← The Peter Schiff Show Podcast
The Peter Schiff Show Podcast
Trump Targets Thomas Massey, Oil Explodes, Iran War Costs Revealed
01:00:16
Loading summary
Transcript9 lines
- [00:03]
A
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.
- [00:10]
B
Are you with me?
- [00:10]
A
The revolution starts now. Starts now. We have to pass the bill so that you can find out what is in it. Turn those machines back on. You are about to enter the Peter Schiff Show Me the Money. If we lose freedom here, there's no place to escape to. 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 Ship Show. Welcome everybody, to another live Peter Schiff show podcast and all of the action, or at least most of the action, in the financial markets. Obviously there's a lot of action, unfortunately, on a battlefield in Iran, but in the financial markets, the major reaction thus far has been in the oil market. Now, since my last podcast, which I did, I think Tuesday or Wednesday last week, by the way, hopefully everybody watched the Friday Shift Gold Market wrap because I went over the jobs report in detail that came out on Friday. Normally I go over the jobs reports on my main podcast, but because it came out on the Friday that I did the Shift Gold Market wrap, I covered it there. So if you didn't see that, make sure to go to the Shift Gold YouTube channel and watch. Was a horrible report. I mean, we lost 92,000 jobs and there were more downward revisions to prior months. In fact, I will talk a little bit about jobs later in the podcast when I talk about the speech that Donald Trump gave earlier today in Kentucky where he bragged about how great the economy is. And you know, when Donald Trump talks about the war, see, here's the problem. I wish I could give Trump the benefit of the doubt, but I can't. Because Donald Trump lies so often about so much, including the whoppers he told today in Kentucky. How am I supposed to believe anything that he says about this war? I can't. Not that I want to believe what the Iranians say. I don't trust them either, but I don't trust Trump at all. And nobody else should. And it's not like the US Government has an excellent track record of being honest with Americans about Middle east wars, because they all lie. So Trump is obviously not the exception. He is the rule. He didn't drain the military swamp. He is making sure it is deeper and murkier than ever. But I wanna start again talking about the oil market. So on Sunday night, oil prices shot up probably at maybe it was one of the biggest one day increases in the history of oil. Oil got up to above $119 a barrel. Huge, right? It started the year at about 55. So it had more than doubled on the year. Most of the gains obviously over the prior week since we declared an unconstitutional war against Iran. But it was a huge move because oil ended the week, I think just about 90. And so it shot up from 90, 33%, like $30 a barrel. Now the market started to reverse because news broke that countries all around the world were going to do a coordinated release of oil from their respective strategic petroleum reserves. And that hit the market. And so we got a lot of selling when that news came out. Now, obviously, nations are trying to do what they can to try to bring oil prices down, but this is just a patch because to the extent that they do this and they sell out their oil now, well, now what are they going to do? What do you do when it's gone? Remember, the US Already has record low stocks in our strategic reserve because we sold half while Biden was president. And the only emergency was the midterm elections were coming up. And so Biden wanted gas prices to be lower. And so we blew through half of our strategic reserves that we were supposed to have for an emergency. Now, you could say that this constitutes an emergency. Of course we created the emergency. Right. This is not something that just happened to us, like, you know, just completely out of, you know, left field here. This was a known consequence of an action that we took. We decided, or Trump decided that he was going to go to war with Iran. He didn't have to do that. There was clearly no immediate threat to the United States from Iran. I mean, nothing had really changed. Again, in fact, if anything, the threat had been diminished because six or seven months earlier, we completely obliterated their capacity for nuclear weapons. At least that's what Trump told us back then. So we were supposedly in a great position. So there was really no need for this war. But for whatever reason, Trump decided to launch it. Well, clearly the fact that oil prices were gonna go way up, well, you know, that's just obviously that's gonna happen. And you know, Trump has said, and all the Republicans got the memo because if you listen to all the media outlets, they're all basically reading from the same script, just like the Democrats did, you know, when they wanted to talk about Biden being sharp as attack, right? And everybody said the same thing. Well, the Republicans are all saying the same thing now. They're all reading from the same script about how high oil prices are just a acceptable price to pay for the long term benefit of getting rid of Iran. Right. Of extinguishing this threat that is overhang the US for I don't know, 40 or 50 years. Right. So it's a small price to pay. So Trump is asking Americans to pay this price because of the long term gain. So let's have some short term pain and we'll get some long term gain. What bothers me about that is that this is really unnecessary short term pain. But if the President really believes that it's worth, you know, taken some short term pain to get long term gain, why not apply that to where it really matters, like cutting the deficit, cutting government spending, entitlements. How about some short term pain there? How about the President telling people you're going to get a smaller check from the government. That's the short term pain we need. We're going to have to cut some government spending, which may be painful to the people who are receiving that money, but in the long run it's going to be great. Or how about allowing a recession that is necessary to purge the economy from these economic imbalances that are weighing it down. Why not have some short term constructive pain so that we can have long term gain? There are so many ways that Americans could be asked to take some pain for some real gain. This one makes no sense cuz there is no real gain that we're going to have from this war. I doubt that anything substantive is going to be achieved. But I wish that Trump had the same attitude to solve real problems that he can solve instead of making up problems and then trying to solve those. We have enough real problems without having to make them up. And of course, you know, the cost of the war is another one. And you know, when people are talking about whether the rising oil price, and by the way, oil's up at about another five bucks this evening. So we're back in the 90s. We're almost $93 a barrel on oil. And yeah, we're going to take out that 119 high. I don't know when, but I think we're going to take it out. But oil was going to go up anyway. It's not going up just because of the war. It was going to go up even without the war. The war though is now a convenient