Podcast Summary: The Tucker Carlson Show

Episode: Peter Schiff on Gold’s Dominance Over the S&P and the Plot to Stop You From Noticing
Date: January 26, 2026

Episode Overview

In this episode, Tucker Carlson welcomes financial commentator and gold advocate Peter Schiff for a deep, unsparing conversation about the supremacy of gold over the S&P 500, the hidden mechanics inflating the value of paper assets, why central banks are turning to gold, the misunderstood nature of inflation, and the pitfalls of both government and Wall Street regarding currency, assets, and even the crypto craze. Schiff and Carlson also dissect how gold sales are manipulated in U.S. media, the destructiveness of government subsidies, and why Schiff believes a crisis in the dollar and the broader U.S. economy is imminent and inevitable.

The episode’s tone is irreverent, skeptical, and unapologetically critical of mainstream finance, government policy, and what the hosts consider to be economic propaganda.

Key Discussion Points and Insights

Peter Schiff’s Gold Origin Story and Historical Context

• Schiff’s first gold purchase: “The first time I bought gold was when I got bar mitzvahed...this is in the 70s” (00:10). He describes timing the gold bull market in the 1970s, selling gold near its peak, and using proceeds to buy a car (MGB convertible).
• Bear and bull markets: Gold’s long bear market from 1980-2000, then resurgence in the 21st century. “If you were to price the Dow in terms of gold, it’s down about 70%” (02:01).
• Illusion of stock market gains: “There’s an illusion that, oh, we have all this prosperity...But when you price it in gold...the gain in the stock market is inflation. It’s not real value that’s been created in the market.” (02:19)

Notable Quote

"Gold is real money. Government can't just create gold." (03:11 - Schiff)

The US Dollar, Gold Standard, and Modern Inflation

• End of Gold Standard: Detailed history of the dollar’s decline post-1971: “…once we defaulted and the US government, you know, reneged...that's when the real inflation started.” (04:44)
• US “Exporting Inflation”: Explains how America benefits from printing dollars, trading them for real goods produced abroad, while foreigners get IOUs and buy U.S. assets, inflating prices at home (07:35).
• The approaching crisis: Schiff warns, “...this time around, it’s not going to be the US going off the gold standard, it’s going to be the world going off the dollar standard.” (06:56)
• Flight to gold: Central banks (Russia, China, India, Poland) are buying gold, seeking to “get out of dollars” especially after US sanctions on Russia (11:46).

Notable Quote

"We’ve been screwing [other countries] over because we’ve been getting their stuff and all we do is export our inflation. They get our paper, we get things that make our lives better." (07:52 - Schiff)

Inflation: Redefined and Misunderstood

• Redefinition of inflation: Inflation is not just prices rising, but “an expansion of the supply of money and credit” (13:35). Governments have redefined it to misdirect blame for rising prices onto corporations or workers.
• Depreciation of purchasing power: Schiff attributes the rise in the cost of living to government-induced inflation since ending the gold standard.
• Debunking “deflation is bad”: Schiff ridicules claims that falling prices discourage consumption, citing consumer technology as a clear counterexample (15:10–16:49).
• Business and falling prices: Businesses can make more money when prices fall, due to increased volume and efficiency.

Notable Quotes

"The natural tendency for prices is to go down." (14:49 - Schiff)
"[The government says] prices have to go up 2% a year. Why? Why does the cost of living have to go up?" (15:07 - Carlson)

Asset Bubbles, Monetary Policy, and the CPI

• Financial asset inflation: Money printing after 2008 (and Covid) drove asset prices up, creating bubbles and distorting the economy (18:59–19:19).
• Covid stimulus: Massive government handouts without production led to “the most inflationary combination of monetary and fiscal policy I’d ever seen” (19:03 - Schiff).
• Inflation lag and bipartisan blame: The surge in inflation post-2020 was “baked in the cake” by policies under Trump as well as Biden (21:55).
• Manipulation of economic statistics: The government consistently changes the methodology for CPI and unemployment, causing real inflation and unemployment to be much higher than reported. “You pretty much have to double whatever the government says” (26:48 - Schiff).
• Trump’s “Big Beautiful Bill”: Schiff criticizes Trump-era policies for perpetuating deficits and failing to institute structural reforms (28:08–30:41).

Notable Quotes

"In the 1990s, the government decided the CPI was overstating how much prices were going up. That was probably a lie." (26:24 - Schiff) "Unemployment...the way they measure unemployment now...[has] taken so many unemployed people and we’ve decided we’re not going to count them..." (28:08 - Schiff)

Housing, Interest Rates, and Structural Imbalances

• Housing bubble cause: Low interest rates and federal mortgage guarantees inflated home prices. Rising mortgage rates mean the bubble must pop, but adjustment is slow due to homeowners’ low-rate mortgages (34:43–36:36).
• Supply constraints: Tariffs on building materials (under Trump), limited new construction, and labor market distortions all drive up home costs (35:05–36:09).
• Imminent correction: “We’re headed for a very severe recession…a lot of houses are gonna come on the market, and real estate prices are gonna go down substantially nationwide.” (36:37 - Schiff)
• Government subsidies effect: Government interventions in housing, healthcare, and education always make these sectors more expensive, not less (38:21–39:52).

