Economist Peter Schiff: America Has No Idea What's Coming Next!

Well, everyone, I want to welcome you to tonight's show, and we have a very special guest. My guest today is Peter Schiff, host of The Peter Schiff Show podcast, who famously warned about the 2008 financial crisis before it happened. Now, for decades, Peter has argued that America's debt, deficits, and monetary policies are unsustainable. And now, with the US debt above $39 trillion and global tensions rising, many are asking whether the crisis he's been warning about has finally arrived. Peter, welcome back to the show.

Oh, thanks for having me on.

Yeah, absolutely. Well, you know, Alex and I are huge fans of you. You know, we follow your work on Twitter and, you know, we just really love your insights. And, you know, I want to start off with the biggest thing trending right now, and that, of course, is this potential deal between the United States and Iran. Um, you know, this, you know, has still largely remains to be seen. Looks like Trump will probably have to pay the Iranians, you know, billions of dollars to reopen the strait that, of course, was open before the war started. But I'd like to know from your perspective, are we looking at a, you know, a temporary shock or the beginning of a much larger economic crisis for the United States?

Well, first of all, on the war, it remains to be seen what, if anything, we actually accomplished by this war. I, you know, we haven't seen the terms yet of this uh, you know. I mean, maybe it's a deal to make a deal because I don't know that it's finalized. And from what I can tell, Iran is saying that it won't develop a nuclear weapon. But I don't think Iran ever said that they were going to develop a nuclear weapon. What they're not saying is they're going to give up all their uranium enrichment, that they're not going to, you know, be pursuing maybe a nuclear power or things like that. So I don't really know what's changed, other than the fact that Iran has shown that it could stand up to the United States and survive. Because if you look at where our supposed objectives were, it was regime change. It was to get rid of this oppressive regime, to free the Iranian people. None of that has happened. I mean, it's the same regime. Yes, you know, they've changed the the leadership because we killed the the the guys that were in charge, but now they've been replaced by, you know, their underlings or whoever was next in line. But it's all the same people. And for all we know, they're even more radical than the guys we killed. And I do think we probably made a lot of enemies because we, we killed people that have, you know, brothers that, you know, obviously we're, we're probably less liked. Not that we were that well-liked in the first place, but so we've probably planted the seeds of future terrorist acts against the United States as a result of this. We all, we certainly spent a lot of money over those few months. I mean, look at the deficit numbers. We just got the deficit numbers for May, and I think it was about a 34% increase from a year ago. So I'm sure a chunk of that was the war. Interest expense, by the way, year-over-year was up 44%. Which is a huge problem. I mean, if you annualize what we spent in May, it's 1.6 trillion a year in interest. And that was the entire federal budget as late as 1997. So now we're spending that just in interest. Now, some of that interest we're paying to ourselves. But even if you net out all the interest we pay to the Fed or to Social Security, it's still close to 1.3 trillion in in in interest. But this is a moving target because every month it gets bigger because more debt matures and we've got to refinance it at at uh at at higher rates. And just because we have peace, the spending isn't over because now the Trump administration is going to want to, you know, re, you know, rearm. We spent a lot of uh money, or we we expended a lot of bombs and missiles that we don't have anymore. And so now we got to buy them back. We got to buy new ones. That's going to cost a lot of money. And oil, you know, oil prices, people are expecting oil to plunge back down to $60 with the war's over. Well, the war is over and it's $80. Supposedly, the war is over. I don't think we're going back down. In fact, I think oil's headed back over $100 a barrel. So, I think that the the hopes that people have pinned on the war being, or the end of the war providing relief at the pump, I I don't think it's going to happen. And I also think that bond yields are going to continue to rise. A lot of people thought that, well, when the war is over, then the bond yields will come down. I I don't think so, because it's, you know, it it's the debt and inflation, and a lot of the inflation is still yet to come, and we've created a lot of inflation and and more is coming. You know, the big beautiful bill was, you know, a a recipe for inflation. That's all it was. It was a big increase in deficit spending. And now you've got, you know, we've got Palony Moore. We've we've got Kevin Walsh. We're going to get his first FOMC meeting, I guess, in press conference this week. But I think there's going to be a lot of pressure on on this Fed to really crank up the printing presses because that's the only way to finance these deficits without exploding interest rates. And Trump doesn't want interest rates soaring because that means the stock market could really come down, which, you know, he he points to as the benchmark of his presidency. Uh it's going to put a lot more downward pressure on housing if rates go up considerably, which which they would have to to fight inflation. And so instead, we're going to fuel inflation. That that's that's the disaster that we're heading to because there, you know, there's no easy way out of this. It's, you know, we're between a rock and a hard place when it comes to inflation, right? Because either we we fight inflation and crash the economy and cause a financial crisis, or we we create more inflation and cause a different crisis.

