. You know, they keep buying up all
22:48
the gold. And you know, as much as a lot of people don't
22:52
like central bankers, and you know, you know, I don't like them
22:56
very much either. Uh. You got to, you know, respect what
22:59
they're doing and take note, because you know it's not that they're just reading
23:03
the writing on the wall. They put the writing on the wall. They
23:07
wrote it. They are de dollarizing and they are getting out of dollars,
23:11
and what are they getting into. They're getting into gold. Right, you
23:15
have to get into something when you get out of the dollar. You got
23:17
to buy something with the dollars. They are buying gold and they have a
23:21
lot more goal to buy. And the only reason the price isn't already much
23:25
higher is because you know, other people were dumb enough to sell theirs and
23:30
so these the ETFs have been providing goal to foreign central banks. But at
23:34
some point the selling is going to exhaust and Americans are going to stop selling
23:38
their goal. And then the question is where are the foreign central banks going
23:41
to get it? Because the gold mining companies aren't producing that much, so
23:45
the prices are going to have to go a lot higher to get production up
23:48
to where it needs to be to satisfy all the demand that's coming not just
23:52
from continued demand from central banks, but a return of retail demand. And
23:57
I think a big movie by institutions in the goal because right now what's holding
24:03
gold back as everybody thinks that the inflation genie is back in the bottle,
24:07
right the rate irons work and we're back at two percent. They didn't work.
24:12
Rates are too low. They need to be higher, but the FED
24:15
can't raise them higher because we're too broke, especially in the US government,
24:19
which is already spending at trillion dollars a year on interest. We're now spending
24:23
more on interest and on national defense, and we spend too much on national
24:26
defense. But we can cut national defense. We can't cut the interest unless
24:32
we want a default on our debt. But that one trillion dollar number price
24:36
tag is headed to two trillion and then higher, and so the FED is
24:40
in a box. It can't fight inflation. So instead of uh, you
24:45
know, fighting in barks, it just talks about fighting inflation and how it's
24:48
willing to be tough, but it can't really do anything because it's hamstrung by
24:55
the amount of debt. But the reason there's so much debt is because the
24:57
FED kept interest rates so low for so long and enabled it all to happen.
25:00
So the FED is responsible for all the debt that now makes it impossible
25:06
for the FED to fight inflation, except that investors haven't figured that out yet.
25:10
They still think, well, you know, if the FED just delays
25:11
the raid cuts a couple of months, that'll do the trick. It's not
25:15
going to happen. Inflations are going to run out of control, and when
25:18
people come to that conclusion, they are going to be running from dollars and
25:22
and moving into gold. But you don't want to wait for that to happen.
25:26
That's why you know, I'm I'm fully invested, you know. I
25:29
think there are a lot of people that think they're you know, they're super
25:32
smart and they can time this, that they can figure out exactly when to
25:37
get into the gold stocks or get out of the dollar. I know that
25:40
I'm not smart enough to do that, and I don't know anybody who really
25:44
is. They could be accurate, you know, So I just want to
25:47
I know what the end game is, and the only way to make sure
25:52
that you win is to be properly positioned. Now, don't don't hope that
25:56
you're going to end up in the right position because you're gonna you're gonna time
26:00
it perfectly. You don't have to time it perfectly, you just have to
26:03
be early. Yeah, all right, Well, hey, so real estate,
26:08
what's what's going to happen there? Well, I mean depends on what
26:14
you're looking at. I mean, commercial real estate is a disaster, which
26:18
was not even a problem. In two thousand and eight. Commercial real estate
26:22
went up, and now it's obliterated. I mean you've got properties that are
26:26
down fifty to sixty seventy percent. You know, people are walking away from
26:32
office buildings and strip malls and and the banks are stuck with them, and
26:37
there's foreclosures. So there's huge losses you know for the regional banks that are
26:44
holding out of this paper. The residential real estate market is very different.
26:48
Banks are losing a ton of money on their residential mortgages too, not because
26:52
of default, because people are paying. The problem is and they're paying three
26:56
percent four percent and their cost of money is five percent. So the mortgages
27:02
that they used to make money on when the Fed ad rates said zero,
27:06
they're losing money on those mortgages now, and that they have to sell the
27:10
mortgages because the depositors want their money. They're looking at, you know,
27:15
losses. I mean, basically all these banks are insolvent. Uh. If
27:19
the depositors want their money, or if they had to do honest accounting.