scapegoat for oil price. But oil prices are certainly going to be a lot higher than they otherwise would have been. But you have a lot of people that want to say, okay, well, this is going to be inflationary. This is going to cause inflation. No, it's not. Rising prices don't cause inflation. Inflation causes prices to rise. But other things can cause prices to rise, like supply shortages, which is what we're going to have with oil. Now, if the government did nothing about it, if the Fed did nothing about it, oil prices would go up. Other prices that are heavily dependent on oil might go up, but other prices would go down because Americans would have less money to spend on other things because energy would be costing so much more. So oil prices would go up, other prices would go down. The overall price level would not be affected. What's going to cause the inflation is not oil prices going up. It is the monetary and fiscal policies that we are pursuing now and that we will pursue even more aggressively in the future because of higher oil prices. Because higher oil prices will act as a tax on the US Economy. They will weaken the economy. They will lead to a weaker labor market, even weaker than the one we got now. And yes, oil prices will show up in the cpi. Of course they will. They didn't show up in the CPI we got today, which was the February number, but they will show up big time in the CPI number we get in, in, in March, we get next month for, for, for March. But what's gonna cause the inflation is the government. It's gonna be Congress, it's gonna be President Trump, it's gonna be the Federal Reserve, they're gonna be printing more money, we're gonna be borrowing more money to pay for this war. And so that's gonna cause the price of everything to go up, not just oil. Everything is going to get more expensive because of all the money we have to print to pay for the war and all the money we have to print for everything else. But not only is the war going to be expensive, because Donald Trump came out and said that after we finish blowing up everything in Iran, we're going to build Iran back better than ever. We're going to make Iran great again. Now. I mean, I guess Iran was great at some point we're going to make it greater than ever. How much is that going to cost? And what kind of boondoggle is that going to be? Remember, whenever the government gets involved in something like construction projects, I mean, look at the big deal they're making about how much the Fed is spending on its building. Well, imagine how much more expensive, how much More money is going to be stolen. If the US Starts paying to build stuff in Iran, it's going to cost us more to build it back up than it's costing us to destroy it. Although once we finish blowing up all of our missiles, we have to order more. Right? That's where the defense contractors are all ringing the cash register, right? They're as happy as could be, Right, because they're making a fortune off of this war. Because every time a bomb blows up, that's another order to replace it with a bigger, more expensive one. But this is going to cost us a lot of money that we do not have. We have to borrow the money to pay for the war and then we have to borrow the money to rebuild Iran. And that's going to cost a fortune. And it's going to be, you know, another cesspool of corruption and graft and kickbacks. And, you know, governments can't do anything efficiently, especially when it's that far away, right? If we can't even build or remodel the, the headquarters of the Federal reserve in Washington D.C. and if we can't even do that at a reasonable cost, how are we going to rebuild Iran, right? Not, not even close. And I think some of that rhetoric was causing problems, but would also cause problems in the oil market. Last week, Donald Trump said that there was no negotiations with Iran, that the war was going to continue until we got Iran's unconditional surrender. He said that on Friday. And I think that's part of the reason that the oil market went ballistic on Sunday. Because if you take the President at his word, which nobody should ever do, you can never believe anything that Trump says. But the Marcus tend to react to what he says, cuz that's all they've got. And so if Trump was being honest and he was gonna hold out for the unconditional surrender, and unconditional surrender means that you surrender unconditionally. It basically means you throw yourself at the mercy of the victor. Right? There's no terms, right? You don't get to negotiate. It's like, you know, you're just. Whatever they want to do, you accept they want you. You know, they could, America would have complete control over Iran. We could pick the new leader, the new government. You know, we was, we would have, we was, we would do everything. They would do nothing. They would just say yes or no, sir, right? We say jump, they say how high? Right? Whatever we want, they have to agree we're in complete control now. There's no way they were going to do that, I mean, maybe eventually, but it would require a protracted war, probably a ground campaign, boots on the ground, a long occupation, right? That's what it's gonna take to get that submission. Meanwhile, look, the Khomeini Ayatollah's kid is already the new Supreme Leader. I mean, that's like right in your face, Trump. I mean, so you get rid of one Ayatollah, now you got another one, right? I mean, he could be worse than his father. Now, obviously he's probably pretty pissed about what happened to his father. There's probably a lot of people that are pissed about what happened to, not just their fathers, their daughters and their sisters. People are pissed about all the girls that died at that school. But look, I would think that it would take a protracted war with troops in Iran to get the unconditional surrender of Iran. And I think the markets started to price that in on Sunday night. Anyway, I got a quick commercial, so we got a break. We're coming right back. So don't go anywhere. Whether you're a founder, a CEO or an HR leader, building a global team usually means deciding to set up a local entity or not. And that's exactly why pebble is here. So, so you don't have to hire the world instantly. I've dealt with this firsthand. Once you start working with contractors and employees in different countries, suddenly you're juggling local labor laws, contracts, payroll compliance issues, tax questions, and you're stitching together three or four different tools just to stay organized. It eats up time and it introduces risk. That's where pebble comes in. Pebble is an AI powered global HR platform built for founders and operators who are hiring around the world. It lets you hire, pay and manage talent in over 185 countries with onboarding that can be done in minutes. Instead of bouncing between separate systems for contracts, payroll, benefits and compliance, pebble brings everything together in one place. Built in guidance and local expertise so you don't have to become an HR lawyer just to expand your team. Internationally. The fastest growing companies are using pebble to stay organized and reduce risk. Bottom line, it simplifies global people operations so you can focus on growing the business instead of worrying about paperwork. Their new