Young and Profiting (YAP) with Hala Taha
Peter Schiff: How Smart Entrepreneurs and Investors Preserve Wealth During Financial Crises | Finance | E346
Mon, 14 Apr 2025
Peter Schiff made a name for himself in finance by challenging mainstream views on wealth and the economy. In 2011, he attended the Occupy Wall Street protests with a sign that read, “I am the 1%,” challenging the movement’s perception of wealth inequality. A vocal critic of inflation and government spending, Peter accurately predicted the 2008 financial crisis. He also strongly advocates investing in real assets like gold, as opposed to Crypto. In this episode, Peter breaks down the real causes of inflation and income inequality, explains why Bitcoin isn’t a safe investment and shares the best strategies to protect your wealth from inflation. In this episode, Hala and Peter will discuss: (00:00) Introduction (01:17) The Real Cause of Wealth Inequality (07:35) Capitalism and the Value of Entrepreneurs (13:34) Why Higher Taxes on the Rich Hurt Investment (17:26) How Government Spending Fuels Inflation (26:57) Why Gold Is the Ultimate Store of Wealth (32:30) Investing in Business for Long-Term Wealth (40:24) The Truth About Bitcoin’s Value (48:26) Why Investing in Crypto Is a Financial Mistake (59:51) Preparing for the Inevitable Economic Crash (01:08:02) Protecting Your Business in a Recession Peter Schiff is an investment broker, financial commentator, author, and the founder of Euro Pacific Asset Management. Known for accurately predicting the 2008 financial crisis, he strongly advocates for gold as both a store of value and protection against inflation. Peter also hosts The Peter Schiff Show podcast and has authored bestselling books, including Crash Proof and The Real Crash. A well-known critic of Bitcoin, he has called it a "Ponzi scheme." Sponsored By: RobinHood - Receive your 3% boost on annual IRA contributions, sign up at robinhood.com/gold Indeed - Get a $75 sponsored job credit at indeed.com/profiting Shopify - Sign up for a one-dollar-per-month trial period at youngandprofiting.co/shopify Microsoft Teams - Stop paying for tools. Get everything you need, for free at aka.ms/profiting Mercury - Streamline your banking and finances in one place. Learn more at mercury.com/profiting Open Phone - Streamline and scale your customer communications with OpenPhone. Get 20% off your first 6 months at openphone.com/profiting LinkedIn Marketing Solutions - Get a $100 credit on your next campaign at linkedin.com/profiting Bilt Rewards - Start paying rent through Bilt and take advantage of your Neighborhood Benefits™ by going to joinbilt.com/PROFITING. Airbnb - Find yourself a co-host at airbnb.com/host Resources Mentioned: Peter’s Book, The Real Crash: bit.ly/Real-Crash Peter’s Podcast, The Peter Schiff Show Podcast: bit.ly/PeterSchiffShow Euro Pacific Capital Website: europac.com Active Deals - youngandprofiting.com/deals Key YAP Links Reviews - ratethispodcast.com/yap Youtube - youtube.com/c/YoungandProfiting LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ Social + Podcast Services: yapmedia.com Transcripts - youngandprofiting.com/episodes-new Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal Development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side Hustle, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Personal Finance, Scalability, Financial Freedom, Risk Management, Financial Planning, Business Coaching, Finance Podcast, Saving.
Chapter 1: What is the main topic of this episode?
Today's episode is sponsored in part by Airbnb, Open Phone, Shopify, Mercury, Built, Indeed, and Microsoft Teams. As always, you can find all of our incredible deals in the show notes or at youngandprofiting.com slash deals.
Chapter 2: What is the real cause of wealth inequality?
There's going to be a day of reckoning. Inflation is going to get worse over the next several years. The problem isn't the wealthy people in the free market. It's the wealthy people in government. There's always going to be income inequality. But the beauty of capitalism is even the poor people can be rich.
Why do you invest in gold?
Chapter 3: Why do higher taxes on the rich hurt investments?
Gold is money. You want to invest in productive assets. And the most lucrative asset you can invest in is your own business. It's very difficult to be a successful entrepreneur, but it's very important. And if you succeed, you deserve all the money that you make. And the more money you make, the more people you've helped. In order to really make America great again, there's going to be a
Chapter 4: How does government spending fuel inflation?
Yeah, fam, welcome back to the show. My guest today is Peter Schiff. He's a businessman, investment broker, author, and financial commentator. He's the CEO and chief global strategist of Euro Pacific Capital. And he is also the host of the very popular Peter Schiff podcast. In this episode, we're going to talk about the 1%, why they aren't so bad, and why capitalism really fuels the economy.
Chapter 5: Why is gold considered the ultimate store of wealth?
We're going to be talking about real assets, what that means, and the difference between Bitcoin, the dollar, gold, how we should think about and be investing in each of those. And we're also going to talk about the potential recession that's about to hit in the upcoming year with this new presidency. So I can't wait for you guys to hear this. I was really blown away by all of Peter's knowledge.
Chapter 6: What are the risks of investing in Bitcoin?
This is one of my favorite episodes about the economy and finance that we've had in a really long time. So without further delay, this is my super insightful conversation with Peter Schiff. Peter, welcome to Young and Profiting Podcast.
Chapter 7: How to prepare for an inevitable economic crash?
Mahalo. Thanks for inviting me on. I'm happy to be here.
Chapter 8: What strategies can protect your business in a recession?
Yeah, I'm excited to talk about the economy, to talk about investing. And to kick it off, I really wanted to get your POV related to some general topics, the things that you talk a lot about. And the first place I wanted to start was income inequalities. And income inequality has been a super hot topic in America for over a decade now.
So in 2011, if you guys don't know, Occupy Wall Street movement was happening, right? And their big slogan was, we are the 99%. And I learned that you actually went down to the protests with a camera and a sign that said, I am the 1%. Let's talk. And wealth inequality has actually gotten a lot worse since 2011.
And I came across a recent stat that said the top 1% of American households held about 30% of the nation's total net worth. So first of all, do you think this is a problem?
Well, first of all, just about the Occupy Wall Street thing that I did, I went down there. I was working with Reason TV, and so they initially sponsored it. And the video ended up getting tens of millions of views on multiple channels. And this is a while ago when that was a lot of views. I mean, YouTube wasn't as big back then. as it is now. So it did really well.
I mean, if you want to see it, I eventually, a few years ago, I just put a copy of it on my YouTube channel. And even there, I've got over 5 million views. I put it up a few years ago. But it's a great video. I think it's about two hours if you have the time. And it did make a big impact because I still get emails now. I mean, every week, at least I get one from somebody, usually young people who
let me know how influential this was. It opened their eyes to a lot of things that they didn't understand. Now, getting to your income inequality question, I mean, first of all, there's always going to be income inequality. In a free market, in capitalism, people are not equal. I mean, they're equal under the law, right? That is a tenant of
government, that everybody is equal under the eyes of the law. But we're all not equal in our abilities, in our intelligence, in our drive, in our goals. And so there are going to be people that are more successful than other people. And so they're going to be wealthier. I mean, that's just what you're going to have.
But under capitalism, the beauty of capitalism is even the poor people can be rich. relative to how they would be in another system. And in fact, the poorest people in America today live better than the richest people did hundreds of years ago. If you look at all of the things that capitalism has produced that have increased the quality of life,
Hundreds of years ago, if you wanted to listen to music, you had to be wealthy enough to afford to have a live band play for you. You couldn't just go on the internet and listen to stuff. So a lot of things that you had to be rich to have, now everybody has them. I mean, I remember when the first cell phone came out, I didn't even want to buy one because I couldn't afford it.
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