Hank Paulson Warns of Debt Crisis He Helped Create

Summary

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The Peter Schiff Show Podcast

Episode: Hank Paulson Warns of Debt Crisis He Helped Create

Date: April 18, 2026
Host: Peter Schiff

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Episode Overview

In this episode, Peter Schiff delivers his characteristic blend of market analysis, economic critique, and political commentary. Broadcasting live from Puerto Rico following a trip to Panama City, Schiff delves into the week's historic market rallies, global conflicts' economic consequences, and government economic policies. He focuses especially on former Treasury Secretary Hank Paulson’s warning about an impending U.S. sovereign debt crisis—a crisis Paulson himself helped set into motion during the 2008 financial bailouts. Schiff also critiques recent tax and policy proposals in New York City, arguing how anti-rich and interventionist policies threaten economic dynamism.

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Key Discussion Points & Insights

1. Market Recap & State of the Economy

[00:28–09:55]

• Historic Highs in Equity Markets:

  • The S&P 500 and NASDAQ both closed at all-time highs; NASDAQ boasts a 13-day winning streak, the longest since 1992.
  • The catalyst: diplomatic progress in Middle East conflicts, leading to plummeting oil prices.
  • Bitcoin and precious metals also rallied—Bitcoin up 9% for the week, gold up 2.5%, and silver up nearly 10%.

• Skepticism toward Political Announcements:

  • Schiff expresses deep distrust of Trump’s declarations on geopolitical breakthroughs.
  • Quote: “I don’t believe anything that Trump says because of his track record... He just lies so often. It just comes so naturally to him.” [02:58]

• Gold and Silver as Safe Havens:

  • Despite equity euphoria, Schiff maintains that gold and mining stocks are the best play given ongoing geopolitical risks and Fed policy.
  • Quote: “I think gold and the mining stocks are still the best way to play this war... the longer the war continues, the better it is for gold.” [06:59]

• Inflation & Fed Policy:

  • Schiff challenges the market’s optimistic reaction to producer price data for March.
  • Monthly and year-over-year readings came in below expectations, but inflation remains well above Fed targets.
  • Quote: “Who cares what the expectation was? Look at the reality. Year over year, prices are up 4%. The prior month, they were only up 3.4. That is double the Fed’s target. And we’re headed in the wrong direction.” [09:57]

2. Hank Paulson’s Debt Crisis Warning

[09:55–17:46]

• Paulson’s “Break Glass” Warning:

  • Henry (Hank) Paulson calls for an emergency plan for a sudden US Treasury demand collapse, warning of “vicious” effects.
  • Schiff criticizes Paulson for warning about a crisis he helped provoke via 2008 bailouts and the birth of quantitative easing.
  • Schiff argues Paulson’s approach is reactive, not preventive.
  • Quote: “He's saying, let’s do nothing but just have a plan to deal with the crisis when it happens. What the hell kind of advice is that?” [14:45]
  • Schiff insists the crisis is inevitable and will be catastrophic, not merely vicious.

• International Implications:

  • Schiff points out that while U.S. policymakers ignore debt risks, international creditors are responding by reducing exposure to Treasuries and accumulating gold.
  • Quote: “That’s why the world is moving away from the dollar. That’s why the world is buying gold.” [17:13]

3. Critique of “Soak the Rich” and Anti-Business Policy in NYC

[19:08–28:50]

• Contrasting Approaches: Panama vs. NYC:

  • Schiff praises Panama City for welcoming the wealthy and entrepreneurs, fostering prosperity, versus New York City’s hostility toward wealth.
  • Discusses conversations with Panama City’s mayor about luring successful people away from anti-rich jurisdictions.

• The Economics of Wealth Creation:

  • Schiff explains that most wealthy individuals have enriched society via productive business, not by “taking” anything.
  • Quote: “When you say somebody has to give back, you assume that they took out... But what does a successful businessman take out? He doesn’t take out anything. He puts in.” [23:30]

• Progressive Tax Proposals and “Fair Share”:

  • Argues that the rich already pay more than their “fair share.”
  • Asserts that penalizing the successful deters job creation and economic growth.
  • Quote: “If we want the rich to pay their fair share, we have to give them a tax cut. You know who doesn't pay their fair share? The poor.” [25:25]

4. NYC Policy Proposals: City-Owned Stores and “Empty Home” Taxes

[31:51–55:54]

• City-Owned Supermarkets:

  • Schiff lampoons the $70 million NYC plan to build five city-owned grocery outlets, arguing government-run stores will either be pricier or rely on taxpayer subsidies to undercut private grocers, ultimately destroying market efficiency.
  • Draws historical parallels to failed socialist policies and the inefficiency of the Soviet food distribution system.
  • Quote: “Profit is not why groceries are expensive. Profit is why groceries are cheap...” [36:56]

• Taxes on Non-Primary Residences (“Empty Homes”):

  • Criticizes the targeting of non-resident owners with special taxes, arguing these property owners use fewer city services and support real estate values.
  • Warns the policy will drive away capital, harming the local economy and property market.

• Anti-Wealth Messaging:

  • Asserts these proposals send a clear message: “Don’t come to New York if you want to get rich.”
  • Quote: “We are going to punish the hell out of you. So then, well, I don’t want to go to New York City if I want to get rich.” [55:38]

5. Critique of Property Taxes on Owner-Occupied Homes

[55:54–64:38]

• Unfairness of Property Taxes for Non-Income Properties:

  • Schiff argues property tax should only apply to income-producing property, not to homes occupied by their owners.
  • Highlights the hardship forced on retirees and those with fixed income, who may lose homes due to rising property tax burdens.
  • Quote: “If you have to pay rent to the government to live in your own property, do you even own the property?” [59:17]

• Schools vs. Services Funding:

  • Points out that the majority of property tax goes toward school funding, burdening people with no children in public education.