standard, discounted pricing at US$399 per month per employee helps you contain costs. Go to HYPL AI to get a free estimate. That's HighPeeBL AI for a free estimate. All right. And I'm watching the oil prices during the commercial break and they continue to Rise. We're now almost $94 a barrel for West Texas. Brent is $99. So we're almost at 100 for Brent. Now, before the break, I talked about how Trump really sent the chill throughout the oil markets by threatening to fight the war in Iran until the unconditional surrender of Iran. Well, you know, Trump kind of got the nickname of Taco, right? Trump always chickens out about the tariffs, right? He would make a big deal about these really, really high tariffs, and they're gonna start immediately. And then the markets would kind of react, and then Trump would kind of, you know, backtrack. Cause he would chicken out, right. Once you saw the markets. Well, I think he kind of tacoed on the unconditional surrender when he saw the reaction in the oil market. Because yesterday, I think it was Trump came out and defined what it is he meant by unconditional surrender, which, of course, is not what he meant, because unconditional surrender can only have one meaning, right? You surrender unconditionally. I mean, that's pretty much it, right? But apparently his understanding of the words unconditional and surrender are the same as his understanding of the word tariff, right? Because he has no idea what tariffs are, doesn't understand tariffs, and he doesn't understand unconditional or surrender, especially when you put the two words together. Maybe he understands what they mean when they're separate, but the minute you put him together, he completely has no idea, according to him. Now, I don't believe that. I think he knows exactly what unconditional surrender means, but he had to find a way to bow out of that without saying, okay, I changed my mind. So he's now going back and trying to clarify, right. What he meant by unconditional surrender. And what Trump now says he meant was when he decides to. That Iran has had enough, when he's bombed them enough, and he doesn't think they represent a continuous threat, that's what he meant by their unconditional surrender. So they don't have to surrender at all, conditioned or otherwise. Trump just decides, I'm done here, right? Like there's nothing left to blow up. The war is basically over. I'm gonna, you know, I'm gonna take my, you know, my. My troops and my, you know, my ships, and we're just going to go home, right? So now that's what unconditional surrender is. I mean, that might actually be considered a victory for Iran if they're going to say, hey, we won, right? They gave up, right? They, you know, you know, they couldn't they couldn't knock us out. Right. Thinking about, like Sylvester Stallone, you know, you could knock me down. Right. But that's apparently what he claims he meant. Now, I think that also helped in the oil market because that lowers the bar considerably. If we're just gonna fight until we decide that Iran has had enough, and then we're just going to leave, well, that makes it very easy to just stop the fight. But I mean, what is it that we actually accomplish if we leave the regime intact and we just stop fighting? Yes. They're not gonna have as many battleships or any battleships. Their navy, Trump keeps talking. Their navy is gone. Their factories are gone. Everything is gone. We destroyed it all in like two hours or three hours. I mean, he's making a big deal about how quickly we annihilated Iran. Well, I mean, they're a tiny little country. I mean, compared to us. I mean, our military is enormous. I mean, we're making a big deal that we were able to beat Iran, of course. I mean, how can we not be able to beat Iran? And in fact, Trump likes to take credit, like, oh, this great military is because of me. Right? Like, you know, I mean, no, the military was there, but, you know, I don't think this is going off, you know, on the world stage the way Trump thinks. Cuz he's talking about, like, look at what we did to Iran. Look at how easy it was for us to completely obliterate Iran. We have a military that nobody else in the world can match. We could do whatever we want. We can beat anybody into submission. We can attack anybody, we can wipe anybody out. We have the ultimate power. We have the greatest military in the history of the world. And Donald Trump thinks this is great to say and maybe it goes over well when he talks about it on the campaign trail when he's in Kentucky. But think about how that sounds around the world. I think it creates a sense of fear that other countries are like, well, maybe we're next. I mean, we've already. Trump has already made it clear that he was potentially going to invade Greenland. I mean, what did Greenland ever do to anybody? Nothing. But Trump was really seriously considering invading the country. And why? Well, because we got a military. What are they gonna do about it? Nothing. Right. We just do whatever we want because we're that powerful. And I think, again, this is a dangerous message to send to the world that we're so powerful we can do whatever we want because the world realizes that they are the source of our power, that without the US dollar As the reserve currency, we would not be able to wield all this power. We could not afford all of these missiles, all of these bombs, all this stuff that we're dropping on Iran, the world is paying for it. They're loaning us all the money. Without the massive deficits that we're able to finance based on the dollar's value, none of this would be possible. And I think that is the message that we send the world is like, wait a minute, we've created a Frankenstein monster here, right? We gotta do something about this. We gotta take the US down. I don't think the message is, this is so great. Look, look at how powerful America is. They can protect us. I think the world is like, oh, look at how powerful America is. They could attack us. We're not necessarily a defensive force for good, but our power could be used offensively. Cuz again, it's America first. Who gives a shit about anybody else? We do what we think is right and might makes right and we've got all the might. Well, the world can take that away and I think they are gonna take that away Now. So far, you know, we've seen some strength in the dollar. Not a lot of strength, but we had seen some strength in the dollar. And I think that's one of the reasons that we haven't seen a big run up in gold. I mean, gold prices are still around 5150. So gold hasn't really rallied during this. Now, of course, gold had a huge rally before the Iran war broke out. So it's just kind of consolidating. Don't, don't jump to the wrong conclusion that this is the end for gold, or gold's not gonna be a safe haven, or gold's not gonna go up, gold is going up. The war is very bullish for gold because the war is gonna be very inflationary and ultimately it's gonna lead to a much lower dollar and that is gonna be bullish for gold. But for now, you've just got another opportunity to keep buying gold, to keep buying silver. Silver's about 85 and a half dollars. Again, we're nowhere near 50. We broke out, we're just consolidating. And silver has been as high as 100 and what was it, 120 or something like