China Moves to Kill the Dollar. Reserve Currency Collapse Is Underway

0:00 All right, joining me now to talk about much of this is none other than Peter Schiff. He is the chief economist and global strategist at Europac. He's also the uh chairman of uh Shiff Gold. Most of you know this because he's a pretty famous guy. But look, this guy's been around and he's been right on so many things, especially when it comes to currency, the US economy, gold, brilliant. uh he called it before anybody else called it and now here he is once again I think you saw him he was on with my friend Tucker last week good interview by the way um signaling once again as he did that there's trouble ahead there there there's trouble ahead regarding the US uh monetary policy Mr.

0:45 Shiff, what a pleasure to see you again. You look as handsome as ever. >> Thank you. And you know, by the way, the Tucker interview was almost a month before it it aired. So, when I did it, gold was $4,000 an ounce and it was well over 5,000 when when it when it finally went live. So, it shows you how much uh prices can move in a short period of time. I mean, despite the fact that gold dropped $500 on Friday, right? >> That's crazy. I And and you know what? Um there is something happening right now. There is a breaking news story as we speak. So you and I get to play uh news guys here. Uh I can't think of anybody better to get a reaction uh from a cold reaction like this. So uh Xi Jinping, the Chinese president has just

1:31 essentially doubled down on efforts to create the Juan as the global currency instead of the US dollar. He basically wants to ramp up a currency swap agreement. He wants to uh launch, listen to this, Peter, a crossborder interbank system to replace Swift. He's encouraged oil trade be done in R&Bs as well, which is essentially the yuan. So look, we've and you've known this is in the works, but he just came out and said, "No, we're doing it. We're doing it. We're announcing it. We're moving forward." Obviously, this is a huge story financially or could be and and you're the perfect guy to ask. So, the question is, what might this mean for for for for our country,

2:16 >> yours and mine, for the United States, and what what could it mean to the do for the dollar? >> Well, it it means everything. Uh, and you know, it makes perfect sense that that China would do this. You know, China has had plenty of reasons to do it in the past, but Biden and now Trump have given it even more reason. And not just China, there are countries all around the world that really want to divest of dollars. Not just because the dollar is, you know, a flawed currency to hold, uh, that we're going to keep printing dollars because of our massive debts. And so the holders of dollars are going to lose purchasing power the longer they hold them. but because of the political aspects uh the ability of the United States to sanction whoever it wants uh by threatening to remove their their access or take their reserves. Uh

3:03 a so you know we've really pushed the world to a decision that they should have made on their own. uh but now it it's happening but most Americans do not understand the degree to which the dollar's reserve status is basically responsible for our entire standard of living. I mean our our economy our consumerbased credit economy rests on a foundation of the dollar's reserve status. Without it we couldn't have this economy. Now in the long run that would be a good thing. I mean, I think we have taken advantage and exploited the dollar's reserve status to live beyond our means and indulge ourselves, but ultimately a day of reckoning was going to come. And the longer we built an economy dependent on the reserve status

3:50 of the dollar, the harder it's going to be to transition back to reality when that exorbitant privilege is revoked. Because what the world has allowed Americans to do is spend a lot of money, consume a lot more than we produce, >> borrow a lot more than we save. So, we're able to have trillion dollar a year uh trade deficits, multi-t trillion dollar budget deficits. The reason we have this huge military force is because the world the dollar's reserve status has financed it. And so if we lose this, then uh the dollar is going to collapse. Prices in America are going to go through the roof. Consumer prices much worse than anything we saw, you know, under Biden. Just sky-high prices.