Yeah. What what does that really mean towards, you know, the average American consumer right now? Uh I mean, when when we're looking at already, you know, the dollar has lost so much of its purchasing power over the last six years. I think the New York Times just came out with an article saying it's lost about 30% of its buying power. We see, you know, in the last two years, cost of goods is just going through the roof, you know, for everyday Americans. I mean, it's just really becoming very unsustainable, you know, that just the just the quality of life in America. I mean, you've just have to have a lot of cash in order to to really maintain this. So, where where are we going with this when it comes down to the average consumer that is trying to just pay their bills and and kind of live in this crazy economy right now?

Well, it's getting a lot more expensive for the [clears throat] average person. That's because government is a lot bigger now than it was, and the average person has to pay for it. I mean, imagine if instead of running $3 trillion a year deficits, the budget was balanced and the government raised that revenue through increasing the payroll tax, increasing income taxes, uh, maybe having a national sales tax or something like that, where the average American was forced to pay 50% more tax than they've been paying. Obviously, they'd be in the same situation. They wouldn't have as much money left over. Even even if prices hadn't gone up, they wouldn't have money to afford things because the government would have taken it from them. Well, we didn't do that. We didn't increase taxes to pay for government. But that doesn't mean we get all this government spending for free. So the way the average American is paying for all this government is by paying higher prices because the government is printing money and spending that instead of taxing it and taxing it. And so that is the problem. It's not really an inflation problem. It's a government problem. The cost of living problem is a cost of government problem. Government is too expensive, and the average American uh is is bearing the consequences of that.

Well, we we we've spoken about oil, the price of oil, and I'm curious if Peter can help maybe uh some of our viewers understand that a lot of these countries have been window dressing the price of oil here. They've drawn down from their reserve inventory or emergency inventory to help stabilize the market, and we are talking multi-multi-millions of barrels of oil have been used for that. I mean, where does that eventually come out in the in the oil trade? We see the numbers on the futures, but then again, dated oil or oil that is actually landing on the shores, going through refineries, uh, you know, seeing this increased inflation. What what holds the future for for oil uh in in let's say the next few years, and inventories? How are countries going to stock back up?

Well, yeah, well, obviously if they're going to stock back up, they got to buy. That's one of the reasons that you're not going to see a big drop in oil now that the strait is opened and there's going to be more production, because there's going to be more demand because now you're going to have demand from governments that have been supplying the market with oil. They've been selling, and now they have to buy. And and I I I think that we've underestimated the damage that's been done to the oil supply chain from three months or whatever it's been of a lack of production, a lack of shipments. And so I think it's going to take a while for the opening of the strait to really repair that. So prices are going to be a lot higher for a lot longer. And in the meantime, of course, we're we're going to, if the dollar starts to fall, and one of the things that's been holding up the dollar was the war. You know, the dollar was benefiting from this so-called flight to safety. Not that the dollar rallied very much, but it didn't fall. It was falling kind of before the war. And so now that the war is over, the dollar can resume its fall. And to the extent that the dollar really comes down, that just in and of itself pushes up the oil price for for in dollars. So prices could go a lot higher. You know, you look at the US strategic reserve now. I mean, Biden really depleted it. Now it's even lower. You know, instead of filling it back up, we drained it even more. So I I and and I, you know, there's a lot of political pressure now, too, because if the war is over, then what's Trump's excuse for why the economy is weak or why inflation is still a problem? Because he he blamed it all on the war. And if there's no war, but the problems continue, what's what's the excuse going to be?