that. Just like oil, almost the same price that oil got to. And both oil and silver are going to make new highs. They're going to make considerable new highs. So you have an opportunity to buy them now. And you know, the stock market has Moved down, the Dow Jones is trading, what is it, about 47,000. So a few thousand points below 50,000, but it's really not that big a drop. People are still much too optimistic on the outcome here. And again, even if we win based on the President's new definition of, of deciding that we've bombed them enough and there's nothing left to destroy, you know, there's still a country there, there's still a regime there, and there's still going to be a lot of animosity. In fact, there's going to be more animosity, there's going to be more hatred of America. And I think that after this war is over, the risk of some type of terrorist retaliation is going to be a lot greater. So. So I think, not that I'm forgiving acts of terrorism, I don't, but I recognize that if you piss off people who are prone to acts of terror and you make them really, really mad, then you increase the likelihood that they're going to do something. Right? It's blowback. I know when Ron Paul talked about blowback a long time ago, he got into a lot of trouble because people said, you're blaming America for 9 11. No, he wasn't. He never blamed America for 9 11. But what he did say is we can't just ignore what happens when we go into the Middle east and piss off a lot of people that this might happen. It doesn't excuse what they did. But you understand that your own actions are what created the environment that fueled the hatred and the animosity that led to people wanting to kill themselves in order to seek revenge against the United States. So you can't absolve yourself from that. If you go in and you start kicking up hornet nests and then one of them stings you, you know, you can't say you'd have anything to do with it because had you stayed out of the hornet's nests, you wouldn't have got stung. Right. And that's the point that Donald Trump was, I mean, that Ron Paul was trying to make. And he got, you know, vilified. He made it in a debate that, oh, you're making excuses. He wasn't making excuses. He never justified what the Iranians did when they or not the Iranians, just the terrorists never once justified it, just tried to explain why it happened and that if we want to cut down on terrorism in the future, let's mind our own business. Let's just, you know, let's not get involved in the Middle east and Western is A real threat to the United States. You know, Donald Trump keeps saying, oh, we had to attack Iran because if we didn't, they would have attacked us first. Well, I think that's complete bs but had they attacked us first, okay, then there would have been a justification better to let them attack us first. I mean, how much damage could they really do? Right? I mean, and then we would look like the good guys. You know, they wouldn't be able. But if now we just go in there, we start the war, and now they're the ones that are defending themselves and we let them take the high ground. It's ridiculous. But my point is, even if we win, the situation is going to be worse. Now, if we don't want that, if we want complete regime change, if we want to go in there and establish a new government in Iran, well, it's gonna take a lot longer, it's gonna cost even more money, and we're gonna be there forever. Donald Trump's like, oh, I don't want any forever wars. Well, okay, well, you started a war. The best way not to have one is not to start one. But he's like, I'm just gonna end it real quick. He's trying to claim that he's ending this war that has been ongoing for 40 or 50 years. Well, if that's the case, why didn't he campaign on that? Why didn't he say when he ran for election, I am going to end the war with Iran by bombing them? No, he never once said that. In fact, if anyone would have accused him of that, he would have said, oh, that's a lie. I would never do that. I mean, everything Donald Trump ran on, everything that he stood for is the opposite of what he's now doing anyway. Got another commercial break. Stick around. I got a lot more to say, and I'm gonna say it on the other side of this break. Now is not the time to play the AI guessing game or to just wait and see. Everyone is talking about AI. Smart businesses are taking the steps with NetSuite by Oracle. One thing to consider is your competitors are already making their move to. To implement AI to work for them. That's why I recommend NetSuite. If I were scaling a business today, this is the system I'd be using. It brings your financials, inventory, hr, commerce, and CRM all into one single source of truth, which is key because connected data is what makes AI actually useful. You're not just getting automation, you're getting real time, insights, smarter decision making, and a system that runs your business with built in AI not bolted on gimmicks and and now with the NetSuite AI connector, you can plug in the AI of your choice and ask it anything who your most valuable customers are, how much cash you've got on hand, where your inventory bottlenecks are, even automate those endless manual tasks that slow things down. It's flexible, it's fast and it's built to keep your business ahead. Join over 43,000 businesses and use the number one AI Cloud ERP delivering actionable insights and helping you cut costs and make fast AI powered decisions with confidence. If your revenues are at least in the seven figures, get their free business guide demystifying AI at netsuite.com gold the guide is free to you at netsuite.com gold netsuite.com gold all right, so you know, the biggest losers in the stock market so far from this Iran war have been the gold stocks, gold and silver mining stocks. Even though gold and silver prices haven't really come down, all that happened is they didn't go up. Gold and silver prices are about where they were, but the mining stocks have got hit pretty hard, way harder than the Dow or the nasdaq, any of those. Now, of course, gold and silver stocks went up a lot more. In fact, the market was flat. The gold stocks were way up in 2026 after having killed it in 2025. So they're losing some of those gains as people are taking profits or selling stuff and they're getting nervous about the war, about recession. Maybe the Fed is not gonna cut rates because of the high oil prices or whatever. But this has created another great buying opportunity in the mining stocks because they were a great buy before this decline and now they're an even better buy because their profits are not declining. Now, yes, oil prices have gone up and that is going to be a factor in the profits of gold and silver mining companies. But even with the higher oil costs, it's still not going to offset the profits from higher gold and silver prices. And those higher profits were still not reflected in the stock prices. So you could say that some of the benefit has been reduced by the decline and by the increase in oil prices. But again, if the market thinks this is just temporary, which it obviously does, because if they thought it was permanent, there would be a much bigger drop in the S and P and the Nasdaq and there would be a much bigger rise in oil stocks. I mean, oil