Peter Schiff and Steve Hanke Debate Inflation, Debt Crisis, Dedollarisation

Steve Hanke, Professor of Applied Economics at Johns Hopkins University, joins Peter Schiff, Chief Market Strategist of Euro Pacific Asset Management, to debate their inflation outlook, causes of inflation, future of monetary policy, economic growth outlook, and interest rates.
*This video was recorded on May 10, 2024, not May 9, as it erroneously states on the video
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0:00 - Intro
1:47 - Inflation outlook
18:35 - Fed monetary policy
29:00 - Causes of inflation
36:40 - Economic growth outlook
52:50 - Investment implications
55:10 - Dedollorization
56:55 - Bond yields outlook
59:50 - Bitcoin
1:00:56 - Peter Schiff
1:02:06 - Steve Hanke
#economy #inflation #investing

[@TheDavidLinReport]

Who do you agree with more on the outlook for inflation? Discuss in the comments below and don't forget to subscribe! FOLLOW STEVE HANKE: Twitter (@steve_hanke): twitter.com/steve_hanke Email: [e-mail] FOLLOW PETER SCHIFF: Twitter (@PeterSchiff): twitter.com/PeterSchiff Instagram (peterschiff): instagram.com/peterschiff/ TikTok (peterschiffofficial): www.tiktok.com/@peterschiffofficial The Peter Schiff Show: www.youtube.com/@peterschiff Schiff Radio: schiffradio.com/ Euro Pacific Funds: europacificfunds.com/

[@hardeez1]

Schiff

[@dabronx340]

Schiff.

[@jjwatt5126]

Schiff won. Hands down

[@bradleyqueen3879]

Peter.

[@Adrian-gs9er]

Quick point: Oil causes inflation-like symptoms in the economy. Oil prices going up are not inflation, true. But if you have a big rig full of goods and you 10x the price of diesel that’s in the truck, all those goods just got way more expensive. Oil is the only commodity that has inflationary-like properties from how it is utilized in every single thing you perceive today including being the production material for many goods.

[@mbrechenser2]

He disagrees with Schiff then ends up saying exactly what Schiff says and agrees with him. 😂

[@ultramagalatino]

Schiffty 😅

[@lochvast1180]

He doesn't seem like he is too good at critical thinking. It's more like a simpleton regurgitator with a hearing problem.

[@heinrichpelser]

Panky is lagging 😂

[@jaredcantlon252]

Typical professor: Exactly right to the point of missing the point. Peter was fairly well behaved today and managed to steer the conversation back to the general problem... the problem isn't something we are going to solve by doing what has been done. The "modern" market / economy is an ongoing experiment.

[@sten260]

I think they confuse themselves by having different meaning of what "inflation" is. Peter thinks inflation means increase in the money supply, Hanke thinks it's the increase in prices or CPI. These are different things. Peter says we can have temporarily low CPI and still have inflation because the money supply is increasing.

[@v3rtig035]

Hanke just rambled on and on and on... Peter was spot on and won handedly.

[@d.fenestrator9529]

Yet still wrong on BTC after all these years. It hit $1 million and he'll still say it's a scam.

[@bobbylazar]

Schiff is redefining words to fit his narrative and says every measure from the government is faulty. Peter says he knows better. It’s very hard to debate someone that doesn’t have an economy degree and spews non-facts and makes up his own meanings for words.

[@askeladd60]

​@@bobbylazar Nope he's spot on. The true definition of inflation is not prices rising but the money supply expanding.

[@joemcdermott1213]

@@bobbylazar This doesn't seem persuasive when considering the words in question are complex terms that have significant errors in measurements and long standing controversies in use and definition. It's not like these are bland words or measures being redefined in a sneaky way. And of course, government measures are faulty and inconsistent. Surrogates and alternatives are sorely needed. Lastly, re: the economics degree credentialism, how about asking which of these 2 has had better success in predictions? Given how many econ profs and degree holders were wrong about inflation and the economy as a whole in the recent past, why should degrees be considered to have significance?

[@bobbylazar]

@@joemcdermott1213 well if one says the data is correct and the other say data is corrupted it’s hard to find a way forward in a discussion. Who should have precedent deciding what is objectively correct? I believe it’s better to draw conclusions from data than just saying the data is wrong and “I know better”. I wouldn’t say Peter’s been correct the past decades, he has been advocating for gold the last 30 years and gold has been a terrible performer in comparison to the stock market. Credibility should be given to the one who rely on data and from that draws conclusions, not to the one saying data is wrong, don’t rely on data, I know better.

[@ridwaanrid1888]

As a young guy who has no idea about economics, Peter makes more sense in a simplified way of understanding it.

[@kevintewey1157]

And he's completely leaving out any critique of the system. I mean the entire system not just a part

[@jeffee1933]

How do you do, fellow kids?

