Name: Joe Rogan Experience #445 - Peter Schiff
Uploaded: 2014-01-23T03:57:04.000Z
Description: Watch the stand-up comedy video 'Joe Rogan Experience #445 - Peter Schiff' from PowerfulJRE on Comedy Buff. Published 2014-01-23. Transcript available.

Watch the stand-up comedy video 'Joe Rogan Experience #445 - Peter Schiff' from PowerfulJRE on Comedy Buff. Published 2014-01-23. Transcript available.

Joe Rogan Experience #445 - Peter Schiff

Oh, hey. What's up, everybody? How's everyone out there in internet land? This
episode of
the Joe Rogan Experience is sponsored by Squarespace. If you've been paying
attention
to the podcast over the last few weeks, you know that we had a website contest.
Squarespace
is a really, as far as like a website that creates websites, you literally
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But we got these four. So the four are Jeremy Jones, which is misochasers.com.
And what that
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was Claire Horn. And Claire
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Nashville-based visual artist
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was set up. So we went with
that one. And then there is... Who are the other ones? ADK. ADK Ventures, which
is all really cool wildlife
photographs. If you click on that, it'll tell you what that one is. And the
goat soup. And then goat soup and whiskey,
which is a... It's a place in Colorado that is... It's at a ski resort. It's
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something like that. Whatever it is. Cool website. I really like how they did
it. I like how they layered the pages over each
other. You scroll over them. They have pool tournaments. So they're on my good
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great job with it. So those are our four. And thank you to those people. You
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look, there were so
many amazing websites. It's really ridiculous that we even picked four. The one
that was number one for
me, though, was that storm chaser shit. That was misochasers.com. That's my
favorite one. Sorry.
Sorry, everybody else. I pick a favorite. We're also brought to you by Onnit.com.
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here. Cue the music.
Let's get this popping. The internet is abuzz. People are very excited to talk
to you.
Peter Schiff. How are you, sir?
I'm well. I'm well. Joe, thanks for having me on the podcast.
Please. Thank you. Thank you for doing this. I really appreciate it. I have
zero background
in economics. I'm a mathematical retard. And I really appreciate people like
you out there
that can spell things out and explain what's wrong with this ridiculous system
that we operate under
and what's right about this ridiculous system.
Yeah. You know, don't sell yourself short, though. Just your common sense might
mean
you know more about economics than people who actually have Nobel prizes in
economics.
Well, I would disagree with you, but I saw that movie Inside Job and I saw how
the whole system
works where they, you know, essentially set these financial limitations and
then wind up getting
jobs after their, you know, the economics professors set these limitations and
then wind up getting jobs
and wind up profiting off of the fact that they've made it so that these things
go through.
You and your video from Occupy Wall Street is one of my all-time favorites.
Thanks.
When you went down there and you said, "I am the one percent," and you started
talking to just knuckleheads.
And I know you didn't cherry pick because you had a few intelligent people in
there too,
but it was beautifully representative of what's actually going on. This sort of
emotional outrage,
this wanting to understand and explain why our economy is in such a mess, but
having this very
distorted perception of the actual facts themselves. Yeah. And, you know, my
purpose of going down
there was to call attention to... I think they misdiagnosed or misunderstood
what was really going on,
and they bought into this idea that it's capitalism or the free market that is
the problem.
And so they were blaming maybe Wall Street because they looked at Wall Street
as somehow epitomizing
American capitalism. And I wanted to point out that what they were really upset
at was not
capitalism. It was because of government. It was because of central banking and
central planning
and crony capitalism. That was the source of all their problems, that really
the solution to the
problems is free market capitalism. They just don't understand it. And so I
wanted to go there and
explain to the people in that park. But more importantly, if people watch the
interactions
between me and the occupiers, to try to really expose how ridiculous, you know,
the things that
they're saying are, I understood that they were upset and they were frustrated.
But, you know,
the source of their frustration was misplaced. I mean, they should be
protesting Washington,