Just want to add to that, you know, while we're into oil, something that really surprised me during this conflict, and I'm a gold bug. Uh, you know, I own physical gold, uh, silver as well. I mean, we saw silver go on one amazing ride. I don't know if that is maybe Jane Street, uh, cornering the silver market, playing the derivative game. U I expect gold uh to go much higher during conflicts. What seems to be the reason why it's um just where it is, and where do you think it might go from here?

Well, you know, I think a lot of people have looked at how gold reacted to this conflict and have written gold's obituary as a result, saying, "Hey, look, see, it's no longer a safe haven. That whole narrative is blown up because it went down during the war." Now, had gold not gone up so much before the war, you know, gold got to $5,500 and it went on a tear. So it was very overbought, and a lot of that, or a good portion of that, was the anticipation of a war anyway, because it was kind of obvious we, you know, the drums were beating for war. So gold kind of front ran the war, and so it was more of a buy the rumor or sell the fact. But I think if you look at the price of gold now, it's $4,300 an ounce, and compared to where it was, you know, a year ago, two years ago, I mean, gold's a lot higher. And the fact that it had its correction during the war, I don't think means anything. In fact, if we started a new war, gold would probably go up because that that new war isn't baked in yet, if you know. So, but I think gold is still every bit the safe haven that it's that it's always been, every bit the inflation hedge. It's just that it has some extra volatility recently. And same with silver. I mean, even more so. Silver soared all the way up to $120 an ounce, you know, from 30. And, you know, so now it's at 70, a little over 70, you know, a little over 70. People, oh, you know, it's way off the highs. Yeah. But look, look where it is. you know, it's broken out of major overhead resistance going back to 1980. So, we have major breakouts in gold and silver, and and that's going to continue. And, you know, the war is bullish for gold, not just because of uncertainty, but because of how wars are paid for. Wars are paid for by through inflation. That's that that's how we pay for it. We don't raise, we don't raise taxes. The government says, "Oh, you're at war, so you got to sacrifice. We're going to raise your taxes to pay for this war." No, we're at war. We're just going to print more money and run bigger deficits. So that that's that's great for gold. And, you know, to the extent that we've got to use our resources on bombs and missiles, you know, that means we we we have fewer resources for consumer goods. So we print more money, we make less stuff. I mean, that's, you know, you're going to get inflation. You're going to get much higher prices as a result of that. And people are going to want to protect themselves if they're smart and, you know, by buying gold and silver.

Mr. Mr. Schiff, I want to, you know, continue on this gold thing because one of the things we've seen uh recently, the last couple months, is China actually stockpiling a ton of gold. You know, they actually added uh 10 tons of gold uh last month alone. I think they've had 15 straight months of of of buying gold. Poland is buying a tremendous amount of gold. Um what is what is the, you know, catalyst behind these these federal banks, you know, trying to to stockpile their Federal Reserves? Is there a specific strategy that China, for example, is looking at right now and and how they're they're balancing that out? Are we just looking at it because of this time of geopolitical chaos?