4:36 Interest rates, long-term interest rates are going to sore. Uh and the whole consumer economy is going to collapse. You know, we're going to have economy built for consumer spending, but with nothing for consumers to buy. the shelves are going to be empty because we don't make any of this stuff and we won't be able to afford to abort it after the dollar collapses. >> Do you think Mr. Trump is kind of pushing this over the edge without even kind of me meaning to? >> Well, you know, I mean, he's poking a bear without even realizing who the bear is, right? You know, Trump keeps uh claiming that America has all the cards because we buy everything, we consume everything. He's got it backwards. We don't have any of the cards. It's the producers that are in control. They make all the stuff. Consuming it is just the

5:24 benefit that you get after you produce stuff. The the Chinese and the rest of the world are perfectly capable of consuming what they produce without us. But we cannot consume what is not produced. So the Chinese win, the rest of the world wins, particularly the emerging market wins and the US loses because the ride on the global gravy train comes to an end. You know, we have to live within our means. And unfortunately, decades of outsourcing our manufacturing and hollowing out our industry uh have left us in a situation where we can't uh you know, we're we're not self-sufficient anymore. The rest of the world is, right? All they have to do is buy what they produce. And that will happen when the dollar crashes. Because when the dollar crashes, what that does

6:10 is that shifts purchasing power from America to the rest of the world. And so now products that were too expensive for the Chinese become a lot cheaper and now they buy them. And products that were cheap in America now become very expensive. And so we don't buy them because we can't afford them anymore. So, in many ways, ever since the United States went off the gold standard and said, "We don't need the gold standard. Just trust us. We'll decide what everything is worth and we'll print as much or as little as we need." And the rest of the world went along with it saying, "Well, you know what? It's a pretty good system. Let's go ahead and use it. Nobody's getting hurt by it." But in the last like decade or so, everything seems to have changed. I think, you know, by the way, do you know, and I think you mentioned this to Tucker, where where it really was put on

6:57 steroids was when the Ukraine war started and Europe and the United States went heavy into uh castigation of of Russia and Russia somehow survived that. And I you tell me maybe I don't know this business as well as you do, but I think the rest of the world may have recognized and said, "Oh, oh, maybe we can do that, too. Maybe we should do that. because of the weaponization of the dollar. >> Yeah, absolutely. And and I criticized the Biden administration for that specific reason the minute it did that, you know, and you know, Trump has made it worse, you know, not only with threats to invade Greenland, which he's walked back, um, but also more threats of of sanctions, but also, I think, what made a big difference was when Trump ran

7:45 for election this time, there was a lot of talk about getting our fiscal house in order. uh you know Elon Musk was going to come to Washington with Doge and we were going to cut trillions of dollars out of the federal budget and we were going to get a handle on the runaway debt. So there was some optimism that maybe you know this would happen. Now I never believed that. I was telling my clients and my audience that it was all BS and of course I was right because they ran Elon Musk out of town. So very little was cut. But what did happen was the big beautiful bill which increased government spending, reduced taxes and widened the deficits that were inherited from from Biden. So Trump made the problem worse. But more important, he

8:31 let the world know that there is no hope of America ever, you know, getting a handle on this debt because neither party wants to touch it with a 10-ft pole. >> And and so the only choice is to get out. You know, that's why the world has been buying gold. That's why central banks are buying gold. They want out of the dollar. And that's why China is looking uh to give the world an alternative. What China should do is what we did initially is back the R&B with gold. They should say that the R&B is better than the dollar because the dollar is backed by nothing and our currency is backed by gold. And and they should do that and make it convertible. And then what they should do is they should sever the tie between the Hong Kong dollar and the US dollar. And they should peg the Hong Kong dollar to the

9:17 R&B and peg the R&B to gold. I mean, that's checkmate. The game is over. And you know, China has all the production. They've got all the factories. They've got all the exports. They've got the savings. You know, they they can have the reserve currency. Now, maybe they won't get the whole world, right? Maybe some countries will still hang on to the dollar for a while, but they will eat into our monopoly substantially and that is going to be uh a huge problem for for the United States. >> It's fascinating the way you just drew that out. I think it's somewhat brilliant. We know, you know, that the Chinese have sold something like 300 uh billion US treasuries. Uh they've been hoarding gold. Russia has been hoarding gold for a long long time as well. how how how do these big new bricks countries, these global south countries,