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Notable Quotes & Memorable Moments

• On political reality vs. market optimism:
  “I don’t believe anything that Trump says because of his track record. Trump doesn’t… tell the truth. So I have no idea. Maybe what he’s saying is true and maybe it’s not, so I have to wait and see.” [02:58] – Peter Schiff

• On Paulson’s debt crisis warning:
  “Once you know that a crisis is coming, wouldn’t the most prudent thing to do... be, let’s try to prevent it, let’s try to avert it, let’s try to change course, let’s recognize this?” [14:45] – Peter Schiff

• On the logic of “giving back”:
  “What does a successful businessman take out? He doesn’t take out anything. He puts in… So the whole thing about giving back is pure nonsense. Generating a profit in and of itself is the giving…” [23:30] – Peter Schiff

• On city-run supermarkets:
  “Their costs are going to be so bloated... the only way they can have customers is if they sell their food at a loss, not at a profit, at a loss. So these stores are going to have to sell their food for less than it cost them to put it on the shelves. Now where’s the money going to come from?” [38:44] – Peter Schiff

• On property taxes and homeownership:
  “If you have to pay rent to the government to live in your own property, do you even own the property?” [59:17] – Peter Schiff

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Timestamps for Important Segments

• 00:28–05:53: Market overview—stocks, bitcoin, gold, and silver reactions
• 05:54–07:26: The case for gold amid war and inflation
• 09:55–14:28: Inflation data and what it really means, Paulson’s debt crisis warning
• 14:28–17:46: Schiff’s critique of Paulson and the inevitability of crisis
• 19:08–28:50: New York vs. Panama on wealth, economics of entrepreneurship, “fair share” taxes
• 31:51–43:23: NYC’s city-owned supermarket plan—economic analysis and criticism
• 48:39–55:54: “Empty home” taxes and the impact on NYC real estate
• 55:54–64:38: Case against property taxes on owner-occupied homes

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Schiff’s Conclusions & Calls to Action

• Prepare for a looming sovereign debt crisis by investing in gold, silver, and international markets.
• Don’t wait for policymakers or mainstream economists to act—take individual initiative to protect and grow your wealth.
• Critically examine anti-wealth policies and understand their unintended consequences.

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“We can’t stop the crisis, but at least we can prepare individually, not only to protect ourselves, but to actually profit when it hits the fan.” [66:27] – Peter Schiff

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Summary prepared for listeners seeking the economic highlights, critical thinking, and market strategies from Peter Schiff’s April 18, 2026 podcast episode. For details on specific investment opportunities and further commentary, consider subscribing to Peter Schiff’s newsletter or YouTube channel.

Transcript

[Peter Schiff]

Make no friends in the pits and you take no prisoners. One minute you're up half a million in soybeans and the next, boom. Your kids don't go to college and they've repossessed your Bentley. Are you with me? The revolution starts now. Starts now. We have to pass the bill so that you can find out what is in it.

[Podcast Co-host or Advertiser]

Turn those machines back on.

[Peter Schiff]

You are about to enter the Peter Schiff show. Peterbody, if we lose freedom here, there's

[Podcast Co-host or Advertiser]

no place to escape to.

[Peter Schiff]

This is the last stand on earth. The Peter Schiff show is on. I don't know when they decided that they wanted to make a virtue out of selfishness. Your money, your stories, your freedom. The Peter Schiff Show. Hi everybody, this is Peter Schiff and I am doing today's podcast live from Puerto Rico here. It's about 9:30 in the evening on April 17th and I just got back from about a week in Panama City, Panama. Between my arrival here in Puerto Rico and this podcast, I did stop in San Juan and I did a keynote at a local investment conference. Meanwhile, it's been a big day, or not just day, a big week in the markets as I have been traveling. In fact, today the S&P 500 and the NASDAQ both closed at new all time record highs. In fact, the Nasdaq was up for this 13th consecutive day today. That is the longest winning streak for the NASDAQ since 1992. Happy days are here again. The catalyst for the rally today was news coming out of the White House, coming out of Iran, related to not only does the ceasefire continue, but potentially the complete opening of the Strait of Hormuz. Donald Trump claims it's never going to be closed again. I kind of doubt that, but I think the Iranians are referring to it as a temporary reopening pending the end of the ceasefire and how the negotiations go. But according to Trump, the negotiations are already over and we've won. And also we have a ceasefire apparently between Israel and Lebanon. So not just between the United States and Iran, but Israel and Lebanon. So that's something that's new. Oil prices collapsed today about $10 a barrel, down to about 82, $83 a barrel. This is the lowest they've been in several weeks. Brent, I think is down to about $90 a barrel. And the markets obviously are happy about this. Again, you know, I don't believe anything that Trump says because of his track record. It's just so bad. Trump doesn't, you know, tell the truth. I don't know that he can tell the truth from a lie. He just lies so often. It just comes so naturally to him. So I have no idea. I mean, maybe what he's saying is true and maybe it's not, so I have to wait and see. But the markets apparently just trade on everything that he says. And I don't think anybody stops to think whether or not it's true or not. They just trade. And so we had these big rallies that the Dow is the index that didn't make a new high. In fact, the Dow is still below 50,000, 49,000 and change. But record highs. The Dow was up almost 4% on the week. S&P 500, up almost 5% on the week. The NASDAQ was the star, up about 7% on the week to record highs. Even bitcoin had a big week. I don't wanna have people say, hey, Schiff, you didn't mention bitcoin. Yeah, Bitcoin was up 9%. In fact, I'll check out where bitcoin is trading right now. It's above 77,000, 77,300. So we've had a pretty big bump in bitcoin. In fact, Michael Saylor now is slightly ahead on the about 60 billion he has blown buying bitcoin because I think his average cost is just below 76,000. And now we're at 77,000. But I don't think he's gonna be in the black for long because I don't believe this bitcoin rally is going to last. Meanwhile, gold and silver, they rallied. You know, gold was up 2 1/2% on the week. We're not above 5,000 yet. In fact, we're not even above 4,900, but we are above 4,800. Gold closed well off the highs today. It was only up about 40 bucks by the end of the day. I think earlier today it was up about twice that much. But gold closed just below 4830. Silver had a much better day and week. In fact, silver closed the week back above $80 $80.70. And in fact, intraday silver traded above $82 today and silver on the week gained. Where did I wrote that down? Silver was up 10%, almost 10% on the week. So silver actually beat bitcoin on a weekly gain. The mining stocks did okay.

