Bitcoin Debate: Pomp DESTROYS Peter Schiff

**SPEAKER_1** (0:01)
This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required, compatibility and availability varies 18 plus.

**SPEAKER_2** (0:26)
Hey, it's Christy from Lululemon, and I'm here at the office checking out Shake It Out shorts. These have been my go tos, and I kind of think of them as a middle ground between a true run short and a more playful athletic sporty short. They have all the performance you want for running, so a comfy liner, our lightweight swift fabric, even a pocket for your keys. But what I really like is the flowy fit and layered hem. It gives it a little bit of volume, a little bit of fun, so they feel as good on a run as they do just at coffee afterwards. You can find the Shake It Out shorts in store now or online at lululemon.com.

**Peter Schiff** (0:56)
20, 30,000 is still a big number for Bitcoin. It's a lot to pay for nothing. And if you look at the long-term trend line, that's about where the support is.

**Anthony Pompliano** (1:04)
If you believe what you're saying, let's make a bet. If from today, if Bitcoin outperforms gold, then you give me a Bitcoin. But if Bitcoin does not outperform gold, I'll give you a Bitcoin. What's going on, guys? Today, we've got a great conversation with the one and only legendary Peter Schiff. Now, Peter Schiff is the host of The Peter Schiff Show podcast, great podcast. He's here, and I just give him a beating. Intellectually, this is just an absolute nightmare for him. We talk about the Fed, we talk about inflation, we talk about equity markets, about gold, Bitcoin, anything and everything that you want to know about finance and the economy. We probably talked about it. And I'm telling you, I got him to admit all kinds of crazy stuff, and I think that you're going to enjoy this conversation. So here's the latest one with Peter Schiff.
Hi, Peter. What do you think inflation is right now in the United States of America?

**Peter Schiff** (1:51)
What I think it is? I think it's a big problem. I think it's a tax.
It is the way the US government is currently funding a significant percentage of its spending.

**Anthony Pompliano** (2:03)
But what level do you think inflation is? Like the inflation numbers have come down recently. People are celebrating. But when I go out in the street and I talk to people, they say that inflation is incredibly high because everything is so expensive.

**Peter Schiff** (2:15)
Well, it is expensive. I mean, you know, just drive it in here. You know, I had a driver and, you know, he said, you know, I'm going to buy this 40 bucks an hour. I said, well, I thought I thought it was 30 I remembered it being 30 because, well, you know, inflation, you know, so they raise their they raise their prices. I mean, the price of everything is going up. And, you know, I mentioned on my own podcast, I think last week, the same week that we got the CPI and the PPI, and the markets were relieved that these numbers were better than expected, and they were declines. That same week, they released the import-export prices. And while the CPI was up 3.5% year-over-year, which is still 3.5%, it's not nothing, right, I mean, but import prices were up 7.1% year-over-year, and that doesn't count tariffs, just without the tariffs. Import prices were up 7.1%.
Export prices were up over 10%.
Those numbers, to me, seem a lot more reflective of what consumers are actually paying. And those numbers, I think, are more honest, because they're not adjusted. It's not like a select basket that changes. There's no substitution, hedonics.
And even, to me, the export number is even more consequential.
Not that we're, you know, we're not paying those prices, our trading partners are, we're paying the import prices. But if we're having to raise our export prices by 10%, there's a good chance that, you know, Americans who buy those same products are also paying 10% more. Because pretty much everything we export, we also consume. We just produce more than we consume and we export the difference. But if the cost of production is going up and we're raising our prices to our foreign customers, most likely that those same companies are raising prices to their domestic customers. So, you know, inflation is a big deal. I mean, it's not anywhere near 2%.