[@TexasGolfer]

They are both good. Hanke understands how an honest system should work and the drivers. Schiff understands how an honest system is manipulated and misreported.

[@XYZ948a]

And yet. He’s been wrong with his calls for around 10 years 🤣🤣

[@unaldurmaz250]

This means FED is doing its job well, don't stop until job is well accomplished

[@Fightfortruth2024]

Gotta love Hanke confidently saying “you’re wrong” when he is clearly wrong

[@jhutfre4855]

Inflation is caused by increased money supply. What is there hard to understand or wrong?

[@DABK2024]

​@@jhutfre4855inflation is the act of increasing the money supply, it is not a result

[@charlotte7647]

Hanke has to be deep staye because he can't be this stupid. If he is this stupid then this explains alot.

[@christatt6379]

No youre clearly wrong just like Shiff 🤣 You wont be seeing the inflation Shiff dreams of being right about. Not until after a deflationary period.

[@shiner8375]

The professor is living in La La land. When you add SSN / Medicaid we are 80 trillion in debt. Peter knows this is an impossible situation.

[@Carlos-im3hn]

Yes the unfunded liabilities are huge. The states have $100T of their own liabilities, SS has $100T liability, and Medicaid has $100T liability...that's $300T on top of and added to the $34T debt.

[@bobjinessr7957]

Yes

[@bobjinessr7957]

300 tril derivative z

[@savlatkhuseynov7370]

That's academics for you. I was arguing with my professor. During my economics exam, I answered, giving my personal opinion that academic theories won't work in real life and why. He gave me minimum marks, saying this is university and should be answered according to academic books and not personal opinion. After that, I stopped attending lectures. What's fucking point going into university? just to read some books? I can do it myself at home. Technical schools are way better than colleges.

[@Zanzan8]

I feel sorry for the studenrs prof teaches...he is like a government employe

[@risingphoenix1484]

Dr. Henke is wrong..... it is a perfect example of an academic vs a person dealing with the economy.

[@luckyPiston]

Yeah Hanke is living in a bubble , his wife does all the shopping utherwise he would know that every week when he buys food the price is higher !

[@douglasthompson9482]

Well said…. I commented the same thing. These professors are all alike….I know too many of them. A person who on the ground floor working with the people is far more accurate than a philosopher.

[@christatt6379]

Youre going to listen to Shiff? A guy with a failed bank whos been dead wrong over and over again before Hanke whos been right and who is a professor? 🤣 And Hanke is going to prove to be right again. Youre NOT going to see massive inflation right away like Shiff keeps yapping about lmao. Its going ro be delfation before anything and soon.

[@harpoen7358]

Never seen Hanke and Schiff in a debate. That in itself is a compliment to David Lyn resulting in a very good discussion . Well done David !!!👍

[@YOTUBE8848]

This is the crossover we needed

[@PhantomO01]

Peter won this easy🏆 I enjoyed listening to Professor Hanke too but he’s one of those types that when you say, “Tomato”, he says, “ your wrong-it’s Tomatoe”

[@issenvan1050]

So, Hanke is right.

[@jasonaono7767]

Thank you David for putting this debate together! Hanke is a an academic guy, and, I’ve always believed his input always comes from fake data which he believes is true data. Couldn’t wait for Schiff to counter all of Hankes ideas with common sense knowledge! Schiff for the win!

[@bobbylazar]

Schiff is redefining words to fit his narrative and says every measure from the government is faulty. Peter says he knows better. It’s very hard to debate someone that doesn’t have an economy degree and spews non-facts and makes up his own meanings for words.

[@jasonaono7767]

@@bobbylazar I get that you’re coming from an economists point of view, who has a degree in that field. But, a lot of what Hanke says in his interviews hasn’t matched the reality of the real world. Also, in my opinion, you don’t need a degree in economics to see what’s really going on, and what’s in store for the future. I myself, don’t have an economics degree, and I’m not saying I’m an expert in it, but I think common sense would tell you that everything we’re seeing in the real world is what’s really going on. Most of these academics, obviously don’t live in the real world, and see what the majority are experiencing. Just my opinion. Thank you for your friendly feedback.

[@marcfd3756]

Interesting debate. Other than the future of the Dollar, they seem to agree on most things. Bottom line is bad news.

[@jasonaono7767]

@@marcfd3756 I’m in total agreement with you. Bad news is the most likely outcome. Thanks for chiming in. It’s good to have these friendly debates. Always good to hear people’s opinions. That’s how we all can learn and make our own decisions that we feel will benefit each and every one of us. 👍

[@EMan-cu5zo]

@@jasonaono7767you don’t need a degree in economics to understand how the system works. At least to a fair degree. I don’t think anyone knows exactly what’s going on in the economy. To many variables and things going on that can’t be seen. There are derivatives on top of other derivatives and probably more. The economist are always wrong or they lie constantly.