[Podcast Co-host or Advertiser]

You know, there was some weakness in

[Peter Schiff]

Newmont that helped pull the GDX down. It was only up 1.9%, so not quite 2% on the week. But the GDXJ, which that stock Has a smaller impact. In fact, I don't even think it's in there. GDXJ was up 4.5%, so just a little bit less than the S and P. But I think gold and the mining stocks are still the best way to play this war because we still have no idea whether the war is over or not. And the war could just as easily be back on Monday as it was off on Friday. And if the war is back on and it escalates, everything is going to go down. Now, if the recent pattern holds, then gold will go down, too. But I expect the recent pattern to eventually break because the war is bullish for gold. Now, gold's going up regardless of what happens with this war. But certainly the longer the war continues,

[Podcast Co-host or Advertiser]

the better it is for gold.

[Peter Schiff]

I don't care how the markets have been reacting to this. Short term, the markets are wrong. They're all trading off of the oil price and the impact that they think that is going to have on the Fed and whether or not the Fed's going to cut rates. It doesn't even matter what the Fed does with rate cuts, because if the Fed doesn't cut rates, rates are still going down because inflation is going up.

[Podcast Co-host or Advertiser]

That is the bigger problem.

[Peter Schiff]

Which means real interest rates have been falling the whole time that the markets have been focused on what the Fed is gonna do. The fact that the Fed has done nothing means it's done something because the Fed has allowed inflation to go up without matching that with rate hikes. And so the Fed is allowing interest rates, real interest rates, to fall. In fact, the Fed's balance sheet continues to grow. The balance sheet again in the most recent week, up about another 11 billion. Now we're over 6.7 trillion. Balance sheet again, the balance sheet is up over 200 billion this year. The Fed is doing quantitative easing. Money supply, as I said, is up

[Podcast Co-host or Advertiser]

better than 5% year on year.

[Peter Schiff]

This is a highly inflationary monetary policy, and it will be even more inflationary the longer this war continues. So I think that when you play with gold, you can win both ways. If the war is really over, gold's going up. But if the war is back on, gold may go up anyway, because eventually that is gonna happen. But obviously, the war continuing is not a good thing for the markets, even though we are at record highs in the S and P and the nasdaq. But, you know, we got some inflation news. Speaking about inflation, earlier in the week. We got the March producer prices, and the markets actually rallied on this news because the Numbers came out better than expected. And better means lower when it comes to inflation numbers because the markets were looking for a 1.2% rise in prices on the month March. And of course, March is the month where we started the war and oil prices shot up, but we didn't get a 1.2% increase. It was just a half a percent. And the February number that was originally reported at up 0.7 was revised to up 0.5. So the market was relieved. Year over year, producer prices only rose by 4%. The consensus was 4.7. So this was a good news, but

[Podcast Co-host or Advertiser]

it's not good news.

[Peter Schiff]

Who cares what the expectation was? Look at the reality. Year over year, prices are up 4%. The prior month, they were only up 3.4. That is double the Fed's target. And we're headed in the wrong direction. We're going up, we're not going down. And even if you strip out food and energy and you look at the core, prices were up less than expected. They were up 0.1. Expectation was 0.5. And once again, they revised down February, but year over year, the core is still up 3.8. Yes, it's slightly lower than the 3.9 from February, but nowhere near 2. And even though it's inched a little bit lower, I don't believe these low numbers. I think they're gonna be revised the other way. I don't know. I don't know how it is that the number was so low, even though it was still high. It should be a lot higher, and it probably will be a lot higher when we get these April numbers. But this is bad news. And this shows that rates are too low and they're going to continue to stay low. Interesting enough, today Henry Paulson came out and issued a very strong warning to the United States about a coming sovereign debt crisis. Now, of course, I've been talking about this on my podcast continuously. That's what I'm warning about, that we're headed for a sovereign debt and we're headed for a currency crisis. And the war just accelerates that whole process because of the cost of funding the war and because of the impact the war has on. On the debt and the size of the debt. Remember, Trump wants to raise military spending from one trillion to one and a half trillion. That's another $500 billion that we have to borrow. Right? So that accelerates the process. But Henry Paulson said that the United States needs to have an emergency break the glass kind of plan in place now to deal with a sudden Collapse in demand for U.S. treasuries. And he says the effects of that will be vicious. And so we need to have a contingency plan, an emergency plan. Like, what are we going to do now? First of all, what took him so long? You know, thanks for nothing, former Secretary Paulson. Hank Paulson was the treasury secretary in George Bush's second term. That is when we had the 2008 financial crisis. That's when we had the bailouts, the bank bailouts, TARP. That is when the Federal Reserve started quantitative easing. QE1 happened under Paulson's watch. And Paulson worked very closely with Ben Bernanke on these bailouts. And so he was kind of an architect of the very crisis that he's now warning about. Why didn't he do something instead of just saying that the current Secretary of the treasury should develop a contingency plan to, you know, to deal with the emergency that he helped set in motion? Why didn't he do something back then? Why didn't he think about this stuff back then and say, hey, maybe this isn't such a good idea that we do this quantitative easing stuff. Maybe we shouldn't do these bailouts. In fact, while he was Treasury Secretary, maybe he should have seen the warnings that I saw, because as I was warning about the imminent crisis, he wasn't warning about anything. Right. He was just thinking everything was great. But now, you know, when it's way too late to do anything, in fact, he's not even talking about, we need to start preemptively working to try to prevent this crisis from happening.

[Podcast Co-host or Advertiser]

That's not what Hank Paulson is saying.

[Peter Schiff]

He's not saying, hey, we could be in for a real crisis if the demand for Treasuries goes away. So let's do something before that happens. Let's try to prevent this crisis before it starts. Let's head it off at the pass.

[Podcast Co-host or Advertiser]

Let's do something.

[Peter Schiff]

Let's get our house in order. Because if we wait for this crisis, it's going to be vicious. That's not what Henry Paulson is saying. He's saying, let's do nothing but just have a plan to deal with the crisis when it happens. I mean, what the hell kind of advice is that? I mean, once you know that a crisis is coming, wouldn't the most prudent thing to do to be, let's try to prevent it, let's try to avert it, let's try to change course, let's recognize this. Maybe we need some emergency government spending cuts or Some tax hikes. We need to reduce the size of the deficit so that we don't have to deal with the emergency. Let's prevent it. No, all he's saying is we need to have some kind of, you know, emergency to deal with the crisis when it hits because it's inevitable. That even shows you how bad it is because he doesn't even think we should do something to prevent it. Just have a contingency plan for how

[Podcast Co-host or Advertiser]

to deal with it.

