Great Depression Coming & Bitcoin Going To $0 or $1 Million? - Peter Schiff vs Raoul Paul Debate
2,258,553
Published 2024-03-12
Unlock your potential and transform your life: bit.ly/42VcWfM
We can agree we are in a time of transition, so what is the next best move?
In today’s episode of Impact Theory, we’ve got a hot debate between economists and investing experts Raoul Pal and Peter Schiff as we discuss Bitcoin and the future of the economy.
Raoul Pal has become a legend in global economics as one of the most successful former hedge fund managers (retired at 36), and his insights into the current recession, global economy, and volatile markets are well respected.
Peter Schiff is a seasoned Wall Street prognosticator known for his spot on predictions of the stock market performance, including gold, commodities, and the mighty dollar.
In this debate, we’re touching on:
- Value vs. price
- Potential currency collapse and its effects
- Bitcoin's allure and the comparison with gold standard
- Market impact predictions of the 2024 election
- AI's potential to alleviate economic problems
- Differing ways to prepare for hyperinflation or financial repression
- Asset value in a volatile market
- The growing national debt and potential hyperinflation
- Historical patterns of financial repression
- Blockchain technology and digital asset utilization
- The future of Social Security
This episode is a must watch for anyone who wants to look deep into the debates between gold and digital assets, investment strategies amid economic uncertainty, and the possibility of a great depression.
Chapter Markers:
[0:00] Let’s Agree on the Problem
[32:58] Digital vs. Physical Assets
[1:04:02] Eroding Value of Bitcoin
[1:56:55] What About the National Debt?
[2:07:19] Impact of AI and Robots on Economy
[2:37:17] Ideas Causing the Underlying Problem
Powerful Insights From the Debate:
“Instead of taking your money by taxing you openly and directly or even indirectly through a sales tax, [the government] surreptitiously robs you of your purchasing power by just creating money out of thin air, usually with a complicit central bank."
— Peter Schiff
"I've always liked gold, but gold has not done particularly well in recent years. Against debasement on a globalized basis, it still works beautifully well as a global currency, and against global debasement over time. It works. But the really strong debasement we've been having in recent years, it just hasn't done well enough"
— Raoul Pal
"So I think people who are getting out of the dollar or the euro and buying bitcoin have jumped out of the frying pan into the fire."
— Peter Schiff
"What's harder is to say, what the hell does an economy mean after 2030, when you've got endless AI and robots and AGI? What what value do you provide in that world?"
— Raoul Pal
"Because the free market is trying to lower prices by increasing productivity, the government is raising them by creating inflation. And so it's a dance. But to the extent that we can have a huge surge in productivity that's driven by AI or robotics or a combination of the two, that's actually a good thing."
— Peter Schiff
“And I just urge all of us to just make sure that we don't get obsessed by our own mental models, because they will change, and the world changes. And sometimes we can be dead wrong, and sometimes we can be dead right."
— Raoul Pal
"Our ability to stimulate with QE, with inflation is predicated on the false belief that the fed could shrink the balance sheet, withdraw the liquidity, normalize interest rates, we can pay off the debt. When the markets come to the unfortunate realization that that's not true, then the bottom drops out and we can't kick the can down the road anymore because there's no more road."
— Peter Schiff
Follow Raoul Pal:
Website: www.realvision.com/
Twitter: twitter.com/RaoulGMI
LinkedIn: www.linkedin.com/in/raoul-pal-real-vision/
YouTube: youtube.com/@RealVisionFinance/featured
Follow Peter Schiff:
Website: www.schiffsovereign.com/
Podcast: schiffradio.com/
X: twitter.com/PeterSchiff
YouTube: youtube.com/@peterschiff/featured
Follow Me, Tom Bilyeu:
Website: impacttheoryuniversity.com/
X: twitter.com/TomBilyeu
Instagram: www.instagram.com/tombilyeu/
If you want to dive deeper into my content, search through every episode, find specific topics I've covered, and ask me questions. Go to my Dexa page: dexa.ai/tombilyeu
Themes: Mindset, Finance, World Affairs, Health & Productivity, Future & Tech, Simulation Theory & Physics, Dating & Relationships
All Comments (21)
-
I love Both! Bitcoin and Gold (some silver too) Take profit from Bitcoin and buy a little gold as backup. Get some land too if the taxes are reasonable. Its best to have several piles of profitable stuff.
-
Everyone’s been preaching investing lately as a source of passive income but with a 70 hour weekly jobs and limited knowledge of financial instruments, how can I actually stay on top of things, I see every YouTube video saying BUY BUY! But when and how do I sell for profit at the right time?
-
This is the best example of a moderator in a debate I've seen in a LONG time. Wow. Almost fully impartial, kept them on topic, did recaps, forced them to define their mindset and why they thought that. The moderator was the MVP of this debate IMO.
-
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it. Investing is a long-term game. It's just hard to focus on the long term playbook when I'm already in a massive loss.
-
I expect AMS59K to over take ethereum in market cap in 2 cycles
-
Reminder to self, come back in 10 years and re-watch.
-
What we really need is to get Peter Schiff and Michael Saylor in the same room!
-
Hey Peter, if Bitcoin is such a bad asset, why is there a "Pay with Cryptocurrency" button on your website?
-
should have titled this the clash of economic titans. Passive Bitcoin investments rely on momentum, simple, yet often misunderstood. No free lunch in finances. 5k in doge made me half a million after taxes, i threw that into futures now holding over $4m in de-fi assets
-
Peter Schiff's 480p camera shows where is the best store of value.
-
My investments in stocks and crypto are not meeting my expectations. Any last minute tips to improve my situation and make more $$$? Really need some urgent advice
-
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
-
WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
-
We need a Michael Saylor debate with Peter Schiff!
-
Well done excellent debate. The winners were Raul Paul, Peter Schiff, and all of us.
-
I like the old man advice. I am 61. I’ve been a landlord 30 years. I have everything protected carefully. I’ve done very well, and his advice is better in my opinion and of course, it probably applies to older people about protection versus risk.
-
Despite Peter & Raoul being so close in age, I can't help but notice how they embody the thought patterns and conversational styles of their respective generations. Peter is pretty solidly a Baby Boomer in strength of conviction and emphasis on values and continuity. Meanwhile Raoul is classic Gen-Xer, introducing a lot of space for uncertainty, self-critiquing and investigating the implicit biases of the different economic narratives.
-
Please buy Bitcoin and don’t listen to Peter, if you can though. He's just too stubborn as a mule. I regret not following my instinct and bought bitcoin some months ago when its price was between $20k and $25k because i listened to Peter. It's quite devastating now.
-
I have even more respect for Schiff!!!❤
-
Mate, seeing you first time... But this kind of confrontation is so f..cking awesome! You are staying aside... Letting them speak using arguments. Great stuff... All the best bro... Subbed.