[@snoke6664]

I asked for this wish 9 month and now i finally get to see them debate thank you so much david

[@LowerDerek]

Man I’ve been following Peter for 10 years. He just makes so much sense when he talks. He always performs and you gotta respect that. He wins the day.

[@mikedumitriu1107]

You are so right

[@mikedumitriu1107]

You are so right

[@mikedumitriu1107]

You are so right

[@Bitshekels]

It was nice listening to a real economist for once. Thank you for having Peter Schiff on. 😊

[@Batfink11]

Peter for the win.A real life person out in the world doing field work apposed to an in-house academic.What is the point of having professors in economics if they can only tell you what’s happening now and their knowledge can’t predict what’s going to happen down the road?Saying the US dollar is strong because you compare it to other fiat currencies isn’t quite right, the US dollar is getting weaker by the day.

[@7Samadhi777]

Their job is to mislead you and keep you ignorant so that a small group continues to steal the world’s resources while the rest of humanity languishes.

[@lrevengek]

Prof. Hanke is anything but an "in-house academic". He has been advising governments for decades. He has stopped hyperinflations, by setting up currency boards or dollarizing economies. One example would be stopping our hyperinflation in Bulgaria. It appears that I am in the minority here. I find the truth in the middle, between Peter and the professor. For example, I agree with Peter that the statistics are not correct, however he was completely wrong about the course of inflation in the last year and I do believe he is wrong for the next 12 months, too.

[@matthewgrande4038]

because the government drained the oil reserves? how’s that going right now? gas prices are on their way back over 4 dollars a gallon even with wall street doing everything they can to short oil prices

[@Batfink11]

@@lrevengek prof Hanke isn’t capable of telling us what is comping down the road.Peter told us what was going to happen before the GFC and told us exactly what the Fed and the Government would do after the GFC.Peter told us there would be more QE than Rocky movies and that they would never be able to stop,he told us inflation was coming before anyone else did and he has told us what is coming we need to listen.Hanke doesn’t even understand inflation properly because he is a product of the universities.Peter is able to think for himself he sees the real world better than any university professors because he hasn’t been indoctrinated.If you want to know what’s coming listen to Peter Schiff.

[@craigthomas7987]

😅😅😅😅😅😅😅😅😅😅😅

[@anthonymorrison6557]

The introduction of a Bitcoin ETF marks a groundbreaking moment in the cryptocurrency world, merging digital currencies with traditional investment methods. This innovation could stabilize Bitcoin prices and broaden its appeal to a wider range of investors, potentially increasing demand and value. At the heart of this evolution is Sarah Jennie Davis, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment

[@jonesfrederick1228]

The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH... Stock)

[@anthonymorrison6557]

She is really a good investment advisor. I was privileged to attend some of her seminars. That is how I started my crypto investment

[@amaeryamidus]

I have heard about her excellent trading expertise in CNBC news, guess she's more popular in United States

[@EricVincent-xj4vo]

I thought I'm the only one that knows her well I guess her good reputations speaks for her now

[@hunnycundiff6835]

This sounds so good and i would like to be a party to this, is there any way I can speak with her?

[@peterryan5606]

Peter shift owned the professor!!

[@bobbylazar]

Schiff is redefining words to fit his narrative and says every measure from the government is faulty. Peter says he knows better. It’s very hard to debate someone that doesn’t have an economy degree and spews non-facts and makes up his own meanings for words.

[@askeladd60]

​@@bobbylazarnope you are wrong, perer is absolutely right to question the ruler with which they measure the change in cost of living.

[@bobbylazar]

@@askeladd60 sure, you keep buying gold. GL

[@gort3969]

@@bobbylazar ofcourse the government numbers are fudged but it's how they choose to guide the economy. The real question is where do they plan to guide it. Either a soft landing or a great reset😅 hard to say

[@user-ij9tz1df5f]

@@bobbylazar I think Peter has a degree in economics from UC berkeley.

[@yavor19121]

Nobody can argue with Peter Schiff ❤

[@d.fenestrator9529]

Because he's obnoxious or right? I'd say the latter. He's been wrong on BTC for YEARS!

[@kaidoluht1957]

@@d.fenestrator9529 yes, former.

[@BOOMCRASHBANG]

@@d.fenestrator9529another sheep here folks

[@michaelferriss4594]

​@@d.fenestrator9529 maybe but everyone said he was wrong about the debt crisis than bam its here!

[@vincentyeo88]

Harry Dent 🤣

[@QuangNguyen-pf3eh]

Im with schiff. Awesome you had these two gurus on together.

