Joe Rogan Experience Review podcast - 10: The Joe Rogan Experience Review Podcast

Episode Date: July 26, 2018

Joe's guest was Peter Schiff – financial genius and super fast talker Thanks everyone for listening Enjoy! Comments and questions go to my Instagram: JREreview  

Pero ¿cómo es posible que sean las tres de la tarde? ¿Qué lleves casi una hora de atascote? ¿Qué de todo el camino por delante? ¿Y tú estas ahí dan tranquila a tus cosas? ¿Cómo si te ves de todo igual? ¿Cómo es posible? Vamos, que tú vas a trabajar no estás yendo, ¿no? ¿A dónde vas tú tan contenta? ¿Eh? ¿A dónde?

Llega el mejor momento del año. Llegan tus vacaciones. Este uno de Julio sortió extraordinario de vacaciones de Lotería Nacional, con 20 millones aún de cimo. Loterías de recuerda que juegas con responsabilidad y solo si eres mayor de edad. I'm kind of all caught up and Joe I guess has taken like a bit of a break. The last one that came out was Peter Schiff. That's up until this point. 11.45. That was Joe Rogan's podcast.

11.45. Peter Schiff is for fans of the show. I mean, you've probably heard him before. He's kind of quickly becoming one of my new favorite guests on the Joe Rogan experience. He's kind of like a Rhonda Patrick in his own way. Dr. Rhonda Patrick is like a biomedical researcher that pops up on Joe's podcast a lot. As fans, you're going to know her. She's amazing. You need a note pad for her. Honestly, she has so much information. She's so smart. She's always great to hear. Peter Schiff is kind of the same thing, but for finance.

You know, I don't necessarily agree with all his politics, but again, you don't have to agree with people's politics to believe that another aspect of their intelligence is valid. And Peter Schiff certainly knows his shit when it comes to making money. So yeah, they got right into it. I mean, Peter was talking at Joe about there being another financial crisis coming, a big bubble. You know, it's a complex show show, you gotta listen about one. There's so much information in there.

I mean, in a lot of ways, he talks so quickly, it's hard to even track what. It is that he's, whereas points are, like when it comes to just understanding the system as a whole, like clearly, he knows finances. He knows how money moves, how the government uses it, and he describes it so quickly. I'm like, wait, what the fuck are

you talking about, Jesus? The new bubble thing scares me though. As far as I can make out and you guys, you know, let me know what you think, but it's coming and it's going to be worse the next, last time, the 2008 one and this time we won't be able to bail the back out What the fuck the fuck does that mean and it's gonna happen to Trump, you know, and obviously he's a big Trump supporter, but he's saying that none of this good Economy is due to Trump, but all in fact it's not even a good economy. So that's news to me. I'm just like, who the fuck do you even believe? Honestly. I'm like, okay, so the economy sucks.

How does this mean? You know, it's just like a fake looking good economy. And one of the things that really hit me was when Peter Schiff was talking about how the unemployment numbers don't look high right now, they're supposed to be good. But then there's a lot of people that they don't even include in the statistics because they're not even pulling unemployment check. I mean, yeah, they're not taking unemployment checks so they don't get counted. And obviously the longer you run unemployment, eventually you run out taking unemployment checks so they don't get counted. And obviously the longer you run on unemployment, eventually you run out of unemployment checks,

and therefore you don't get counted. So that that's not right. I mean, it just kind of sounds like more and more people can become unemployed. And the statistic number somehow improves because they're all falling off of their unemployment checks. You know, I don't know if it exactly works like that, but that's really disturbing, right? Because it makes it so difficult to know what the hell is going on. Like, who is, how many people are unemployed? Like, what is happening for those people? You know,

and then the government just wants to talk about how unemployment is going down because of these numbers. Like they must know, they must know they're clearly just feeding some bullshit. What kind of validates Peter's share for me is that obviously he is pro-Trump on many levels, but he's still willing to talk about how the economy is struggling and how they don't report unemployment numbers well. When you're doing that to somebody that you support and probably voted for, it just does add a little legitimacy to the fact that it's actually happening. And he seems so clued up on you know every kind of other aspect of his field, of the financial field, that I'm sure he's