10:03 whatever the hell you want to call them, uh you know, the Brazils, the Russas, the Indias, the China, the the the South Africas, come together and and and come up with something they all can agree with. And why would they trust China? Wouldn't there be a fear that China could become or do the same thing the United States did? >> Well, why why trust America? I mean, we're not trustworthy either, right? I mean, we were just threatening to send our military into Greenland if they, you know, so and I don't trust the US government either. No, I don't trust the Chinese government. I don't trust any government. >> Yeah. >> But the facts speak for themselves. If you just look at, you know, the the the situation and most countries that trade with China have more balanced trade. All of these countries have surpluses with

10:48 the United States. So, China makes stuff that all these countries need. We don't, right? We we we just ask them to hold our IUS and watch them depreciate. So I think trade with China is more important than trade with the United States and and so it's in the self-interest of the world. I mean look at Canada now. We've actually driven Canada closer to China than they've ever been. Yes. >> Which I think benefits uh Canada. I mean it's it would be easier to trade with the United States because we're right here. But the fact of the matter is that, you know, China makes a lot of things that that the Canadians need and Canada, they make a lot of stuff that we need. And so it makes sense for those nations to trade more with one another. And you know, to the extent that that that Canada can wean itself off the US,

11:36 that's Canada's gain and it's our loss. Same thing with Mexico. Same thing with South America. You know, they're building all these big ports down there so that they no longer have to ship stuff in and out of Long Beach or San Pedro because right now a lot of Chinese merchandise arrives in the US and then gets transferred on smaller ships, but they're building these large deep water ports now to bypass the United States. So, we're totally cut out. >> So, how much of this has to do with the sanctions and the tariffs and the other castigatory measures? How how much of this is just pure China saying to the rest of the world, >> you know, it's almost like one of those commercials that we hear on TV and are you sick and tired of blah blah blah? Then call this number. You know, China saying call this number. Right. >> Yeah. It's it's cumulative. I mean, it's

12:23 all the things that we've been doing. But, you know, Donald Trump going uh uh to uh Davos, Switzerland, and basically chastising everybody else and acting like, you know, we're the only ones uh that don't have any sins to atone for. Uh we got a lot of problems >> and and claiming that the whole world only works because of America when he's actually got it backwards. our consumer-based debtfueled economy only works because the rest of the world supplies us and and finances us. And you know when he starts threatening and saying countries should pay for the privilege of providing us with the goods that we can't produce, why you know he's he's going to try to tax the world. Even though the the the tariffs fall on

13:08 American consumers, it is an inconvenience for the foreign producers because now it increases the price of their goods. So they can't sell as much in America and so they have to reroute you know a lot of their distribution they have to look for alternative uh markets which they are doing but it is an inconvenience right and but we are causing this but we're trying to make believe that the world owes us something when when it's the other way around we borrow from the world not the other way in fact our biggest creditor right now in the US Treasury market is Japan and not that many people are discussing this but I think you're going to see major US Treasury sales coming from Japan because now their own interest rates are really rising and they need to do something about their massive debt. They need to pay it down and the only way to pay it

13:55 down without creating inflation in their own country is to create inflation in our country by dumping their US treasuries and then using the proceeds to buy back the JGBs. So that helps solve their problem, but it exacerbates ours. >> Yeah, that's fascinating. All right, I want to talk to you about two things. First, let's finish up on China. uh this Xi Jinping thing that he just announced. Uh do you believe that they're going to be able to pull this off or is it just pie in the sky? >> No. No. I mean it is going to happen. The the only question is when. But it it's happening right now in that the world is already reducing its reliance on the dollar. Gold is now the largest reserve held by central banks more so than treasuries. So the pendulum is already moving in that direction. Maybe

14:42 China wants to just give it a nudge so it moves faster. And you know that may be happening. >> Well, then let's talk about the United States. And and here's where things get really interesting. Uh our country, right, the United States of America has a uh $ 38 trillion debt. That is frigin huge, right? And it's a it's a problem, right? Go ahead. >> Right. Well, it's closer to 39 trillion than 38 trillion. But the the bigger problem is that's the tip of the debt iceberg. What we don't focus on are the unfunded liabilities. So, Americans are expecting social security checks. Uh people who work for the government are expecting pensions. Uh the government