[Peter Schiff]

But the problem is there is no way to deal with it. I can't even imagine what the hell

[Podcast Co-host or Advertiser]

that plan would look like.

[Peter Schiff]

You know, it's almost like, you know, a suicide. Like just, you know, what's behind the emergency glass. You break the glass and then there's a revolver there and you shoot yourself in the head. Cuz there's no way to deal with this crisis. And you would think that people in markets might take him seriously because he was the Secretary of the Treasury. He's supposed to be one of the guys that knows something, right? I mean, people don't care what I say, right? I could talk about this till I'm blue in the face and nobody in the mainstream gives a damn. It's all, I'm a broken clock, I'm

[Podcast Co-host or Advertiser]

a perma bear, I'm a doomsayer.

[Peter Schiff]

So what do you expect me to say? But that's not the reputation that Henry Paulson has. And so why is he wrong? I mean, the current Secretary of the treasury isn't saying this, but a former Secretary of the treasury was. So why is the guy we got now any better than the guy we had back then? But so far nobody seems to care.

[Podcast Co-host or Advertiser]

Nobody seems to be paying attention to it. But you know who does care?

[Peter Schiff]

Our creditors. Our international creditors. That's why the world is moving away from the dollar. That's why the world is moving away from treasuries. That's why the world is buying gold. And Henry Paulson can see this happening and he knows that this crisis is inevitable. And all he can think of is

[Podcast Co-host or Advertiser]

we need a plan to deal with

[Peter Schiff]

it when there is no way to deal with it. Because it will not just be vicious, it will be completely catastrophic. Got a quick commercial break coming right back, so stick around.

[Podcast Co-host or Advertiser]

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[Peter Schiff]

right, well, you know, Zoran Mandami has also been in the news quite a bit this week. So I thought I would take a little time to address some of the points he made. And you know, I thought it was interesting because while I was in Panama, Mandami put out on X that he's got these new taxes on the rich. He's really getting ready to soak the rich. And he did that. And then the mayor of Panama City, Meyer Mizrashi, the mayor, very competent, young, energetic mayor who may one day be the president of Panama. But he basically replied or reposted and basically invited all the millionaires and billionaires that Maldami is going to chase out of New York to come down to Panama because Panama doesn't have any income taxes on your global income, on your international income, no capital gains tax, no estate tax. It's a very business friendly place. And so he's rolling out the welcome mat for all the successful entrepreneurs that Mandami wants to kick out. So I thought that was interesting and I actually replied to that post and then he replied to me and we started exchanging messages because I was very favorably impressed with Panama City. I mean, it really is building up a lot of people. And while I was there, I met a lot of people from Europe that moved there. They're moving there. Instead of going to Dubai, they're coming to Singapore. A lot of Very successful entrepreneurs. So you've got a very vibrant city, very cosmopolitan, great restaurants, beautiful, very, you know, good, good, good services.

[Podcast Co-host or Advertiser]

I mean, it's really starting to build

[Peter Schiff]

up because they're not vilifying the rich, they're, they're, they're welcoming the rich. And you know, when Mandami, you know, wants to attack wealth and successful people, he doesn't understand how people get wealthy, how people become successful. Now, it's not 100%. I mean, there's some people that you could win the lottery and you get rich. And there are people now with the Fed and all the QE and this financial economy, there are some people that just shuffle papers around and end up getting rich. They're not necessarily benefiting the economy, but that's not the fault of capitalism, that's the fault of government monkeying around with the system. But even with that, by and large, the vast majority of people who become rich become rich because they create a successful business. Now what makes a business successful? Well, a business is successful if people want to buy the products that the business makes or the services that the business provides. And the business is able to produce those products or provide those services at a cost that is lower than the value that the customer places on those goods or services. And that's what enables the profit. If he can't do that, then he loses money. And you don't get rich with a money losing business that ultimately fails. You grow rich with a successful, profitable business that succeeds. But success is a function of your ability to improve the lives of all of your customers. Because all of your customers only buy your products or your services if they like them, if they value them more than the money that you charge. And the profit that you make is the reward that you get for combining the scarce resources that you used to produce your product or provide your service and creating value out of them. You're adding more value than the cost of the inputs into producing whatever it is that you are selling. So you've done well and you've improved people's lives. So why is Mandami so upset that these successful people who have gotten rich improving the lives of all their customers, why does he feel they have to give something back? Why does he feel they have to pay their fair share when they've already given back? I mean, when you say somebody has to give back, you assume that they took out, like you took something out, so you got to put something back in. But what does a successful businessman take out? He doesn't take out anything. He puts in he puts in more value than he earns. That's the whole beauty of the process. I am providing goods and services that the consumer values more than the money he pays. So I'm not taking anything away from anybody. I'm giving, I'm creating value that did not exist prior to that. And to the extent that I was rewarded for adding all this value, I don't owe anything. I don't have to put anything back if I never took anything out. So the whole thing about giving back is pure nonsense. Generating a profit in and of itself is the giving, because you're giving more value to consumers. Think about all the products that we have and that we use every day. We should thank the businessmen who provided those and allowed us to buy them because the alternative was we didn't have them. And of course, all these rich people already pay a lot more in taxes than poorer people or middle class people. So it's not like they need to pay their fair share. If we want the rich to pay their fair share, we have to give them a tax cut. Because you know who doesn't pay their fair share? The poor. They hardly pay anything. I mean, if you want to look at it per capita, why should somebody have to pay more taxes just because they're richer? Now if you want to say, well, let's have a percentage, okay, so, so have the rich pay the same percent as the poor and the middle class? They don't. They end up paying a lot more. But Mandami wants to vilify rich people. But when you do that, what is the message that you're sending? What is the message that he's sending? We don't want people getting rich in New York City. We don't want people who want to be rich coming to New York City. Because if you do, we are going to tax the hell out of you. We are going to force you to give back under some crazy theory that you owe something, that you took something out. So we're going to try to level the playing field by taking money away from you. In fact, he was, I just saw me. He gave a talk today or an announcement that he did a study and he was shocked to find out that the average white net worth of the white residents of Manhattan was like 200,000 and for blacks is 20,000. And he said we need to do something about that. Well, I mean, what is he going to do about it? I mean, take money away from whites because they're white and give it to blacks because they're black to even out that discrepancy, there is a reason for that, and it's got nothing to do with the color of anybody's skin. But that sends a strong message that, you know, get out of New York City or don't come to New York City because we don't want successful people in New York City because we want to punish them, we want to tax them. No, what a place like Panama is saying. And in the US Place like Florida, I think the governor or a Florida, maybe a mayor was, you know, come on down. Yeah, we. You want successful people because what do they do? Not only do they improve the lives of all their customers, they create investment opportunities, they create employment opportunities. Very few businesses succeed without having any employees. Generally, if you want to run a successful business and make a lot of money, you're going to need help, you're going to hire people, you're creating jobs. Well, politicians always talk about how they want jobs. Well, who do you think is going to create those jobs? Who's going to provide those jobs? And if I start a successful company and get rich, I am going to provide a lot more jobs than if I don't get rich because my company doesn't succeed and it goes out of business.