they should be protesting the Federal Reserve, Congress, not Wall Street. I
mean,
what's going on on Wall Street is a symptom of the problem. And it's not
capitalism because when you
have the government and Wall Street working together, you know, that's not the
free market.
I mean, and it's government that is at the source of it. It's not necessarily
the bank's fault.
Sure, everybody wants something from government, but the government should, you
know, deny,
right? When somebody wants a bailout or somebody wants something for nothing,
the government should not supply it. I can't necessarily blame Wall Street for
wanting something
for nothing. But I blame the government for supplying it.
Now, how do they supply it? Do they supply it because the people that are
asking for them to
supply it are the ones who contributed to their campaigns and got them into
office? And then once
they get in there, they acquiesce, is that what's going on?
That's part of it. But a lot of it is the government wants to maintain the
illusion of
prosperity, the illusion of economic growth. And so the way they do that now is
through the
financial markets, through assets. And they get the stock market to go up, they
get the real estate
market to go up, and somehow they pretend that that means that the economy is
getting better just
because asset prices are rising. But that's not really economic growth just
because the price of
some asset goes up. I mean, what's economic growth is when your economy
produces more stuff, when you
have more output of the goods and services that make people's lives better,
right? You want to grow
your standard of living. You know, if people are poor, they're poor because
they don't have enough
stuff, right? So we have to produce more stuff for people to consume. And that's
not what's happening
in the U.S. economy. It's not like we've got more factories turning out more
stuff. All that they do
is they get asset prices to rise so that people can borrow more money against
those inflated asset
values and then spend it. But we're buying things that are made in other
countries. It doesn't
evidence economic growth here. It evidences the economic growth in the
countries who are able to
produce all the things that we have to borrow money to consume. But it doesn't
benefit the average
American. That's why the average American is suffering as a result of this
massive transfer of wealth
that is emanating from government, from the Federal Reserve and from what's
happening in Congress and
the White House. But they point to these asset markets as evidence that their
policies are a
success. But meanwhile, you know, their policies are a complete failure if you
judge it by what's
actually going on in the economy. And of course, everything they're doing now
is just setting the
stage for an economic disaster that is going to be much worse than what we had
in 2008.
Well, you predicted the one in 2008. You saw it coming. You talked about it on
multiple
occasions that we're eventually going to have some large real estate collapse.
When that happens, this is where I get confused. So that happens, and then when
there's a real
situation like that where banks are in jeopardy, what transpires there? Who
votes on it? Who decides and
agrees that you're going to take taxpayer money? And what are the repercussions
of them not doing it?
Well, if they didn't bail the banks out, what would have happened?
Well, it would have been far more painful, certainly at that time, to deal with
our problems. It's
always painful. I mean, if you're a drug addict and you want to deal with it
and you want to go cold
turkey and go to rehab, that's painful. It's easier to keep taking drugs, right?
If you're overweight and
you know, is it easier to go on a diet and exercise or just keep on, you know,
picking out? And you know,
so it's always difficult to do the right thing in the short run, but it pays
off in the long run.
And so if you want to go back to the origin of the '08 financial crisis, you go
look to the stock
market bubble that burst in 2000 and the recession that began in 2001. A lot of
it, you know, you had
this September 11th tragedy and we were going into a recession. And so instead
of allowing the pain of
a recession to play out, and of course, nobody enjoys a recession, but recessions
are actually
necessary. That's the process where all the mistakes that were made during the
boom are corrected. And
of course we made a lot of mistakes during the tech boom. A lot of companies
were funded, hired people,
rented office space that never should have started because they had no real
business plans. They
couldn't make any money. We did a lot of stupid things during the 1990s bubble
and they needed to
be corrected during the recession. But the politicians, you know, Bush had just
become president. He didn't
want a big recession on his first term because of course he wanted a second
term. And so Alan Greenspan
cooperated with Bush because he wanted to get reappointed. And so they had a
big monetary
stimulus. They dr