15:29 has guaranteed uh you know a lot of uh pensions, bank accounts, student loans, right? The government is on the hook. for hundreds of trillions and and so these are actual liabilities that if if the government were a private company, it would have to recognize them and and have reserves uh a contingency plan, right? >> But the US government just assumes that none of those contingent liabilities exist. So we are in debt to a much greater degree >> and and anybody believes, right? Because the people who are waiting for social security that they they think they're owed that money, right? But the government doesn't have the trust funds don't have the money. So you it's it's a liability to the people, but it's not part of the national debt. The national

16:14 debt just covers outstanding US treasuries. That's it. You know, it doesn't cover any of the mortgage back securities that the US government guarantees, right? Why aren't they included? So it's a lie to say we only have 39 trillion in debt. We have much more than that. So, if I were a regular company, just to finish up your enthamime here, if I were a regular company and I owed a lot of money to a lot of people and I didn't have it in my reserves, I would not be able to just make it up out of thin air and continue to pay it. But isn't that exactly what our government is doing? >> Yeah. You know, if a private company reported its balance sheet the way the US government did, they they'd lock them up for fraud, right? I mean, so you can't do that. Um, a and yeah, I mean,

17:01 you know, we're running a giant Ponzi scheme. You know, Bernie Maid off had that part right. You remember when they originally, you know, you know, charged Bernie Maid off with running his Ponzi scheme. He said, well, look, I mean, the US government is running the biggest Ponzi scheme out there. And at the time, a lot of people were saying, well, you know, Bernie made up doesn't have any credibility. Why should we listen to him? And I was saying, well, wait a minute. He has credibility on one thing, Ponzi schemes. And he ought to know one when he sees one. That's why I thought we should have made him Secretary of the Treasury because, you know, he had experience with Ponzi schemes. And we're running the biggest one. So, who better than than than Maidoff uh to be Treasury Secretary. >> Yeah. If you want to know how to how a criminal thinks, hire a criminal, right? That's why that's why a lot of these cyber security guys are guys who used to

17:48 be hackers and they end up working in cyber security firms. That's a great point. How about this? I got one for you. How about if the reason gold is rising like crazy recently and has been is because people in our government, maybe even the Trump administration or Mr. Trump himself says, "You know what? Let's go ahead and let gold become more powerful than the dollar and let's revalue everything so we can cover this huge debt that we have." And there I I heard somebody the other day talking about this um uh what is her name? Long, Caitlyn Long. I heard her discussing this on a podcast that she thinks that Besset and these guys want to uh rebase uh the dollar on what gold used to be

18:35 worth. So I guess they what do they have you heard this theory that >> used to be worth $20 an ounce? >> $24 go back to that. >> So but no um we don't have enough gold assuming we actually have the gold that we're supposed to have. >> You know, we don't have enough. I mean, maybe I don't know, 40,000. I don't know where goal would have to be for it to be adequate. Uh, but that's it's it's not going to happen. We're not going to be able to repay the debt. We're going to either default on it >> or we're going to inflate it away. That's what gold is telling you. And, you know, uh, the pal Jerome Pal may deny that gold's move represents a loss of confidence in the Fed and the dollar, but that's exactly what it represents.

19:20 You know, it's not an accident that this is happening when you have Fed independence in jeopardy. Not that it was ever really independent, but at least there was a pretense and now they're trying to drop the pretense completely and allow the president to control the Fed. Uh, and so, yes, you know, people don't want dollars and they're moving to gold. In fact, I think the recent sharp decline in gold, I think that was orchestrated by the White House. I think that they were scared of what was happening and and so they coordinated this, you know, this short selling raid to coincide with a false uh narrative, you know, that is perpetuated by the media based probably off of talking points fed to them by the Trump administration. uh that that that Walsh is some kind of