done some research of this. This is the big thing about these podcasts, right? I mean, at some point, you can't look at this shit up yourself, you just need to know these people are pros in their particular field, and chances are they know exactly what they're talking about and you know I try to listen to that you know that's how I make my informed decision that's how dummy like me can actually say okay I think I understand something finally and this is what so Peter Schiff lives in Puerto Rico the last time he was on the Rogan podcast he was

talking banging on all day about how great that place was. Beautiful weather, I think he doesn't have to pay a lot of taxes for his company. I think that's why he moved down there. And he was saying that other people that worked for him, young guys, wealthy guys, had down there doing the same thing. And obviously, they've got jobs and money and the local women are loving them and what's funny here is Peter was saying that people are getting pissed off at him on the island saying that these women are just gold diggers or whatever. And he makes a great point.

He's like, no, they just like guys that have jobs. What women don't like that? Yeah, can't argue with that, right? I mean, seriously, especially if you're on an island that has a lot of guys that don't make a ton of money, I mean, suddenly the wealthier guys are going to be more attractive. That's just, that's just how it works. I mean, you can't fault the women for that, Jesus. But yeah, I don't know a lot about Puerto Rico. I know that it is not a state, but it is some part of the United States. I'm kind of as vague on it as Joe is.

I mean, I really just don't understand, but it sounds like pretty fascinating place. I would like to visit there. But yeah, since he was on last, they had that storm down there. So they've been out of power a lot and the infrastructure's kind of a bit of a mess. And Peter Schiff didn't seem to bother about it. He was like no, no, I got generators. I got backup stuff. I'm fine and

Joe made the joke like what you have armed guards like how you keep people out? I guess you know Joe's thinking like I would be right like as soon as that happens it just goes wild It's a free for all and it's chaos people are just looting and but maybe that's not happening down there. Maybe they have a different sense of community, they're not that way. But yeah, fuck, I hope Puerto Rico gets some, get some help down there and you know, they definitely need it. So one of the really interesting points that I thought Peter brought up is when he went into just kind of like he's big on government having very little power over business right. He wants like the free market to do what it needs to do and in the free market will sort itself out. And that lays the foundation for like the most profit and all the rest of it.

So he doesn't really like, you know, high minimum wage and he doesn't like all these limitations on business through government. One example was when the couple went to get a cake made and they were a gay couple and the cake maker wouldn't make that cake. So they get into what they think is the way that it should be and Peter was saying, look, a cake maker should make only the cakes that he wants to and if he chooses not to make a cake for something like this, then I mean, that's his loss because he's not going to get paid for it and they can just go having made by someone

else. So that's a big negative for the individual, but if it just strikes then that profound, that strongly, then they should have the right. And you know, something like that, I don't know. I haven't really thought about it too much, but it seems to me that in some ways, I need to be a balance, right? Because it's a little problematic. I mean, at what point do you draw the line?

Could somebody just be like, I'm not making a cake for black people? Well, you know, I mean, even making statements like that is just, it's definitely provocative. It's definitely promoting anger and frustration, you know, whether the individual has the right to do that or not. I mean, I don't know, it's a tough one. That one's a tough one, but it's a cool, interesting point that he brought up and and basically what he's saying is at the end of the day, someone else is gonna make that cake, and then their business gets to advance, and this is again just all free market stuff. So if the person that keeps turning down having cakes made can afford to do that, then they have the right to, right?

It just puts it back on the individual that's being told no, and you know, how far it is after go before it do that, then they have the right to, right? It just puts it back on the individual that's being told no, and how far does that have to go before it's like, before it's ugly. That's just it. I mean, talking about ugly things, he brings up a really good point on college tuition. I've always wondered, I came from England, I'm always like, why is college tuition so much in the United States?