companies have gone up. My oil stocks are doing well. They're making new Multi year highs. And I talked about how I added to our oil positions that I added to my own oil positions a few months ago anticipating higher oil prices not necessarily because of a war, although I knew that was possible, but I thought oil prices were going to go up and I was right about that. But the market just assumes that oil price spike is a short term phenomenon. So it's not going to impact earnings according to the way the market views it. So they should be looking at these gold and silver mining stocks as incredible buys, which they are. And I think they're going to rally big any day. It's hard to say when they're going to flush out the weak sellers, but that's gonna happen. And gold and silver are going to rise and these stocks are gonna make new highs and I think you wanna take advantage. So not only do you wanna go to Schiff Gold and buy physical gold and silver now, but you wanna buy the mining stocks. Whether you pick your own mining stocks or open up an account at Euro Pacific Asset Management for us to manage for you, or you buy my gold fund, buy my fund at Euro Pacific Asset Management. My fund is epgix. That's the no load advisors class that you could buy at any discount broker. Or if you want to do it yourself, you could subscribe to our newsletter Strategic Assets. We've got interesting companies that we profile in this space that you can just go out and buy. These are a lot of smaller stocks that are even too small in many cases for us to buy into funds. But individual subscribers with their own account can go out and take a position without impacting the markets. But this is an opportunity in these stocks. I think the overall stock market hasn't gone down enough. But gold hasn't gone up enough, hasn't even gone up at all. And these gold and silver mining stocks should not have gone down yet. They did. And that just represents another a great opportunity to buy them. Anyway. So I want to talk about the CPI numbers that came out today because there's a lot of talk about how these are good numbers and they're not good numbers. They came out as expected. But prices were up 0.3 for the month of February, year over year up 2.4. This is exactly as expected. Ex food and energy up 0.2 and year over year up two and a half. And these are the same numbers from January, year over year. Inflation 2.4 in January, 2.4 again in February and ex food and energy 2.5. 2.5. What does that show? No progress. We're not getting any closer to the Fed's 2% target. And this is, you know, when oil prices were, you know, a lot lower than they are right now. So obviously these numbers, the CPI numbers, are just going up from here. They're not going down. So it's not good news that we've kind of bottomed out well above the Fed's target and we're poised to move higher. And of course, as I've always said about the government numbers, they're not accurate anyway. So if the government claims that prices are up 2.5%, it's more likely they're up 4 or 5%, not 2.5%. So the numbers don't really mean anything, but they are going up. And if they mean something to the Fed, it means that you still have a lot of work to do as far as hiking rates. Meanwhile, they're cutting rates and they're implying that they're going to be cutting rates, rates more in the future, which is obviously a mistake. And of course, you know, we do have all this AI. I don't know how big an impact it's had thus far on overall productivity. Probably had some, but prices are rising anyway. The benefit of AI is supposed to be that costs come down. Well, if they're not coming down, they're going up. That's because of inflation. I mean, let's say that AI would have reduced prices if AI made businesses so much more efficient that they can produce a lot more with less lower labor costs, lower material costs, businesses became more efficient. The reward for greater efficiency is lower prices. Well, if the government robs us of that reward by creating inflation, that's still a problem. And I keep hearing people talk about how well, you know, AI is deflationary, like that's a bad thing, and the government needs to offset that by creating inflation. It's not a bad thing. And it's not really deflationary because it doesn't contract the money supply. That's what the real definition of deflation is. It's a contraction of the money supply. What it does is it expands the goods supply, and that's a good thing. That means lower prices. But the government likes to take advantage of that, to exploit that by robbing the benefit that the consumer otherwise would enjoy from falling prices by printing the money and stealing that gain away from them under the guise of we must have prices going up. So if prices were going to go down, we can't let that happen. So we're gonna spend a bunch of money on government programs that make prices go up so you don't have to suffer cheaper prices. You get these higher prices which are supposedly good for us. But anyway, I wanna mainly talk though, not about cpi, but about this talk. I'm really, really pissed. I listened to the President in Kentucky and he's really there to campaign against the best congressman that we have in Thomas Massie. If you're a Republican and you actually believe in what the Republican Party claims that it stands for, he's like the only Republican left. If Republicans believe in the Constitution, limited government, sound money, fiscal responsibility, he's the only guy that actually walks what he talks. Yet Donald Trump hates this guy. He called him so many names, he called him the worst. He said he's a traitor, he's horrible, he's terrible. I can't even remember all of the adjectives that Trump used to describe the best Republican that we have. I mean, if we had more Thomas Massie's, we wouldn't be in this trouble. Yet Trump wants to get rid of the one that we got and replace him with another rubber stamp for the establishment. A guy who's not even really a Republican in the sense that, look at Thomas Massie. He ran a great commercial that he's running. He's got to show that this guy that Trump likes is actually not even a Trump supporter because he dug up his records, his party affiliation, and when Trump won the Republican nomination Initially in 2016, this guy was so pissed he changed his affiliation from Republican to Independent. He didn't want anything to do with the political party that was run by Donald Trump. Massey didn't do that. Massie stayed a Republican then only after Donald Trump was no longer president and Joe Biden was president, that's when this guy switched back to Republican. So once he thought that Trump was washed up and out of the Republican Party, he felt like he would come back. So obviously the guy is probably a very left wing Republican. And yet this is the guy that Trump wants cuz he wants to get rid of the only good one that's there and that's Thomas Massie. Now one of the big things he said is that Massie is the one Republican who voted against his great tax cuts. And that makes him really bad because he didn't want people to have tax cuts. That's not true, that is a lie. He wanted people to have real tax cuts, not tax increases disguised as tax cuts, which is what Trump provided, which is what every other Republican