27:22
So everything is being propped up, you know, by cooking the books,
27:27
and by government backstops and guarantees, and by the Fed. So I think
27:33
the banks are in a lot of trouble. But what's the dynamics in the
27:36
housing market now are very different than what they were in eight Even though the
27:42
market is overpriced just the way it was back then. The difference is now
27:48
you've got so many people who own those overpriced homes that have very valuable mortgages
27:55
that they don't want to lose. Right if I've got some bank that was
27:57
Domino to loan me money for thirty years at three percent, and maybe I
28:03
got twenty five years left on that mortgage, I ain't moving, no,
28:07
I mean, because I'm going to make those payments because rents of skyrocketed,
28:11
but my mortgage payment hasn't and it's locked in. And so but the only
28:15
way you can keep that mortgage is if you know is if you keep the
28:19
house, you know you, So these houses are not on the market.
28:22
People aren't selling the houses because they want it. They want the mortgage.
28:26
I mean, the banks could pay people to sell their houses, so they
28:30
can get out out of jail on these mortgages that they're they're losing all this
28:33
money out, so you're not getting houses on the market. Normally, when
28:37
rates go up, you know, housing prices come down to offset it.
28:41
But they're not coming down because there's no supply. Also, what's constraining supply
28:47
is inflation has driven up the cost of construction and the cost of labor,
28:52
so you can't really build the houses right, and so there's not enough houses
28:56
on the market. And that's another reason that that that rents can keep going
29:00
up because the landlords know that their tenants are stuck as renters because they can't
29:06
afford to buy. But you know, the people who have these fixed rate
29:10
mortgages, they're not just you know, it's not all sunshine at lollipops because
29:15
they're maintenance built, their insurance costs, their taxes, I mean, all
29:19
the other costs of home ownership are going up. The only thing that's not
29:22
going up is their fixed rate mortgage payment. So, you know, but
29:26
I do think that at some point, you know, houses are going to
29:30
come on the market. People are going to die, people are going to
29:32
lose their jobs, people are going to get divorced. I mean, things
29:34
are going to happen, and so the supply will eventually build. And in
29:40
some really really open priced markets, I mean there's a lot of room for
29:44
prices to come down. You know California for example, you know, and
29:48
a lot of these markets too. You have other dynamics of soaring crime.
29:52
You know, we're being pulled, you know, I mean just you know,
29:55
we're going to want to get out, and you know who's going to
29:56
want to buy, so the prices are going to have to come tow So
30:00
it's very much you know, a local market, right. All real estate
30:03
is local, So it's not like a big model it where I can say
30:07
home prices are going down, some own prices will go down, and other
30:11
own prices could go up. I remember, all of this is in an
30:15
inflationary environment, so nothing's really going up, right. It's the dollar that's
30:19
going down, that's what's happening. Right, So your house isn't becoming more
30:23
valuable. It's just the dollars that people would pay you to buy your house
30:27
are becoming less valuable, so you need a lot more dollars for the house.
30:33
That's all that's happening, all right, Well, I think you've summed
30:36
it up quite well. And as my ex love partner used to say,
30:41
the situation is hopeless but never serious, but it's looking more serious by the
30:48
day. Here so best place to find you europac dot com and we'll have
30:56
links to your podcast and to Shift Gold of course in the show that this
31:00
interview on Financial Survival Network dot com orways a pleasure having you on Peter,
31:07
even if the words aren't that encouraging, Hey better you should know the truth
31:11
and you can hopefully do something that's ignorant. That's what I told the people
31:17
at that mortgage banker's conference. You know, forewarned is forearmed. Don't shoot
31:21
the messenger, be glad that you got the message, and take action to
31:26
protect yourself. And you know, that's what I would encourage all of your
31:30
listeners to do, is to you know, not ignore the warnings, just
31:34
to do something so you don't regret it later. All the things you could
31:38
have done and should have done it would have done, just do them now.
31:41
And yeah, I get a hold of my guys at you'repack dot com
31:45
or if you're doing yourself or you don't have five mutual funds, your Pacific
31:48
funds. You can buy no load on any of the major discount prokerage firms.
31:53
You know, we've been getting net redemptions for months out of our goalfund
31:57
as the price of goal keeps going up. Ever said anything like it.
32:00
Normally the public wants to buy when the market is going up, but recently
32:05
they've been selling, and you know, the public is generally wrong, and
32:07
so you want to buy what they're selling. And what they're selling is gold
32:12
stocks, so you can you can get into the Europacific goalflud all right,
32:15
excellent. Hey, if you've got a question for Peter or myself, shoot
32:19
me an email k l at Terry LUTs dot com. Peter, stay well,
32:23
stay safe and we will talk to you again soon. You to carry
32:27
nicely. Be with you. Thanks for listening to Carrie Letz's Financial Survival Network,
32:32
your solution to today's trying times. For the latest, go to Financial
32:37
Survivalnetwork dot com. Financial Survival Network now more than ever