Bitcoin Debate: Pomp DESTROYS Peter Schiff
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What is the main topic discussed in this episode?
20, 30,000 is still a big number for Bitcoin. It's a lot to pay for nothing. And if you look at the long-term trend line, that's about where the support is.
If you believe what you're saying, let's make a bet. If from today, if Bitcoin outperforms gold, then you give me a Bitcoin. But if Bitcoin does not outperform gold, I'll give you a Bitcoin. What's going on, guys? Today, we've got a great conversation with the one and only legendary Peter Schiff. Now, Peter Schiff is the host of the Peter Schiff Show podcast. Great podcast. He's here and I just give him a beating. Intellectually, this is just a absolute nightmare for him. We talk about the Fed. We talk about inflation. We talk about equity markets, about gold, Bitcoin, anything and everything that you want to know about finance and the economy. We probably talked about it. And I'm telling you, I got him to admit all kinds of crazy stuff.
And I think that you're going to enjoy this conversation. So here's the latest one with Peter Schiff. All right, Peter, what do you think inflation is right now in the United States of America?
Well, I think it is. I think it's a big problem. I think it's a tax. It is the way the U.S. government is currently funding a significant percentage of its spending. But what level do you think inflation is?
Oh, a number? Yeah, the inflation numbers have come down recently. People are celebrating. But when I go out in the street and I talk to people, they say that inflation is incredibly high because everything is so expensive. Well, it is expensive.
I mean, you know, just drive it in here. You know, I had a driver and, you know, and I was this 40 bucks an hour. And I said, well, I thought I thought it was 30. I remembered it being 30 because, well, you know, inflation, you know, so they raise their they raise their prices. I mean, the price of everything is going up. And, you know, I mentioned on my own podcast, I think last week, the same week that we got the CPI and the PPI. and the markets were relieved that these numbers were better than expected and they were declines that same week they released the import export prices and while the cpi was up three and a half percent year over year which is still three and a half percent is not nothing right i mean but
Import prices were up 7.1% year over year. And that doesn't count tariffs, just without the tariffs. Import prices were up 7.1%. Export prices were up over 10%. Those numbers to me, seem a lot more reflective of what consumers are actually paying. And those numbers, I think, are more honest because they're not adjusted. It's not like a select basket that changes. There's no substitution, hedonics. And even to me, the export number is even more consequential. Not that we're not paying those prices, our trading partners are, we're paying the import prices. But if we're having to raise our export prices by 10%, there's a good chance that Americans who buy those same products are also paying 10% more.
How high is real inflation compared to the official CPI figures?
Because pretty much everything we export, we also consume. We just produce more than we consume and we export the difference. But if the cost of production is going up and we're raising our prices to our foreign customers, most likely that those same companies are raising prices to their domestic customers. So, you know, inflation is a big deal. I mean, it's not anywhere near 2%. But I think... of inflation, not just in terms of how much prices are rising. It's how much they otherwise would have fallen absent inflation, because if you really understand what inflation is, it's the expansion of the money supply. That's what's being inflated. Literally, it's money and credit. But if you create more money,
And as a result of that, prices, let's say, are 10% higher than they otherwise would have been. But that might not mean that they're up 10%. It may mean that they would have gone down 3%, but instead they went up 7%. The difference is... is 10%. That is a real loss to the consumer. I would have gotten to buy something 3% cheaper, but instead the government created inflation and now it's 7% more expensive.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:07
2
How high is real inflation compared to the official CPI figures?
3:07–24:09
3
Why does Peter Schiff say the Fed and Congress share responsibility for inflation?
24:09–59:38
4
Are AI, robotics and tariffs deflationary or inflationary forces?
59:38–1:22:17
Speakers
2 identifiedMore from The Pomp Podcast
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