I've never understood it. It's not that much in Europe. A lot of it's fair, like close to free and he brings up an interesting point Basically when the government stepped in and said, hey, we're gonna do a solid. We're gonna do a good thing for students out there We're gonna make it easier to get money and we're gonna do that by ensuring the loans Right, so you can't just sign bankruptcy and get rid of your student loans. You can't get away from them We're going to make it easier to get money and we're going to do that by ensuring the loans, right? So you can't just sign bankruptcy and get rid of your student loans. You can't get away from them They will take money out of your taxes and if you don't pay your taxes, you go to jail So in a sense in a crazy way

By not paying your student loans you can go to jail Because you went to college you can end up in jail without doing anything other than just Not doing something which is paying those bills back. So, students beware, you know, you got to pay that shit back and it's like any other loan and it can be difficult and what he was saying is what happened is as soon as the government ensured these loans, the schools just went, fuck it, we just raised the price, we can get money left and right and it's true Sometimes I would sign for something when I was in school. I'm like how much is this?

This is like seven grand eight grand and it just comes in and these are just numbers I'm like all right. I guess if that's how much it is to go to school. That's how it goes and It's just like why the fuck does any of that shit cost so much think how much you can learn online now Everything for like this podcast almost anything. I do I Google it. Google it, have a look, watch a video, there's like cheap courses you can take, teach you about like online media or whatever, and I'm just like, wait a second, is it even just necessary to go to a university these days? I mean at the end of the day what does somebody that accepts a college graduate looking for? Someone who knows what they're doing, someone who can read instructions, someone who can figure

something out, someone who is trained in the area that they want, you know, I mean most of that kind of realistic training comes from doing anyway, which is not very similar to the classroom and when you think how many years it takes to pay shit off Just like I don't know. I don't have a lot of student debt, but I got friends that are doctors. They own tons, you know, $200-$300,000 Insane amounts of money. It's like having an incredible Ferrari you never get to drive unbelievable

So Peter talks about what you could put your money into he thinks gold right? So he's one of those gold guys. I think he has a website in you know shift gold or something and You know it's about buying gold for these recession times, for these times where things collapse. I mean, when you listen to him talk and it's like you either pay in a hundred grand in student loans, or saving this money and putting it towards gold

that's supposedly recession proof, it makes you think, because student loans don't give a shit about where the economy is You still got to pay those things back if anything it's just gonna raise the interest right because the whole economy's garbage I say this like I know I don't know. Okay, I just listen to his podcast and I just reiterate what I assume is happening Then he brought up Bitcoin, right? And and Bitcoin is is the kind of like online currency.

I'm sure everybody sort of it. Joe's talked about it a bunch. Virtual currency, right? I have friends that trade it. I don't have a fucking clue what it is, what it does. But it's interesting. And he's saying that it's, it's just gonna take a dive. Like, it's imaginary. You shouldn imaginary, you shouldn't invest in it.

I mean, I don't know. I don't know if he said you shouldn't, but he doesn't believe in it. He doesn't think that it's like, he just says there's a lot of different currencies like that and the price has dropped a lot and yet did go up, but that's that and yeah, he's not putting a lot of money into it He's he was saying that people were buying it like 18,000

I Mean if you're buying it at 18,000 and now it's down to what like nine or eight or six. I don't clue That's a lot of money. You've lost. What do you do then said on it? I'm so glad I don't get into that business. If any of you guys invest that way, maybe you could tell me how it works, but that just seems like terrifyingly stressful all day. If you've got enough to worry about, there's just these imaginary numbers that are clicking away and you've got to wake up to see like these plummets.

I don't know, you know, the people that I have met that do this, they have a lot of toys and a lot of money. I don't know if all those toys can make you feel good about the fact that you constantly have to be thinking about that. Ziff, rough. It's pretty much any finance though. Another thing that Peter Schiff talked a lot about is kind of the entitlement, you know,

like socialist aspects of society. Coming from England, we have healthcare over there that's paid for the NHS, so that's like a socialist element. It does cost us a lot of money over there, and it's something that most people support. It's just kind of like an English thing to believe that people need healthcare. America is not the same, right? You get insurance, you've got premiums, you've got to pay a lot, these sorts of things. Could it be Rumbata? Could it be Rund differently? Who knows? I mean, the free market's definitely made it expensive, but America does have incredible healthcare