Well, no. Well, they're de-dollarizing. I mean, when it it's pretty clear that these major central banks, governments want to reduce their US dollar exposure. I mean, it's clear that they need to do that. If it wasn't clear, we made it clear with the sanctions on Russia that your dollar reserves are not really yours, and we can take them away from you if we don't like what you're doing. So that's not exactly uh a a safe place for the Chinese or the Russians or anybody, because you know, we can turn our backs on a friend in a moment. You know, you can be, you know, an ally at one minute and then an enemy the next, right? And so you don't want to be in that position. And also, it's obvious, and if it again, if it wasn't obvious before Trump, it's certainly obvious now, that there is no chance that the US government is going to act fiscally responsibly to avoid a a a debt crisis. And even former um economic advisor to um Bush, Hank Paulson, conceded that we need a plan to deal with the emergency that's going to happen. He called it a "break the glass" plan when foreigners don't want our bonds.

And, you know, he didn't say we need to come up with a plan now to make sure that that doesn't happen, that we need to prevent this emergency. He conceded to the fact that that's never going to happen. And so since we're not going to prevent the crisis, he wants an emergency plan to deal with it. And and that's because creditors realize that, you know, we have almost a $40 trillion national debt. It could easily hit $50 trillion in the next few years. Interest payments are skyrocketing. Right now, the interest payments are 30% of tax revenue. In a few years, they could be 50% of tax revenue, and eventually they could consume all of our tax revenue. But obviously, that's an untenable position. There there's no way the US can pay these obligations honestly. So, we have two two choices, neither of which are good if you're holding US treasuries. One is that we default and we just don't pay you, which, you know, obviously you don't want to hold US treasury. We're going to default. And especially if you're a foreigner, because the US government can selectively default. If you're China, the US government can say, "We're not going to pay the the principle or the interest on the bonds that the Chinese own. Those are no good." You know, so you're you're in a bad situation. But even if we don't default, we can't legitimately pay. We can't raise taxes on Americans to pay the interest to the Chinese or anybody else. We're just going to print money. And and that means the value of the dollar is going to collapse because we're going to have to create so many of them, right?

And so central banks can see this, and so they want out. They want to get out of the dollar. But when you get out of the dollar, you have to get into something, or you have to buy something with your dollars. And so what are you going to buy? Well, you look around at the other currencies out there. You could buy euros, you could buy Japanese yen, you could buy British pounds, you know, you could buy RMB, you could buy Swiss francs, Australian dollars, right? Those currencies are out there. But a lot of those currencies have a lot of problems themselves.

Um, and then you look at gold, and, you know, gold doesn't have any problems. You know, gold is pristine. You know, a lot of people said, oh, you know, the the world will never go away from the dollar because there's no alternative. We're the cleanest dirty shirt in the hamper. Now, I don't think we are the the cleanest dirty shirt, and I I think the Swiss franc is a lot less dirty than than the dollar, although there's not necessarily a huge bond market of Swiss debt out there because Swiss governments aren't borrowing a lot of money, and it's a small country. Singapore dollar is not a bad fiat currency, but again, it's small. But you don't have to look in the hamper of dirty currencies. You can just look at gold, which is not in that hamper. Gold is real money. It's not it's not a currency. It's actual money. It's not issued by anybody. Uh, and and and nobody can sanction your gold. And and so that's what everybody, the central banks are doing. They're they're buying gold, and that's going to continue. And the central banks that have been buying gold, they're going to keep buying it. They got a lot more gold to buy. And the central banks that haven't been buying any gold, they're going to start. I mean, they're a little late to the party, but they're going to they're going to arrive, and they're going to start buying, too. And what's also going to happen is private investors who still haven't come to the party in in in any kind of size. They're going to be buying. Institutions are going to be buying gold. Uh, pension funds, insurance companies, uh, hedge funds, endowments, individual investors, they're all going to start buying. I don't know what percent of their portfolio they're ultimately going to allocate to gold, but right now, most people have zero. [laughter] So

just go into a 5 to 10% allocation. And where is that allocation going to come from? It'll more likely come from bonds than equities. And that's a big deal, too, because if you're the US government and you're trying to sell treasuries, and now some of the people that were buying treasuries, you know, private investors, they don't want they want to buy gold instead for their, they want to put their safe money in gold. They don't want to put it in a US treasury. It's going to be a big problem.