20:07 unexpected pick that is an inflation hawk that is going to be tougher than Pal, less likely to cut rates. In fact, may even come in hot and raise rates right away and, you know, and clamp down on money supply. I don't believe any of this, you know, because there's no way Trump spent the last year criticizing Pal for being too late to cut rates and now he's going to nominate somebody that, in his opinion, would be way worse than Pal. because he he he would be even tighter than Pal. >> That doesn't pass the smell test. You're absolutely absolutely right. Like, why in the hell would all of a sudden we be talking about, "Oh, this new guy, you thought Pal was bad. This guy's going to be even worse." What? Where did that come from? Do Do you believe that the US government would actually do something like that to uh to feed to control the

20:56 what should be part of a of of of of you know, a fair-based system? Look, I think maybe Scott Bessett or, you know, Lutnik or somebody got to the president and said, you know, dollar, we got a real problem here. You know, uh, gold and silver are screaming. The dollar's at a 4-year low. It's at a record low against the Swiss Frank. Yields are rising. You need to put out this fire now. We need to do something about it. >> And I think that's what they did. Now the question is how much time did they buy uh by you know floating you know this BS balloon and taking some of the you know the wind out of the precious metal sales. I I think what's going to happen too is this is my guess you know I don't have any proof but I think

21:41 what's going to happen is when um the the um when when Walsh gets in there and then ends up doing exactly what Trump wants and starts cutting rates >> Yeah. they're going to be able to say, "Well, you know, we had nothing to do with it. You know, he's an independent guy. He's a hawk. And if he's cutting rates, well, it must really be justified. It's obviously not political because, you know, we appointed this independent inflation hawk. So, you could trust that." And it's all It's all part of the script. >> So, but but just to be on the record, you you think people in the Trump administration recently tanked gold or dropped gold because it didn't tank, but you know what I mean. >> Yeah. And they probably profited from it. They probably put on some short positions as family members. I mean, I think insider training is rampant in the

22:26 Trump administration. So, I bet a lot of his buddies made a lot of money off of that too. >> You do believe the new Fed chair will eventually drop rates. >> Oh, yeah. He had Well, because the alternative is a financial crisis immediately. It's the economy tanks, real estate tanks, the bond market tanks, jobs tank. I mean, it there is no And the midterms are coming up this year. There's just no way that he's going to put somebody at the Fed that's going to completely obliterate the economy before the midterms to make sure that that the Democrats get the House so that they the first thing they do is impeach him. So, I mean, Trump's main goal is to maintain the House by the Republicans. And so, he's just not going to do this. He he wants rate cuts. He

23:12 wants more stimulus. Uh, and so he's not going to put a guy at the Fed who's going to be an obstacle to that. >> You know, it's interesting. I, uh, back in 2018, maybe the beginning of 2019, you and I had a conversation and you said, Rick, let me help you. I think given your portfolio had a couple million dollars sitting around, you need to take that and put it into gold. And I didn't listen to you cuz I listened to the other geniuses, the guys in And this is part of my question because I think it's really interesting. If you're American and you watch CNBC or NBC or CNN or you watch some of those folks where I come from to be fair, um you you back then it was like they wouldn't cover gold. They wouldn't talk about gold. They tal they talked about buying gold like it being for like the crazies.

24:00 Um if I had if I had paid attention to you in 2018, I mean, I'm fine. I'm not complaining, but I would be a hell of a lot better off. >> Well, it's it's not too late to listen to me, you know? I mean, you got a lot more coming not only in gold and silver, but in the foreign stock portfolios. You know, my dividend payers strategy, which is not a gold strategy. It's dividend paying foreign stocks, was up 62% last year. That's a fantastic return. You know, you could check out information on my website at europac.com. But I think that global investing is going to outperform US investing for a long time now. The US was beating the world, but I think that that is over. But the reason that CNBC never really covered gold is they didn't they don't understand gold. They still don't understand gold. They