[Podcast Co-host or Advertiser]

So what would you rather have?

[Peter Schiff]

Somebody who doesn't get rich because his business fails and all his employees lose their jobs, or how about a guy that comes up with a great business and gets really rich, and because he gets really rich, he hires a lot of people and creates a lot of jobs? Right. I obviously want the latter. So why does the person who created all those jobs have to be punished? Why are you going after that person? The people who they should be going after are the people that don't create any jobs or the people who are criminals and who rob and who steal. Businessmen and women, they don't get rich by stealing or robbing. It's all voluntary exchange. Yes. If somebody robs you at gunpoint, they're taking stuff away from you. You don't have a choice. Right. They've stolen something from you. But if a businessman, you know, gives you an opportunity, he just opens up a store, you show up and you look at what they got, you decide that you want to buy and you give them your money because you'd rather have their stuff, because you value the stuff that they give you more than the money that you give them. You haven't lost anything, you know, so this whole hostility towards wealth creation, towards. Towards entrepreneurs, toward the rich, this is the classic killing the goose that lays the golden egg. The Key is you want more of those geese because you want more golden eggs. But in New York City, they're just going to have rotten eggs. Anyway, I talked about that for a

[Podcast Co-host or Advertiser]

while, but I want to get into

[Peter Schiff]

some of the specific things that this guy proposed. So I'm going to do that at the other side of this commercial break so stick around.

[Podcast Co-host or Advertiser]

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[Peter Schiff]

all right, so one of the Mamdami proposals that was in the news today was the city owned grocery stores. So apparently New York City is going to spend $70 million to build five grocery stores. Five. So that's $14 million per store. Now look, I don't know anything about the grocery store business. I mean, I've never owned a grocery store or even a supermarket. But that seems like an awful lot of money. $14 million as your upfront cost to open up. You know, maybe they're not groceries, maybe they are supermarkets. Maybe these are going to be big stores. But still, $14 million per store seems like a lot of money. But why does Mondavi want this city to open grocery stores? Well, according to him, food is very expensive. And therefore, instead of buying your food from a greedy businessman who's trying to make a profit, you should buy your food from the government because the government isn't greedy and isn't going to try to make a profit. And so I guess the goal of These government owned supermarkets is to get rid of the profit. And if we could just take the profit out of the grocery store business, the consumer will reap the benefit. Because now the this greedy businessman doesn't have to make money off of the hunger of the people, right? Why should somebody profit off of our hunger? Food should be a human right. People should make money just because I have to eat. So if we could just take this huge profit away from these greedy businessmen who put profit over people, we could have cheaper food, right? And this is gonna bring down the cost of living. Cuz we're gonna have the government setting up the supermarkets. Now. One thing I do know about supermarkets, grocery stores is their margins are among the lowest any business. They make money on volume, not per item. The markups are very small because you go to the grocery store a couple of times a week, you keep buying stuff, you eat it, you buy it again, you eat it, you buy it again. So when you go to a grocery store, the owner of the store knows that you're going to keep on going, you're going to keep on shopping, right? If I own a clothing store, you know, how often do my customers come in and buy new clothes? I mean, maybe a few times a year, they're not buying clothes every week. I mean, although, I mean, you know, you got your exceptions. I mean, you know, my wife is constantly shopping. But in general, you know, people aren't just buying stuff like they buy groceries. There's a huge turnover in a supermarket business. And so they, they make a profit, but they make a profit with a tiny markup, maybe 1 or 2%. Now there are some items that, you know, have a little bit higher markup than that, but overall, on average, right. The markups are very, very low. And so what does that mean? That means even if you take a hundred percent of the profits out of the supermarket, if the guy who owns the supermarket just decides that he's going to operate it like a charity and earn no money. So zero profit. For all grocery store owners, supermarket owners, food would only be about 2% cheaper. I mean, big deal, you're not even going to notice that. But here's the thing. Profit is not why groceries are expensive. Profit is why groceries are cheap. You see the guy that owns or the gal, I don't want to be sexist. Who owns the market? They know that customers have choices. Customers don't have to go to their market, they can go to somebody else's. There's markets all over the place almost, you know, every few blocks of the city, there's probably another place you could buy buy groceries. So in order to keep customers happy and keep them coming back every week, the owner knows that he has to keep his prices low. Because if he doesn't keep his prices low, you'll shop someplace else. And if you shop someplace else, he won't make a profit. So in order to make a profit and compete with other grocery stores and supermarkets who also want to make a profit, what does the grocery store owner have to do? He has to be as efficient as he possibly can. He has to keep his costs as low as possible. And so he's got to run the business efficiently. He's got to have a tight ship, right? From getting all the food in and restocking the shelves and all the logistics of how they do everything behind the scenes. I mean, there's a lot going on at a supermarket. They're constantly receiving new inventory, shelving it, pricing it, keeping track of it. There's a lot of work that's going on behind the scenes. And the owners of these business are doing all this work as efficiently as they possibly can so they can keep their prices as low as they can so that they can have customers. Now what if the owner didn't have to make a profit like it was the city, the city owned the grocery store. Without the profit motive, you have no reason to be cost efficient. You don't have any efficiencies. So the minute the government operates a grocery store, the groceries are going to be much more expensive, even if it's a nonprofit operation, because there is no incentive for whoever's running that store to keep costs down. So even if the store is going to sell all of its goods at cost and make no profit, the prices

[Podcast Co-host or Advertiser]

are going to be higher.