voted for. The big beautiful bill was not a tax cut, it was a tax hike. And the only Republican who was willing to stand up and tell the truth about that in the House was Massey. All the other ones repeated the lie. The big beautiful bill increased government spending. You know, most of us are trying to get healthier, better diet, better habits, maybe a few supplements. But let's be honest, half the time we're just guessing. What if you could measure how your body is actually aging and get a clear plan based on real data? That's what True Diagnostic does. They test your biological age plus key health markers like vitamins, inflammation and nutrient levels. Then give you a personalized 90 day plan showing what your body needs. No guesswork, just science. Order online and the kit ships right to your door. I recently took the test myself. It was easy. A simple at home finger prick. Drop it in the prepaid envelope and that's it. Now I'm waiting on the results and I'm genuinely curious to see where I stand. Especially when it comes to things like inflammation and nutrient absorption. It'll be good to know what's actually worth changing and what's just noise. They offer two core True Age, which measures your biological age versus your real age and includes includes organ level aging and True Health, which tests over 100 markers focused on your metabolism, energy and immune health. Or get the Combo Kit for the full picture, your long term trajectory and your current baseline. Your only job. Follow the three most important actions you can take for 90 days, then retest to see progress trusted by top longevity clinics and health professionals, not just consumers at 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. Choose Truage, Tru Health or the Combo Kit as a one time purchase or subscription. Did you know? Fast Growing Trees is America's largest and most trusted online nursery with thousands of trees and plants and more than 2 million happy customers. They have all the plants your yard or home needs, including fruit trees, privacy trees, flowering trees, shrubs and houseplants, all grown with care and guaranteed to arrive healthy. It's like your local nursery, but anywhere you live live with more plants than you'll find anywhere else. Whatever you're looking for, Fast Growing Trees helps you find options that actually work for your climate, space and lifestyle. Fast Growing Trees makes it easy to get your dream yard. Just click, order, grow and get healthy, thriving plants delivered to your door. Their Alive and thrive guarantee promises that your plants arrive happy and healthy. No green thumb required. Just quality plants you can count on. Plus, get ongoing support from trained plant experts who can help you plan your landscape, choose the right plants and learn how to care for them every step of the way. Shopping for plants the traditional way can be a hassle. You drive around to multiple nurseries, try to figure out what actually works in your climate, and then you're loading dirt and plants into your car, hoping they survive the trip home. Fast Growing Trees makes the whole process a lot easier. Fast Growing Trees is a company we've been using for my home in Connecticut for several years. My wife loves shopping their website and choosing the plants for our yard. And now with spring on its way, she's already planning to order more plants and trees for our property. Right now they have great deals on spring planting essentials. Up to half off on select plants. And listeners to our show get 25% off their first purchase when using the Code Gold at checkout. That's an additional 25% off. Better plants and better growing at fast growingtrees.com using the code Gold at checkout. Fast Growing Trees Code Gold Now's the perfect time to plant grow together. Use Gold to save today. Offer is valid for a limited time. Terms and conditions May apply.
- [47:33]
B
RingCentral's AI receptionist uses Voice AI to answer on the first ring so you'll never miss a call again. In just a few minutes, you can personalize your own AI receptionist to answer questions, route calls, schedule appointments, and even send texts in multiple languages. Plus, it's easy to scale Create unlimited AI receptionists across any phone system. It's all powered by one reliable platform for effortless AI communications. See for yourself at ringcentral.com ringcentral Voice
- [48:02]
A
of your Business I was watching on, on, on Fox Business Today this show, right? And I'm trying to get the name of the show that, that, that, that I was watching and I watched a show Evening Edit Evening Edit, Fox Biz. It was at 5 o' clock Eastern Time and they had this guy on and he was talking about how bad the inflation was under Biden and he blamed it on Biden's spending, on all the government spending under Biden. And then he said thank God for Trump and Trump policies because we brought down the Biden inflation, which is so ridiculous because the government is spending more, more under Trump than it did under Biden. The federal government is bigger and more expensive now. So if big spending caused inflation under Biden, why wouldn't it cause inflation under Trump? It will. So the guy is lying. And you know, by the way, I was supposed to be on that show. They booked me this morning to be on the evening edit, and then later on the day, they sent me a link to an ex post and they wanted my comment on it because they were apparently going to talk about it. And because of my comment, immediately, they canceled my appearance. Now, what happened? I did not talk about how great Trump was. The post had to do with the fact that, that Trump was very business friendly and Biden was not. And it had to do with how CEOs of companies could call Trump or the members of his administration and the government would help. The government would do stuff to help them out. And that the government under Trump was open for business. And CEOs like the fact that they could call up Trump or his administration and the administration was open for business and they could get stuff done. And my response was, I don't like that at all. I don't think that's a good thing. I believe in free market capitalism, not cronyism. I don't want CEOs to be happy about the fact that they can get on the phone with the president and now the president's gonna do them a favor. And I don't know, like, what the quid pro quo is. I don't know what they're promising. But. But you know what? There's not that many CEOs who can get through to the President or to members of his Cabinet. Right. That leaves out the vast majority of American businesses who have no access to the President. And the businesses that can leverage that access can get an unfair advantage over the businesses that don't. So my point was, instead of being flattering of Trump, hey, this is so great that Trump is so pro business. My take was, wait a minute, I don't like this. I want Trump to be pro free markets. I don't want any CEO, big or small, to feel they have to call the president to get a favor. I don't want that. I want the government to get out of the way. And so, because I expressed that type of reaction to this quote, they said, oh, we don't want you on. We don't want you on a show. So obviously, look, they're only looking for people to say