Um, Mr. Schiff, I want to kind of continue on that theme of de-dollarization because, yeah, you know, I love how you answered that, right? China's buying gold, you know, in an effort to de-dollarize. Uh, we've seen that even in the Iran war. You know, certainly, you know, these Gulf states are are are trying to find other options because of the the chaos. BRICS, BRICS is obviously gaining, you know, already much larger than the G7. Um, if if more of these countries and more of these trends continue to go, one of the questions that I that we get a lot is from a lot of Americans that are saying, "How does this de-dollarization trend, how's it going to affect me as an American and as an investor?" Um, is it just is just more the bullish case to buy more gold? I mean, or or how's that going to affect the average American?

Well, it's going to make the average American poor. I mean, the the average American owes his standard of living to the dollar and its role as reserve currency. You know, we run trade deficits in excess of a trillion dollars every year. And the only reason we can sustain that is because the world wants the dollar. And so we can exchange the dollars that we earn and that the Fed prints for the goods that the rest of the world produces that that we don't produce ourselves. So we have a lot more available to buy. The shelves are fully stocked when we go to the stores. There's lots of merchandise there, and we get to buy it, and the prices are are reasonable. They're, you know, they're higher now than they were, but, you know, but when the dollar tanks, that's all going to change. We're not going to be able to run these massive deficits because the world's not going to want our dollars anymore. Now, they'll want our stuff to the extent we produce products that, sure, they'll buy them if they're good and, you know, they want them, but we're not going to be able to run trillion-dollar a year deficits. So, we're going to have to export more and import less. And and what does that mean? That means much higher prices. That means some of the stuff that we produced that we we was still was still here, we're going to have to send that stuff abroad, and a lot of the stuff that was coming in ain't going to come in. So the supply of goods that Americans have to buy is going to be dramatically diminished. So what does that mean? That means much higher prices. That means if you want to buy something, you're going to have to pay up. A lot of Americans are just going to be shut out of the market. They're not going to be able to afford to pay the higher price. But the people that have enough money, if the price of something triples, a lot of people will drop out. I can't afford it anymore. It's too expensive. Some people will still buy it because they have enough money. They they want it. But the average American is going to see a big decline in his or her standard of living because everything is going to cost a lot more money. I mean, you know, going into Target, you you'll feel like you're, you know, at Saks Fifth Avenue or or something like that. I mean, everything is going to be expensive. Things that things that we take for granted are going to cost a lot more. And and and interest rates are going to be a lot higher because it's not just cheap goods that Americans have have received because of the dollar's status. It's low interest rates because when foreigners sell us all this stuff and accept our dollars, they don't just stuff the dollars under a mattress. They buy our treasuries. They buy our mortgage-backed securities. They buy our corporate bonds. And that means we have lower interest rates. But when foreigners aren't doing that anymore, there's less demand for all our paper. And that means higher interest rates. So, not only is everything going to cost more, but it's going to cost us a lot of money to borrow the money to buy that stuff or to buy to buy anything or to make investments. The cost of capital credit is going to go a lot higher in in in the United States. And that's going to be a huge problem because also we're going to have a big surge in unemployment because most of America's jobs right now are tied into our excess consumption, which is a byproduct of the the dollar value. Who are the biggest employers in America? The it's Walmart and Amazon. They're selling stuff. Almost all of it is imported. Not that much made in America, right?