[Peter Schiff]

So all of these city stores that are being created to lower the cost of groceries are going to raise the cost of groceries. Now that's if the stores pass on their costs to the customers, no profit, right? The grocery stores don't make any profit. They just charge their costs. So they break even. The stores are going to be more expensive and so that would mean nobody would shop there. So it would be a complete waste of money. Right. Now here is probably what's going to happen. Because these government run grocery stores are going to be so inefficient, their costs are going to be so bloated that the only way they can have customers is if they sell their food at a loss, not at a profit, at a loss. So these stores are going to have to sell their Food for less than it cost them to put it on the shelves. Now where's the money going to come from? How are they going to stay in business if they're operating at a loss? Because if a private grocery store was so inefficient that they were losing money, they would go out of business. Problem solved. But these government grocery stores aren't going to go out of business because the government itself, the taxpayers, are going to subsidize these grocery stores. So to the extent that they're able to provide groceries at a lower cost, it's only because the taxpayers are paying the difference, which is a very inefficient way of doing it. Why not just have the taxpayers give the people some cash and go to privately owned grocery stores that are more efficient? But here's what also happens. Let's say these government run grocery stores that don't have to make a profit, that have a big loss, and then are subsidized by the taxpayer. What if they actually undercut other grocery stores who don't have the government bailing them out, who have to make a profit to stay in business? What if the government stores that are operating at a huge loss are actually selling groceries cheaper than the private grocers are doing it because of the taxpayer subsidy, because the taxpayers are footing this huge bill. Now what happens? Now more people are going to want to go to the government grocery stores because they're going to be cheaper, not because they're more efficient, but because they're getting taxpayer funding. So now the free market stores, who, you know, were efficient and were delivering food as inexpensively as possible to the public, now these stores start going out of business because they're losing customers. And to the extent that government stores are selling food at prices that are so low that more people want to shop there, more people are going to go to those supermarkets and not go to the other supermarkets. So that means that the size of the subsidies are going to get bigger. Because if these government owned grocery stores are losing money on all the groceries they sell, but because the prices are so low they sell even more groceries, they're gonna lose even more money. And so now the city is gonna have to put more money to keep these money losing stores in business.

[Podcast Co-host or Advertiser]

But meanwhile, you're destroying

[Peter Schiff]

your food industry, your free market, efficient distribution system that you set up, where you have privately owned grocery stores and supermarkets that are efficient because of the profit motive and competition, and who have a distribution system where food is available as inexpensively as possible. And you are destroying that with this government system, that will eventually come to an end. So if the goal of Mandami is to reduce the cost of food in New York, the result of this plan is gonna be the opposite. It's gonna make food a lot more expensive. And the only way people will be able to afford that expensive food is if the government subsidizes it, means the taxpayers have to subsidize it.

[Podcast Co-host or Advertiser]

Look, I sit through a lot of conversations, interviews, client calls, strategy sessions, research discussions, a lot. And here's what I've noticed. The moment you stop paying attention to take a note, you miss something every time because you can't do both. And then that insight or that number or that line of reasoning that was actually worth remembering, it's gone. That's the problem that Plot AI solves. Plaud, spelled P L A U D is a hardware and software system built around one idea. Capture the conversation completely so you can be fully present in it. The device records, the AI transcribes, and then it does something genuinely useful. It generates a structured summary, key points, decisions, action items. Not just a raw transcript dump, but actual structure. You can search past conversations, ask questions about what was said, pull up a meeting from three months ago and find exactly what you need in seconds. I do a lot of recorded content. This show, interviews, research sessions. The last thing I want to do is manage notes while I'm trying to have an actual conversation. Plod handles that with just one click. Whether it's in person, over the phone, or on Zoom, it captures it, transcribes it, and organizes it. And the Ask Plod feature allows me to go back to a conversation from weeks ago and just ask a question like, what did we decide about X? And then I have my answer. That's not a small thing. That's a searchable knowledge base of every important conversation you've had. If you're running a business, managing a team, doing research, or just trying to stay on top of more information than any normal human can retain, this is the tool you need. Try it. For your next meeting. Go to plod AI gold and use code gold for 10% off. That's P L A U D A I slash gold. Plaud AI slash gold. Most people approach their health the same way they approach their investments. They're guessing, they're reacting to headlines, they're taking advice from some influencer on social media and then wondering why nothing's working. That's a mistake. Your body is unique. And what works for someone else? Or what some celebrities pushing this week? Be completely wrong for you. Every supplement you're taking blindly is wasted money and it's wasted time. True Diagnostic takes a different approach. It's an at home epigenetic test that uses a simple finger prick to analyze over a million data points and up to 180 biomarkers and it tells you what your body actually needs based on real data, not on whatever's trending. This month you get a personalized 90 day plan with three clear, actionable steps and then you retest to see real progress. I'd never put money into something without looking at the fundamentals, so why would I put a supplement into my body without knowing if I actually need it? Top longevity clinics use this and health professionals trust it. And now you can run that same kind of analysis on yourself from home. Right now my listeners can get 20% off at truediagnostic.com using code GOLD20 at checkout, that's truediagnostic.com and use code GOLD20 for 20% off. Today you can choose True Age TruHealth or the Combo Kit as a one time purchase or a subscription. Stop guessing and start letting the data tell you what your body actually needs.