positive things about Donald Trump on that show. But I'm not willing to do that, especially when Donald Trump is doing something that I disagree with. Right, but they don't want that. I mean, the shows are not really news shows. It's like just propaganda for the president. Not all the shows, obviously. Look, I've been on I still get on some. The Clayman Countdown has me on, right. Even though I'm not just kissing Trump's ass. But obviously some of these shows now, maybe they remember what happened to Fox and Friends. I haven't heard from them. Donald Trump took them to the woodshed for having me on and have me dare to tell the truth about prices. How dare they have me on to tell the truth? They just need to have people on who are willing to lie about how great things are. So they got that message loud and clear. They must have trashed my phone number, my email address. I haven't heard from them since. I've sent them a couple of emails and I get nothing. But anyway, so the criticism is completely misplaced because Massie wanted tax cuts, but he wanted spending cuts too, so that the tax cuts were real. That's what he opposed. Had there been cuts to government spending to offset the tax cuts, then Massie would have signed on. But because the tax cuts were a lie, he stood up against them. He told the truth. But every other Republican was willing to swallow their principles and vote for a lie. Is that what you want? Is that what, that's what Trump wants? He wants more people like all the other rubber stamps who don't give a shit about the country. And he wants to get rid of the one guy who does. And again, because if you're gonna lie, why does he want somebody to shine a light on that? He wants to extinguish the only real voice we have in the House for freedom, for liberty. Right now, a lot of people think that that's what Trump stands for. A lot of people who are part of the Tea Party movement are MAGA because they think Trump is one of them. Trump is not one of you. If you had anything to do with the original Tea Party, Trump has betrayed every principle that you stood for. He's, you know, he's kind of taken over that mantle. Right, but he doesn't deserve to wear that crown. Not at all. I mean, he is a big government guy and, you know, the left wing media, right. I never get invited on CNN or ABC or NBC or cbs. Right, because basically you got Fox, which is captured by the Republicans, but just about all the other outlets are captured by the Democrats. And even though I'm critical of a lot of what Donald Trump does and says none of those outlets will have me on, I never get invited. And it's because I'm criticizing Trump for the wrong reasons. I'm criticizing Trump for acting too much like a Democrat. I'm Criticizing him for being too far left. They don't want that kind of criticism. They don't want somebody criticizing Trump from the right. They want to criticize him from the left and pretend that he represents some kind of extreme right wing nutcase, right, that he's like pure free market, that he's the complete opposite end of the spectrum, like radical right, when that's not true. I mean, Trump has far more in common with Democrats, at least he used to. Now, the Democratic Party has some other idiotic stuff that they're in favor of that Trump hasn't bought into, but purely from economics, from protectionism, the tariffs, the government picking the winners and losers, and even the tax cuts that he's bragging about, these are not pro growth tax cuts. I mean, there's a small slice of the tax cuts that you could say are pro growth. The rest of it are pro spending, pro consumption, Keynesian pump priming stimulus that was invented by the Democrats and is very much of a Democratic position to take. But Trump was bragging again about the economy and taking credit for it. Say his tax cuts are the reason that the economy is booming. Well, the economy's not booming. And if all you had to do is cut taxes and run big deficits and that was the key to a booming economy, then the economy should have just been booming all along. It should have been booming under, under, under, under Biden, should have been booming under Obama. I mean, we've been running big deficits and, you know, for decades. I mean, look at the national debt now. It's almost at 39 trillion. We're at 38 trillion. 8, 71. So we're going to be at 39 trillion here, you know, in a week or two, and then 40 trillion pretty soon. And it's just gonna keep on going up from there. But the secret to growing the economy is not deficit spending. The opposite is what we need. But look at the jobs numbers. Trump is saying we have this fantastic economy, and he's saying we have the greatest job market ever. In 2025, we lost 108,000 manufacturing jobs. That's the government number. We lost 108,000. We didn't gain jobs. We lost jobs. Over 100,000 jobs. About what, 8,000 jobs a month all last year? Well, the tariffs were supposed to bring all those jobs back. Obviously they didn't because we lost jobs. But overall, during Trump's presidency, 181,000 jobs. Now, these are the government numbers again, but according to the government, 181,000 jobs were created in all of 2025. That's it. That's like one okay month under Biden's last year in 2024, when Biden was president, and according to Trump, we had the worst economy in the history of the world. 2.2 million jobs were created, even after all the downward revisions. 2.2 million under Trump's first year, when we've had the greatest economy, 181,000. And most of those jobs are in health care. I mean, we don't want health care jobs. I mean, we want to be healthy. It's not good news. Most people don't want their medical bills to go up. If you have a year where you have a lot of medical bills, you're not happy about that. You want to be healthy. So, yes, if you get sick, yes, I want to get better. So I'm glad I can pay these medical bills, because the alternative is that I stay sick or I die. But under an ideal circumstance, you wouldn't have got sick at all. You wouldn't have had to spend any money on health care because you would have been healthy. People would rather be healthy than spend money on health care. And so the fact that we had to have all these extra health care jobs, that's not a positive thing. If the nation was so healthy that we didn't need all these people working in health care, that would be a good thing. I mean, what if we wiped out disease entirely? What if we were so healthy we didn't have to spend any money on health care? That would be good. No, but if we get really, really sick and we have to spend almost all of our money on health care. Oh, that's good. Look at all this spending on health care. Look at all these jobs we have in health care because we're so sick. No, I want to be so healthy that we don't have to spend money. Most things. If you spend money on a vacation, you're glad you took the vacation and you spent money. If you buy yourself some new clothes, you're really happy that you bought some new clothes. You buy a new car. It's great. You drive around this shiny new car with a new car smell. Most of the things that you buy, you're glad that you bought them. If you break your arm and you have to go to the doctor, you're not, oh, I'm so good. Glad I got to spend money fixing my broken arm. No, you're pissed that your arm broke in the first place. You would rather have not had to go to the hospital and got your broken arm fixed and not have to go around in a cast for however long you need to be. You would rather not have to spend that money. So it's not even a good thing that most of our jobs are in health care. That's not where we need to be really creating jobs. But that's what we created, and we barely created any jobs at all. Meanwhile, again, here's another lie. Donald Trump, when he's talking about how great the economy is, he said, you know, I've been president and in the last nine months, $18 trillion has already been invested from foreigners in America. 