Then our other big employers are UPS and Federal Express. What are they doing? They're delivering all the stuff that we're buying on Amazon. And so those are like the four biggest employers in the country. And so they're going to be laying off a lot of people. And what are those laid-off people going to do for work? I don't know. You know, when obviously we're going to have to start making more stuff. M so we're going to have to build more factories and expand our supply chains and our infrastructure, you know, but that's going to take a lot of capital to make those investments. Where's that going to come from? You know, so, you know, we have dug ourselves into a gigantic hole because we built an economy that only works if foreigners will support it. They have to loan us the money that we borrow and produce the goods that we consume. And that's, you know, something that very few people seem to understand. You know, certainly the president doesn't understand it. He thinks that the world has been ripping us off and taking advantage of us when it's actually the other way around. We're ripping them off. We're taking advantage of them. He he just does not understand the nature of this economy. And who holds the cards? He thinks that we've got all the cards because we're the big consumer. We're the big borrower. No, they've got the cards. You know, they're they're they're the producers. They're the lenders. They're they're they're the driver's seat here, not us.

Mr. Schiff, I want to go to the biggest IPO that just happened. Let's talk about SpaceX because it um I'd like to get your honest thoughts on that. Largest IPO in history. I think it's now the sixth largest company in the world. Um, you know, what's what's the honest truth about SpaceX IPO that most people are missing here?

Well, I mean, I don't know. I mean, first of all, yeah, I mean SpaceX, I'm not really sure now like if they're making any money yet. I know they're making money through Starlink, and I use that myself. I, you know, use it on my boat. It's very expensive. So, they got some revenue there. And I know they just started leasing their computer capacity to I think to OpenAI, and I don't know how long that's going to continue, but they're generating quite a bit of revenue there. Or is it Claude? One of I mean, uh, Anthropic, maybe it's Anthropic that's that's I forget which one. So, they're getting they're getting some money there. I don't know, you know, how much money there is yet in space, in space exploration and moving people to space. You know, it seems that, you know, if you're talking about people vacationing in space, people going to Mars, people going, you know, to the moon, I don't know how many people are going to be lining up for that. As far as vacations are concerned, I'm sure that's going to be pretty expensive. And what are you going to do? You're going to be, you know, crammed in a little ship. And, you know, I mean, uh, I think most people would rather go to Tahiti. I think there's a lot of hype. The company's got a $2 trillion value. And we could say, well, but look, you know, there are other companies that are worth a couple of trillion. Yeah, they're overvalued, too. I mean, you're you're comparing, you know, stocks to other stocks in a bubble and say, well, look at it, you know, look at it compared to Nvidia or compared, uh, you know, to some of these other mega uh, tech companies that are that are already way overpriced. And so, it's coming public in a in an environment. I mean, the company at $2 trillion, it's almost at a hundred times revenue. I can see a small little biotech company that doesn't have much revenue or, you know, but a a company of that size to be trading at 100 times revenue, that's unprecedented. I mean, the other major companies, they have profits. I mean, maybe they're at 30, 40, 50 times earnings. SpaceX doesn't have any earnings yet. Obviously, we have the most expensive stock market in in US history. So either we're on the verge of the biggest explosion of profits, and investors have got it right, and we're going to see an unprecedented increase in in corporate profits, or we're going to see an unprecedented decline in stock prices, or maybe precedent, you know, but but one of those things has to happen. Either investors are right to ascribe so much future income to US companies, or they're wrong. And every other time that stocks have been not even this expensive, but close to this expensive, investors have been wrong. So the safe money is that this is another bubble, you know, and but, you know,

I I get bigger and bigger. [clears throat]

Yeah. Uh, Mr. Schiff, I've got one final question for you, and I'm going to get a little bit of prediction here from you, but if America continues to keep running these trillion-dollar deficits, fighting expensive wars, financing consumption with debt, what does the United States look like 10 years from now?