24:46 were bought and paid for by the Bitcoin uh industry that was trying to falsely portray Bitcoin as digital gold. And so Bitcoin got all the coverage, not gold. And CNBC viewers loaded up on Bitcoin. And Bitcoin is 40% below its peak. The vast majority of the CNBC audience who bought Bitcoin over the last few years is not only losing a lot of money on Bitcoin or these Bitcoin ETFs or strategy shares, but they missed out because they could have bought gold or silver, but CNBC talked them out of it. >> So, I mean, they've lost a ton of money uh listening to CNBC, which is why nobody should listen to it. I mean, I listen to it so you don't have to because I tell you all the BS that they say because they're a great contrarian

25:31 indicator. like they like you're having me on. They haven't had me on in a decade, right? They they're not allowed to have me on because they don't want their audience knowing the truth and their advertisers don't want their audience knowing the truth. >> They do a lot of uh false advertising and a lot of deceptive uh storytelling there. There's no and about everything. I mean, if it was up to them, you'd think the world is a completely different place than what it really is. They don't even know what bricks is. They don't cover bricks. They don't talk about the global south. we don't understand China. Um, and you know, we don't have to fear these things. We just have to understand them. So, I I listen, I I agree with you 100%. You and I both come from uh from the same place. Uh, by the way, since you mentioned uh the digital coins or crypto or whatever the

26:16 heck we want to call it. I is there a place in the future for both metals and uh digital assets, especially >> if the digital assets are tied to the metal? I was just at a conference in El Salvador. I got back yesterday. It was a Tether conference. And they were really promoting Tether Gold, which is, you know, a a token that is 100% backed by gold in a vault in Switzerland. And so you can buy gold and have it digitally represented in a token uh that travels on a blockchain uh faster and cheaper than Bitcoin. So tokenized gold is much better. I mean, I'm working on something similar myself at Tele. you go to tegold.com and open up an account and you know I've run into a lot of other people at that conference and before who

27:02 are tokenizing gold. So that's what works. A marriage between blockchain and gold works. That's an alternative to the US dollar, right? Not not Bitcoin which is backed by nothing. I mean Bitcoin is worse than the dollar. It's like jumping from the frying pan into the fire. >> But you could make this argument though for that kind of digital assets like Bitcoin. And that is if you really do believe Peter that u there is that that we should not allow institutions to control our money, warehouse our money, uh that we have to call them every time we're going to move money, etc., etc., which is the way the world works right now, not just people, but even countries. The the good thing I like about digital assets like Bitcoin is it you don't have to do that. It's a

27:48 people-to-people thing. So, isn't that Yeah. If we can capture that, isn't that a good thing? >> Yeah. Well, but the problem is that Bitcoin itself doesn't have any value. It does and it's not a store of value. So, it really can't function as money. Uh, and if a lot of people actually tried to use it, the transaction costs are prohibitively high for everyday transactions if a lot of people actually tried to adopt it as as a mean of exchange. So, I it's just not viable. But you know there is a big group of people who have a vested interest in pumping up the price because they've got a lot of Bitcoin that they want to sell. And it's like another Ponzi. It's a decentralized Ponzi scheme, a pyramid, a digital blockchain, but it's really the same dynamic. Uh the people who made

28:34 money in Bitcoin are the ones that bought it a long time ago. And the reason they made money is because new people came in and bought it recently at a much higher price. Those buyers are going to be the bag holders. They've lost a lot of money. whether they realize it or not, they're holding nothing. They're holding air, the bottom can drop out of Bitcoin on any day. And if you're stuck holding it, right, you you you know, and even if Bitcoin doesn't go to zero or let's say Bitcoin actually finds some stability, maybe at a th00and a bitcoin, I don't know, but let's just say >> whatever it is. Yeah. Back to 100,000. >> Bought it at 100,000 or you buy it now at 75,000, whatever, 70,000, 68,000, whatever it is. If it goes to a thousand, you don't even care at that point if it goes to zero. You've already

