Peter Schiff joins the program… Covid was an excuse to increase the size of government. We’re not raising taxes but even if they do raise taxes they will pale in comparison to how much is being spent. We’ll all have a lot less because the government is taking so much more. The stimulus was a grab bag. There was no real way to control the fraud. Wealthy people were getting the PPP. The fraudsters lined up around the block to take the government’s money. We don’t learn from history. The 1920 bust was higher than 1929, but Coolidge cut government spending dramatically which made it a sharp but brief recession. In 1929 we went with Keynes and the recession carried on for over a decade. There’s hedge funds blowing up and there always will be. The problem is the lenders. The funds can’t pay back its loans. The lenders are on the hook. Banks were so desperate for income that they would loan to anyone. Too big to fail and increase the moral hazard. Peter has positioned himself and others by recognizing that the biggest casualty is going to be the dollar. Paper wealth is going to dissipate. The post-dollar era is coming and you need to play that trend. Resources and business that have those resources will help protect your wealth from future disasters.
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