Well, there's a lot of variables in there. And, you know, I guess the wild card is AI and how much extra productivity we can get out of AI. That that could change my analysis. I mean, if AI wasn't around, it'd be pretty obvious. It we'd be in a complete disaster. But, you know, there's the potential. I don't know how quickly, you know, we can create a robotic workforce armed with artificial intelligence to start to build all the stuff that we're now getting from the Chinese, but, you know, it's possible. But, you know, I think that between now and a decade from now, I think we are going to go through a crisis. You know, I I think we're, you know, we're headed there right now. I think, you know, the debt is spiraling out of control. Uh, inflation is a big problem and getting worse. And, you know, I think politically, I think the Democrats are going to sweep the midterms, and I think they'll they'll win back the White House. I think the candidate is going that's going to win, it's not going to be like a centrist, like a moderate. It it's going to be a very radical socialist because, you know, the everything is shifting left. I mean, because Trump is basically a Democrat. I mean, there's no there's no more conservatives. There's no more the Republican party is now the Democratic party, and the Democratic party is the socialist party, right?

And and even there's a lot of things that Trump advocates for that are very socialistic. But everything is shifting left. And so the Democrats are not going to go to the center. They're just going to go more left. But the but the public is going to accept that because those are the alternatives. You could have two left-wing candidates. You might as well go for the the one that's even further left if he's the one that's promising the most. But the problem is, if you look at the last three elections, it's all about blaming the problems on the incumbents, right? And it's always better to run as a as the outsider, as the challenger, because you get to blame all the problems on the guys that are in power, and you get to hold out false hope that you're the guy that's going to fix it. The guy that's in power, the party in power is stuck with having to justify four more years when the last four have been bad. And they try to convince you that everything is great and that you should reelect them. Whereas the challengers don't have to convince you of anything. They just acknowledge what you already believe. You're you're hurting, and I feel your pain, and I'm going to help you. The guys that are in power have to say, "What are you talking about? Everything is great. I'm going to what pain?" You know, you're you're obviously don't realize how good you have it. So, it's it's difficult. That's why Trump was able to beat uh Hillary because he was the outsider going to make everything great. That's why he lost to Biden because he didn't make everything great. And Biden was able to say, "See, you know, I'll I'll I'll succeed where Trump failed." And then Trump was able to win against Harris because he said, "Hey, look, everything is lousy. I'll fix it. It was great when I was president before, even though it wasn't great, but it was certainly worse after four years of of Biden." And the voters are going to have the same choice in 2028 when a a Republican is promising four more years. And the Democrat is going to say, "Yeah, we don't want four more years of that. That was horrible. Trump screwed up everything." You know, they'll say, "We had a great economy when Biden was president. Now we didn't have a great economy." But people will, you know, they'll they'll think, "Yeah, it was better than what it is now."

Right. Right.

Things keep getting worse. And and so, you know, and so we're going to, you know, who knows what kind of crazy radical policies we're going to get from a far-left presidency with the House and the Senate, all we're going to flip it. It's going to go from all Republicans to all Democrats. And look how much the Republicans ran up the debt when they had all three. Do you think that the Democrats are going to are are going to do less than that? No, they're going to do more, right?

I mean, the the Republicans pretend that they don't like big government, but then they make government bigger. The re the the Republicans rather the Democrats love big government. So what I mean, if if the people that hate government make it bigger, imagine how much bigger the people who love government are going to it's going to be tough.

Yeah. Well, Mr. Schiff, uh, it's been an absolute pleasure to chat with you. I really appreciate your time. You gave us a lot of it today, and um, I just want to say thank you so much. We're going to make sure we drop all of your links to your podcast. Um, you know, also just my podcast and everything. [laughter] Yeah, just just your podcast and your ex account, you know, just so people can follow along and

social media. Yeah. Yeah, definitely people should listen. You know, my podcast, I'm now over one and a half million ex followers. So my my follower count is is increasing, and yeah, we got over 600,000, 625,000, I think subscribers to the YouTube channel. So people can listen to my podcast there. I'll be definitely be talking this week about the FOMC meeting, and we're going to get that that first press conference. All eyes is going to be on that.

Well, everybody, uh, thank you all for joining tonight's episode, and we look forward to seeing you in our next one.