if you have the money for it. I mean, no doubt. But it costs a lot of money. Do I go to the doctors more here or in America where I live now or when I was back in England, definitely when I was back in England? I mean, you know, you're going to go in and have something looked at if you know it doesn't cost you anything. But then when you get a bill and it's like $500 and they took 2x raise and didn't find anything, you're like, what is the point of going in and doing these things? I don't know. That's a lot of my experience with medicine in the US. It's like, it's a little frustrating, you know, but if you got good insurance, then it's no issue. You go in, get everything checked, but how many people don't? You know, and this is where it comes back to like what the socialist thing does, but the point that he's making is Peter says when something is

is run by the government, then it's really inefficient and it's expensive and it costs a lot of taxes. And if you leave it in the free market, it works better and it's cheaper, and it doesn't cost taxes. So therefore, you just buy what you use instead of paying for everyone else's. And that's a difficult one. I feel like so many different things that we deal with need to be looked at individually. It's one thing to say national health care,

but then also look at Education and then you're looking at like the fight apartment and and the police and I know all these different things I mean, there's there's certain things that that have to be done like that I I don't know what like a privatized police force would look like. That sounds super problematic to me. I mean, yeah, that I think there's certain aspects that that would be a real problem. And one of the really fascinating things that he talked about was a New Zealand. So New Zealand back in the day was, back in the day was, they got very liberal for a while. Right?

And there were a lot of, kind of, like, socialist-type services over there, and their economy started to really struggle. And how they were even given the opportunity to get theirs, because they had, like, a thriving period of time, all based on capitalism. And he was saying that comes in a cycle. And that was cooler here because I'd never heard that before. I'm wondering if that's something I'm like, oh, I should keep an eye out for this. It's like when a country does very well and all the people start to thrive, they start to look around and think, hey, we should help everyone. And then eventually it gets to the point where the government is running out of money trying to help everyone. So then it becomes very capitalist

again. And it does this kind of on-off thing. And I wonder if that is true based on kind of generations of people that that I feel like is a fascinating thing to observe if it's true. I really like that. And again, I pick up so much listening to Peter Schiff that just raises fascinating questions. That's what's so cool about that one. And in a way, that's why I want to do a podcast just for this one show. I usually do a couple of shows. I usually talk maybe about Joe's Rogan's entire week of guests. But this one I wanted to delve into. I was fascinated by it it and I just thought, hey, you know, I'm gonna focus more of this energy that way.

He gets to the end of his podcast and Joe is asking him kind of a few times because he was he was sidetracked and getting off track. He was talking about what is the solution then, you know, if you could get Donald Trump on the phone, what would he say, right? And I listened to it a few times. I didn't quite understand all of it, but I just, you know, I don't know, find out stuff that anyway, like here, see if you can make real clear sense of it. But, you know, it just comes down to like cutting taxes in some way, raising interest rates. And cutting the taxes and less government intervention allows companies to grow, right? And in a capitalist society, it's going to make more wealth is what he's saying. Then raising interest rates is actually going to encourage people to save. They're not spending as much money, they're saving because the money now has value to hold on to. It has more

value to hold on to than when interest rates are low, which does make sense, so people are saving. And then through this and other things and having to work with the Fed, you know, it can stay off these massive recession events, right? But he doesn't think that anything can be done now really, realistically or anything will be done to keep it at pay. And holy shit, we will find out. I hope it doesn't I hope somebody steps in and realizes what's going on You know, they're talking about how Americans are just spending more than ever like everybody is just spending with credit and not using money that they actually have and it's just a

Borrowing game until nobody trusts us to borrow anymore so fuck Hey, you know what? I say be hopeful. I say it's gonna be fine. I say things will work out, but they're going to do a better job. When people like Peter have a voice, they can step up, talk the way that Joe does,

and educate fucking all of us to some new ways of doing things. So those people out there, and again, thanks everybody for listening. You know, pay attention to this guy. You know, tell me what you think. And yeah, buy some motherfucking gold people. Thanks again for tuning in and talk to you guys in a few days. Cheers. And talk to you guys in a few days.

Cheers.