18 trillion. And then he said, under Biden, for his whole four year term, it was substantially less than 1 trillion. And here I am, I got 18 trillion already and it's not even a year. He said, it's been nine months. I mean, where is this coming from? This money has not been invested. $18 trillion, not even close. Now, I don't know what kind of crazy commitments people whispered into his ear, yeah, we'll invest this. He's just counting it all, like, and I'm sure he's double counting it and triple counting it. It's not even close. The dollar is down. Since he's president, if all that money was coming in, the dollar would be up. Foreign stock markets are way outperforming the US Stock market. So clearly there isn't all this money flowing in the US Stock markets when we're the worst performing market. Money is coming out of the us it's not going the other way. The whole thing is a lie. He lies about Massie, he talks about how horrible Massey is, and then, you know, he points to this guy, you know, this is this great guy that you gotta vote for. We need that guy like a hole in the head. Why do we need another yes man, another rhino, another big spending political hack, when we have a principled conservative libertarian who actually takes his oath of office seriously, no one else does. He takes an oath to preserve, protect and defend the Constitution and then he honors that oath. And because he does, Trump wants to get rid of him. So that really shows you who Trump is. That's the real Donald Trump. So if you think that he's a conservative, that he wants to shrink government, that he wants to cut government spending, that he believes in sound money. If he believed in all that stuff, he would be endorsing Thomas Massie. So he doesn't. He is the opposite of Tom Massey. So I would suggest that people, look, if you live in Kentucky, you're in his district, vote for him. And if you want to give money to any congressional candidate right now, he's the guy. Not that it necessarily makes a difference because he's only one guy. There's not enough of him. But we need a voice. We need somebody in Congress to speak for the people, to speak for the Constitution, to stand on principle. And it would be a huge loss, I think, for the country if Trump succeeds in getting rid of that guy. Extinguishing the one hope, however slight it is. But people at least to be able to hear the truth, should know, right, that there's an opposing point of view in the Republican Party, that it's not one big monolith. Especially since the country's going down in flames and the Republicans are gonna go down with it, because the Republicans are steering the ship of state over the edge of a cliff. And we're gonna have a horrible economy, massive inflation, high unemployment. All this is gonna be laid at the feet of the Republicans. Massie is one of the few. Now, Trump also called out Rand Paul. Rand Paul is a bad guy, but somehow he's not quite as bad as Massie. He said he kind of likes Rand even though he's a bad guy, because he votes against a lot of the same things. In fact, Rand and Massie pretty much always vote together. So he's got a particular hard on for Massie. Not as much for Rand, of course. They're both in Kentucky. But in any event, so help, I've given money to Thomas Massie already, and so he's kind of my Congressman, just like Ron Paul was my congressman. I always considered, I never lived in Texas and I always considered Ron Paul my congressman, because my congressman represent me at all. When I lived in California, when I lived in Connecticut, the congressman in my district had nothing to do with me. I mean, he was the opposite of me or she. Whoever happened to be the only one in Congress that really represented me, my ideals, my principles, was Ron Paul. So even though I never lived in Texas, he was my Congressman, the only one that mattered. And now that's the same thing as, like, Massie. I mean, there may be a couple of other guys, but Massie's the main one. And so we lose him, you know, we've lost any hope. Not that, you know, now, you know, the hope is just slight, but it's there. And Trump wants to extinguish that one flame that's burning in the Congress that we really need to be there. So, you know, go and donate to Massie and vote for him. And if, you know, anybody you know, in Kentucky. Then have them vote if they, if, if, if they're in that district. Anyway, that's it for today's podcast. I've already run into an hour, though. Don't forget again, subscribe to the channel, Leave me a comment. Like it don't forget about buying some gold and silver at Chip Gold. Let me take a look and see if we've had any kind of reversal because the market was down. Yeah, gold's down about 23 bucks, 51.51. Silver is down about 37 cents. 85 and a quarter. Oil prices, what are they doing? They're about the same, about $93 a barrel for oil. But get your gold and silver while you can. Another big leg up is coming and an even bigger opportunity exists in these mining stocks. EPGIX is my fund and I think we've got a great portfolio of stocks, particularly the juniors that I think are really gonna explode to the upside in the next leg of this bull market. You can get all the information on my funds, all five of my funds. You can read the prospectuses. They're all on my website@europact.com E U R O P A C Bye for now and I'll probably do another Friday again, same as last week. I'll do a Friday Shift Gold market wrap on the Shift Gold YouTube channel. So make sure and go over there to Shift Gold and subscribe to that YouTube channel and make sure and watch or listen to the Friday podcast, which I will probably do right after the markets close on Friday. Bye for now.
- [67:21]
B
RingCentral's AI receptionist uses Voice AI to answer on the first ring so you'll never miss a call again. In just a few minutes, you can personalize your own AI receptionist to answer questions, route calls, schedule appointments, and even send texts in multiple languages. Plus, it's easy to scale. Create unlimited AI receptionists across any phone system. It's all powered by one reliable platform for effortless AI communications. See for yourself at ringcentral.com ringcentral Voice of your business when you run a
- [67:53]
A
business, there are a lot of boxes to check.
- [67:55]
B
Let's see, Payroll, check. Inventory, check. Insurance.
- [67:59]
A
Ugh. Well, good things simply. Business makes getting small business insurance fast and easy. Just answer a few questions, review your quotes and get covered in understanding. 10 minutes all online. It's that simple. Check insurance off your list at simplybusiness. Com.