29:19 lost most of your money, 99% of your money. So, what you got left, you know, is is is is trivial. So, people are just, you know, going to lose a lot of money uh that are getting suckered in to this mo uh you know, this this pyramid. And and CNBC is a major factor in helping to deceive their audience and and get them to buy so their advertisers can sell. In many ways though, you the same things that you just said about Bitcoin, you could say in many ways about well the dollar. I mean, talk about something based on nothing. I mean, >> yes. Yes. There there's a lot of similarity between Bitcoin and the dollar. There there's more similarities between Bitcoin and the dollar there is between Bitcoin and gold. Um, but you

30:04 know, the dollar is at least legal tender. Um, and it is used as a medium of exchange very effectively. So if I'm in America, if I want to buy stuff, I can easily pay in dollars. If I have products to sell, I can accept payment in dollars. I just don't hold on to dollars as a store of value. So dollars are used right now more as a transaction. But you don't just hold on to dollars for the long run. You get rid of them. You turn them into gold or silver or stocks or real estate. You can't really save them like you used to be able to do and put them in the bank and earn interest, you know, that doesn't happen anymore. >> Yeah. Yeah. Hey, uh finally on uh offshore accounts, etc., etc. Other countries, let's talk about that. Uh China, Japan, uh if it it sounds like

30:52 you're really bullish on that. If if I had to choose tomorrow between an ETF based on China's uh emerging AI industry or Japan's uh emerging tech industry, uh Taiwan industries on chips, any of these areas or choose an ETF out of the United States, where where would you go or where would you advise people to go? >> Well, we've had a pretty good run already in Japanese stocks. you know, I was pretty bullish on those and and and and we've had a really good run. Um, and I think that right now China's probably the better the better buy than Japan. But, you know, you don't have to choose between ETFs. I don't even like a lot of these stock ETFs because they own the wrong stocks and they're they're

31:38 overconentrated in the most expensive stocks. It's much better to hire somebody like me, your Pacific Asset Management, and let us construct a portfolio that will most likely way outperform a static ETF. And also, my mutual funds are available. We're eventually going to have later this year a ETF class of my funds because the SEC has finally allowed this. So, we're we've we've filed to get it done. But in the meantime, you can buy my funds uh at any discount broker, Schwab or Fidelity, you know, and you could get all the information at europac.com. But I have a gold fund. >> Uh I have a foreign value fund, a foreign dividend payer fund, an emerging market fund. >> Uh you know, buy my emerging market fund. I think that's much better than just buying some Chinese ETF. I mean, we have Chinese exposure in there, but we

32:24 have exposure to other countries, but it's not the country. It's the specific company that we've identified that is best positioned to, you know, do well in what's going to happen in China. So, you just don't want to buy everything across the board. You want to isolate the best opportunities and and concentrate on those. >> How big would China, Russia, this consortium that we're seeing like we saw in the Shanghai summit which I covered and I was there with Mr. Shei and Mr. uh Putin and them uh following uh the coverage of this. Um Mr. Modi uh h how big might these countries get if they unify and start uh creating these business interests these trading partnerships etc etc >> well a lot bigger in fact I think China

33:10 alone their GDP will exceed the US if they accomplish this right because I think the the Chinese currency will rise so much against the dollar that just the foreign currency alignment will automatically result in China having a larger GDP than America you And that's just China. That's not talking about all the other countries. >> Wow. I could talk to you all day and I I I think people have been fascinated by this conversation. You are a wealth of knowledge. And you know what? I'm I'm going to give you another call and you'll give me another chance. >> All right. It's not too late. Not too late. Plenty of upside left and plenty of downside to avoid by staying in the US. So >> that's interesting. >> You got to abandon ship. >> You're you're a fascinating guy. way ahead of your time. You've been saying

33:56 things that all came through. Uh and and you were you were calling them before it was cool to say it. So, uh kudos. >> It's still not cool to say it. >> I guess not. CNBC still doesn't call you. Rick Sanchez has you on the air, though. And I'm and I'm and I'm proud to do it. Uh Peter Schiff. Uh what a delight. Thank you, sir, for joining us. >> Thanks, Rick. Always a pleasure.