[Peter Schiff]

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[Peter Schiff]

You know, one way, if we really wanted cheaper groceries, one thing we could do is get rid of all these farm programs and farm subsidies. Because the specific goal of the Department of Agriculture's programs is to keep the prices high so that the farmers can make more money. That's the whole idea. It's price supports. It's, we want to make sure that prices are for grains, you know, corn or soybeans or wheat are high so that the farmers can make more money. That's the whole purpose of the Department of Agriculture. It's not so we have more affordable food. It's so food is more expensive. So that's one thing that we can stop doing is get the government out of the business of paying farmers not to grow food. Right? And just let the free market determine the price of food and not try to restrict the supply so that the prices can be higher. That's what the federal government is actually doing. So Mandami should be calling for an end to those programs, not trying to socialize the distribution of food with government owned stores. We know how that ends. You know what supermarkets or grocery stores in the Soviet Union looked like? There was nothing. The shelves were empty. And to the extent that you had bread, you didn't have 20 different brands of bread. You didn't have all kinds of bread. You didn't have whole wheat or rye or all these various sour dough. I mean, I don't even know how many different kinds of bread in Russia. You just probably had bread. That's all it was. And you were lucky if you got that. And it probably wasn't even fresh, but you didn't care how stale it was. You waited in line for hours just to get whatever bread they had, right? Under capitalism, I saw this as a meme. In capitalism, the bread lines up for the customer. Under communism, the customers line up for the bread, right? And so Mo wants to repeat in New York what failed in every socialist country. That's Tried it. So that was one program, by the way, Paul. The whole screen is blank and I have no timer anymore. The other thing that Maldami talked about that he wants to do is he wants to impose a tax, a special tax on apartments, you know, condos that are owned by non residents. So you know, second homes and where they're empty part of the time because the owner doesn't live there full time, maybe he's, he comes into the city, you know, occasionally comes in on a weekend, but his primary residence is someplace else. And of course, you know, non residents are very easy targets to tax because they don't vote, right? So if there's somebody who has, you know, an apartment in New York, but lives in New Jersey, for example, or lives in Connecticut, but, you know, or lives, you know, maybe lives in Europe, whatever, Europeans could have an apartment in New York, they can't vote. So I mean, if you raise taxes on those guys, you don't have to worry that they're going to be pissed off and they're going to vote for your opponent. They can't vote, so they have no choice. Either they pay the tax or they sell the property if they don't want to pay the tax anymore or they can rent it out. Right, because the tax doesn't apply if you rent it out. So if you, if you, instead of keeping it for yourself, if you rent it to somebody and somebody else is living there full time, then you wouldn't have to pay this tax. This is just designed for people who keep apartments in New York. Now according to Mandami, these, you know, people who have vacation homes in New York are somehow like a leech. They're like parasites on society. Like they're doing nothing because he says these apartments just sit there empty and therefore somehow that's hurting the city, that somehow because they're not there, there's a loss, which is so much nonsense. I mean, first of all, to the extent that you're not there, you're not

[Podcast Co-host or Advertiser]

using the city's services.

[Peter Schiff]

So I mean, isn't that a plus? You know, not that the people in these mansions any or not mansion, because they're condos, but they all have to have at least a $5 million value, which $5 million is not that high a price, you know. You know, you get a three bedroom apartment in New York in a decent neighborhood, you know, I mean, you know, 2,500 square feet, you're probably over $5 million. So they're not, you know, mansions in that sense. Right? It's not just these massive penthouses that sell for 100 million, $200 million. You're just talking about a standard two or three bedroom apartment that's going to be $5 million in New York. But to the extent that you're not there, you're not using the subways, you're not using the buses, you know, you don't have kids in the public schools. So I mean, you're not harming anybody because you have an apartment that you're not, that you're not in. But to the extent that you do come in, you come into the city and then you go to restaurants, you know, you do things, you start, you know, you start spending money, you start generating activity in the city. But you know, a lot of these really expensive apartments drive the real estate market. You know, if you start scaring people out, people don't want to buy a second home in New York because they're afraid of getting killed with taxes. You destroy the value of the real estate. And you know, a lot of these buildings, right, that they build, they make all their money off the penthouse. And the fact that some really rich guy is willing to come in and spend $100 million on a penthouse means that the units on the 10th floor and the 11th floor can sell for a lot less money because the developer can make so much money off the penthouse. I mean, you can't have a penthouse unless you have all these other units beneath it. But if the developers can't charge these high prices because the taxes are so high that nobody wants to pay them, and so none of these billionaires want to buy these penthouses, well, it's just going to make all the units below even more expensive to buy. So all this stuff is going to backfire. But again, what is the message that is being sent by this type of policy? Don't come to New York if you want to get rich. Do it in another city. This is not the city that you should come to if your dream is to make it rich. Because if you succeed, we are going to punish the hell out of you. So then, well, I don't want to go to New York City if I want to get rich.

[Podcast Co-host or Advertiser]

But again, what did I say earlier?

[Peter Schiff]

You don't get rich in a vacuum. You want as many people who are ambitious, who have a goal of getting rich. You want those people moving into your

[Podcast Co-host or Advertiser]

city

[Peter Schiff]

because they will lift all the boats around them. They want to get rich, they're going to have to invest, they're going to have to hire, and they're going to make lives better. Look, one of the things that's great about cities, right, you have all these restaurants in cities. Why do you have a restaurant? Why do restaurants even exist? They exist because the people who open restaurants are hoping to make a profit. They want to make money, and so that's why there's restaurants. If you couldn't make a profit in a restaurant, there'd be no restaurants. The quality of life in a city is better if you have all kinds of restaurants trying to make a profit, all kinds of restaurateurs trying to get rich. Right. I don't, you know, maybe not that rich. Just, you know, maybe if you have a whole bunch of restaurants, you could get rich. But there are a lot of people just trying to make a living, make a profit owning these restaurants. The last thing that you want to do is vilify profit. You know, one other thing, too, I wanted to mention, and I'm not sure how I started posting about this, but there was seems to be a lot of, you know, posts on X on property taxes. And I weighed in on it, and I thought it was a good topic, so I should also discuss it on the podcast. But I don't agree with the concept of property taxes on properties that don't produce income. Now, the federal government doesn't have property taxes because those are direct taxes, and they would have to be apportioned. And so we don't have them on a federal level, but on a state level and a local level, a lot of governments generate a lot of their income from property taxes. And property taxes can be very high. The property tax on my house in Connecticut is very high. Now, the problem with a property tax on a piece of residential property that you do not rent out, that you live in yourself, is that you have no way to pay the property taxes unless you have other income, unless you have a job or some other source of funds.