Notable Quotes

"Whenever the government comes in to try to help you pay for something, they actually make it more expensive." (38:21 - Schiff)
"Donald Trump wants to micromanage the economy from the White House like he’s the CEO." (46:22 - Schiff)

The True Role of Gold, Crypto, and the Danger of Hype

• Gold vs. Crypto: Schiff argues that while crypto like Bitcoin mimics some properties of gold, it fundamentally lacks intrinsic value and utility; thus, it cannot be a trustworthy reserve asset.
• Crypto’s “greater fool theory”: The value of Bitcoin is based solely on someone else believing the price will go higher, rather than productive use or earnings (47:26–49:00).
• Why central banks choose gold, not Bitcoin: "It’s not a reliable long-term store of value for them." (63:38 - Schiff)
• Gold’s enduring role: Gold is prized across civilizations for its unique physical and mystical qualities, and real industrial demand continues to grow (52:00–53:28).

Notable Quotes

"When you own gold, you’re not trusting anything because the gold itself has value." (76:48 - Schiff)
"Bitcoin is marketed as if it were digital gold, but it’s not digital gold at all. It’s got nothing in common with gold." (49:39 - Schiff)
"[Gold]...has a mystical quality to it. It’s been a medium of exchange for all recorded human history." (53:08 - Carlson)

Tokenized Gold and the Future of Payments

• Blockchain + Gold: Schiff discusses the prospects for tokenized gold (T-Gold) as a blockchain-based medium of exchange, combining the auditability and efficiency of crypto with the intrinsic value of gold (72:27–74:21).
• Trust and auditability: Tokenized gold offers a digital, easily transferable claim on physical gold, with legal contracts to enforce redemption.

Gold Scams and Media Corruption

• Rampant gold sales fraud: Schiff recounts how conservative talk show hosts have promoted gold sales companies that grossly overcharge trusting listeners for obscure “collectible” coins (78:45–83:29).
• Low-margin honest gold business: The honest gold industry has razor-thin margins and can't afford big ad buys, unlike scammy dealers.
• Wall Street and media: Financial media promote crypto due to advertising incentives, and ignore or disparage gold. “I haven’t been on [CNBC] in over a decade…the anchors are pretty much pro bitcoin.” (65:33 - Schiff)

Notable Quotes

"The only companies that can afford to advertise on television are the ones that are ripping you off." (81:19 - Schiff)
"They're the best people. They're the most honest people. And to screw them over just enraged me." (81:54 - Carlson)

Important Timestamps

| Timestamp | Segment | |-----------|---------| | 00:10 | Schiff’s first gold purchase and historical context | | 02:19 | Dow vs. gold: the illusion of prosperity | | 06:56 | End of the dollar standard; global shift | | 11:46 | Central banks buying gold, post-Russia sanctions | | 13:35 | Inflation: definition and misdirection | | 16:03–16:49 | Why falling prices are actually good | | 19:03 | How Covid policy created major inflation | | 26:24 | CPI and unemployment data manipulation | | 34:43–36:36 | Real estate market distortion | | 38:21 | Why government subsidies inflate costs | | 47:26–49:00 | Crypto as speculation, not investment | | 52:00–53:28 | Gold’s unique lasting value | | 63:38 | Why central banks aren’t buying Bitcoin | | 72:27 | Tokenized gold explained | | 78:45–83:29 | The gold sales scam in media |

Memorable Moments and Quotes

• On inflation:

  • “Inflation is an expansion of the supply of money and credit...Prices going up are a consequence of inflation. They're not inflation.” (13:35 - Schiff)

• On the gold sales industry:

  • “The only companies that can afford to advertise on television are the ones that are ripping you off.” (81:19 - Schiff)
  • “They're the best people. They're the most honest people. And to screw them over just enraged me.” (81:54 - Carlson)

• On government manipulation:

  • “In order to see what prices are doing, you pretty much have to double whatever the government says.” (26:48 - Schiff)

• On crypto:

  • “Bitcoin is marketed as if it were digital gold, but it’s not digital gold at all. It’s got nothing in common with gold.” (49:39 - Schiff)

Overall Tone and Takeaways

The conversation is heavily critical of both government and mainstream financial narratives, with recurring skepticism about official data, Wall Street motives, and the sustainability of “fiat” systems. Schiff asserts gold’s practical and philosophical primacy, warning that the U.S. is on the brink of a fiscal and currency crisis with global repercussions. Carlson, frequently incredulous, urges listeners to question media and government narratives—and to reconsider gold as a hedge against “whatever the hell is going to happen next.”