Great Depression Coming & Bitcoin Going To $0 or $1 Million? - Peter Schiff vs Raoul Paul Debate
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Published 2024-03-12
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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)
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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.
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This is amazing. “How to build wealth”
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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.
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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?
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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
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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.
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Reminder to self, come back in 10 years and re-watch.
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This was one of the most fascinating debates I have ever listened to. I am seventy years old and have been self employed since my late twenties. I appreciated both sides of the discussion and the moderator did a fantastic job in controlling the debate and expressing his own views. I think it’s fair to say that this debate reflected generational differences which added to the interest. I totally "got" Peter Schiff's perspective because his is the rationalization that I have grown up with. However, I was intrigued by Raoul Pal's perspective and actually found it inspirational, and perhaps that is what is needed in this world right now more than anything else. Congratulations to you three gentlemen, you all did yourselves proud!
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Tom, Peter, Raoul are amazing. “How to build wealth”
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Bitcoin's momentum is undeniable, but Weewu integration of gaming and crypto brings a fresh perspective.
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Haven’t seen such a classic “Old vs New” debate in ages !
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Talking to Peter Schiff feels like chatting with my 75-year-old farmer grandpa.
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Peter has been wrong about Bitcoin for over 10 years, he has lost all credibility.
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Peter Schiff's 480p camera shows where is the best store of value.
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There is a generational issue here. Truth is, Bitcoin itself is the gateway to what the digital future will be. It's easy for Trad-fi to make a case against bitcoin while ignoring the fact that the real disruption is blockchain. Bitcoin and the word crypto are just unfortunate names that people without the understanding can get distracted. What is considered "real thing " is not going to be the same when blockchain becomes the source of truth. It's a good debate and hats off to RP for keeping his composure.
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Nice balanced viewpoints. Good insights, thanks.
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What we really need is to get Peter Schiff and Michael Saylor in the same room!
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WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
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wow dis is a disscussion what i want t see. Neu channel found. love you! Bought m first btc and altcoins. im hyped. learning and research is my new daily goal. First Question: witch presale shall i buy?
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Killer debate best one ive seen in a long time . Im hoping to see a round 2 between these two. There peofessional and articulate about the subject