[Podcast Co-host or Advertiser]

But what if I'm retired?

[Peter Schiff]

What if I have a house? I paid off the mortgage and I don't want to work anymore. I just want to live in the house that I own. I don't need a lot of money. Maybe I have. Maybe I have a vegetable garden in the back and I grow my own vegetables. Maybe I got some solar panels and I don't even have a high electric bill. But what if there's a high property tax? What if I can't afford it? I mean, it's like you have to pay rent to live in your own property, but if you have to pay rent to the government to live in Your own property? Do you even own the property?

[Podcast Co-host or Advertiser]

How do you own a property if

[Peter Schiff]

you're paying rent to the government to live in it? And if you can't pay the property taxes, you got to sell the house. You know, a lot of people when they retire, one of the reasons they have to sell their homes, even if they no longer have a mortgage, is they can't afford the property tax. And a lot of times, you know, the property taxes go way up because the assessed value of your house goes up. But that doesn't matter to you if you're not selling the house. The house is the same, but if the value is going up and now your property tax is going up, I mean, unless you're going to borrow money against the house, how do you pay it? So property that doesn't generate income should not be taxed. Property taxes should be levied on income producing property and that's it. So if I own a residential house and I rent it out and I collect rent, okay, yes, let the city put a property tax on that. So landlords who own rental property, they can pay property taxes because they could get the tax revenue from the rent. They can raise their rents and collect money and now pay property taxes. Commercial properties. If I have an office and I'm running a business, that property can be taxed because the business is generating income. And I can pay the tax from the income that the business generates. If I have a store, what if I have a restaurant, I have a clothing store, I'm selling clothes, I'm selling food, money is coming in. I can use some of that money to pay property taxes. So I'm totally fine with municipalities, states, levying property taxes when the property produces income out of which the tax would be paid. But when you're talking about taxing some little old lady who's living in a property and she can't afford to pay the property tax so she's got to leave. That's not fair. If you own the property, it's your property. You shouldn't have to pay a tax to live in your own property. Now some people will say, well, what about for the services? Well, most of the property taxes, I'd say 70, 80% of the property tax in most towns goes for the schools.

[Podcast Co-host or Advertiser]

Well, what if I'm retired?

[Peter Schiff]

I'm 70, 80 years old, 90. I don't have any kids in school. Why do I have to pay property taxes to send somebody else's kids to school? It's not fair. Now you could say some of it is. Well, for police protection or fire protection. But you know what, that's such a small amount of it. And to the extent, look, they can send a bill, right, if they have fire insurance on their house, it can be covered through the insurance companies. The amount of money that goes for the fire protection and the police protection is minimal. I'd say that the commercial property, the rental property, the office buildings and the sales tax revenue that they get. Remember, police and fire protection don't have to be funded out of property taxes. Cities and states have all sorts of ways to generate revenue out of which they could pay for the fire department. And of course sometimes the fire departments are volunteer anyway. They're not even paid for out of the tax revenue. You have volunteer fire departments. So I think it would be fine to not have property taxes. I think cities and states can run without them. But so certainly if they exempted non income producing property, they could keep the taxes on all the rest of the property. And even if the taxes have to be a little higher on the income producing property in order to eliminate the taxes on the non income producing property, that is a much fairer system. And it also, if you want to incentivize home ownership, that's an incentive. An incentive to own a home means that you don't have to pay these taxes, you don't have to pay property taxes. If it's your property, you own it, you have a right to be there. What the government taxes is not the fact that you own the property, but that you use the property to generate income.

[Podcast Co-host or Advertiser]

So once you turn a property into

[Peter Schiff]

an income producing property, the government is taxing it generally because it's generating income. And they're really taking a part of your income, even if it's not called an income tax. That's what it is, right? They're taxing income producing property. And so it's a form of an income tax. It's just you're paying the tax out of the income that the property produces. But if you're taxing non income producing property, then clearly it's not an income tax.

[Podcast Co-host or Advertiser]

You're really confiscating the property.

[Peter Schiff]

You're forcing the owner of that property to go out and get a job

[Podcast Co-host or Advertiser]

or find a way to pay rent

[Peter Schiff]

to the government for the privilege of living in their own property. But if you own a property, it's not your privilege to live there, it's your right to live there. And if you have a right to live there, the government doesn't have a right to kick you out just because you can't pay a property tax. Anyway, that's it for today's podcast. We'll see what happens next week. We'll see if the war is really

[Podcast Co-host or Advertiser]

off or back on.

[Peter Schiff]

In the meantime, keep on buying gold and silver. I think they've got no way to go but up. Go to shiftgold.com, keep looking at the mining stocks and look at the Euro Pacific Gold Fund, Epgix Emerging markets too. The emerging markets to me really looked at their prime for a big move. I would also look at our Emerging Market Fund. The US markets are toppy. Yes, they made a new high, but I would not be looking at the U.S. i think John Paulson is right. We are headed for a sovereign debt crisis that's gonna be horrible for stocks, it's gonna be horrible for bonds, but it's gonna result in a boom in international stocks in commodities and that's where you wanna be focused. And I'll continue to provide these opportunities through my strategies. And you can also learn about the opportunities in the international and commodity markets by subscribing to my newsletter, Shift Sovereign and the premium letter Strategic Assets. We have all sorts of ideas that you can implement on your own to profit from the highly inflationary times that lie ahead. And don't wait for the crisis that Henry Paulson knows is coming.

[Podcast Co-host or Advertiser]

Act now.

[Peter Schiff]

We can't stop the crisis, but at least we can prepare individually not only to protect ourselves, but to actually profit when it hits the fan. And again, oh, don't forget, subscribe to this YouTube channel. If you're not currently a subscriber, give me a thumbs up or a like and leave me a comment. Bye for now. Some of the best lessons don't come from a classroom. They come from experience on the Power of Advice, a new podcast series from Capital Group. You'll hear from CEOs, investors and founders about how they built careers, took risks and reinvented themselves. If you're starting your own journey, this is the kind of advice you won't want to miss. Available wherever you get your podcasts published by Capital Client Group Inc.

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