[@TheWealthOfNationz]

Hanke reminds me of every arrogant college professor i ever had the misfortune to experience. He is an economist an an economists job is to project the future yet he says he doesn't have a crystal ball, which is a total cop out. I love how Peter is a cool customer in response to Hanke patronizing responses. I'm not sure if Hanke's message is good or not because he lacking as a messenger. Now I'm curious how his students rank him as a professor. Time to take a look.

[@Hueyck]

Won’t make predictions and then he predicted a recession in 2025😂 I like hanke though. He does have a good handle on how the economy works and have learned a lot from listening to him. I really only follow him and Warren mosler since they are opposites. By not just agreeing with schiff, it made the debate better.

[@bull_Tattoo]

lol especially economics professors they are always a different breed

[@Pangora2]

Indeed, if a science has No predictive capability, its simply wrong. For instance, if I quadruple the money supply via money printing or loan issuance, prices will move up. We can predict that. If all of a sudden we can print cars on the cheap, the price of cars would go down. What hanke is probably doing is he is making his own moves and then just not letting us know.

[@cosmiccontrarian3949]

David has set the standard very very high.

[@tuomastiihonen2231]

This is one of the greatest things in the internet, thanks for this debate.

[@galitatrading]

I'm getting the vibes that Hanke kept telling Peter that he was wrong alot during the debate as if he was trying to intimidate or try to let Peter and the viewers believe that he is the most dominant and knowledgeble individual in the debate.

[@Eversca]

He is clearly used to only dealing with students

[@TruthBeToldAlways100]

I could never take his class. He is so arrogant and annoying and condescending. He may be academically intelligent, but he is an absolute imbecile in terms of social and emotional intelligence.

[@christatt6379]

Thats because Peter cant be told anything he thinks he knows it all when he doesnt. Its funny how many of you follow Shiff but must not understand how wrong he is all the time. Even had a failed bank 🤣 Hanke is a well experienced proffesor. Peter got schooled.

[@JoseCJou]

Peter: Grass is green! Henke: You're completely wrong! Is a mix of blue and yellow! Peter ruled... again.

[@allanyao418]

I'm with Peter on this one. We are living in unprecedented times.

[@Arteshir]

He has been saying the same TRITE doom n gloom BS for 30 years none of his bitter angry anti-American grudges came even close to reality...he is an old frustrated bear

[@peterschiff]

@@Arteshir I am actually pro American, as I support the Constitution. I am just anti what the government and Fed have done to this country. I have seen for decades where fiscal and monetary excesses would lead to, it's just that its taken longer than I thought to get there. As a proud American I hope the coming crisis will be a catalyst to finally embrace the economic and political principles our country was founded on.

[@user-dl2cp6vw4x]

​@peterschiff Peter your interviews helped to introduce me to Gold and Silver. THANK YOU for educating us because this country is a ticking economic and social time bomb.

[@ardentenquirer8573]

Is that prudent because even Peter will change as the mix changes??? Who can really be certain about the cake that is being produced; As a dedicated follower of Peter Schiff's work, I deeply appreciate his insightful analysis. The recent exchange between Schiff and Professor Steve Hanke prompted Schiff to offer further clarification on his perspective, which proved beneficial. Hanke's challenge to Schiff's viewpoint motivated him to delve deeper into articulating his position. Their subsequent discussion was not only informative but also enriching. Both individuals underscored the critical importance of understanding the role of the money supply, monetary policy, and the associated lags in shaping inflation dynamics. Hanke's assertion that the current ingredients are in the mix, and the cake is baking, highlights the dynamic nature of economic factors. The introduction of new ingredients can alter the outcome, akin to peering into a crystal ball where uncertainty prevails, and only risks are certain.

[@CollectorChronicles]

Exactly. He's not factoring the collapse of Western Civilization

[@Blackpiller7]

Hanke can’t criticize the state in which he reaps from

[@ghklfghjfghjcvbnc]

BINGO.... it was so frustrating to listen to his bologna.

[@filippxx]

Peter has been calling for a total crash every two years for the past 15 years. Allow me to be with Hanke on this one, the guy called to top of inflation well before it reached the top

[@DeepDiveNFT]

Peter is a true American Patriot! We love Peter

[@marclegault2410]

But he doesn’t live in Merica.

[@risingphoenix1484]

"The cause of inflation is a monetary phenomenon..... caused by the hands of government." -Milton Friedman.

[@sivi9741]

And velocity of money ….. U can borrow 1 billions but if u don’t spend it u don’t create inflation. People always forget that second part ….

[@nicklll4477]

​@@sivi9741and say byebye to those welfare programs like SS, Medicare and Medicaid benefits because govt cannot sustain in funding due to debt w interest.

[@emilybh6255]

The cause of inflation of a balloon is the addition of the amount of air injected into it.added to what is already there which causes it to expand. Likewise, the cause of inflation in the economy is the injection of money and credit into the existing money/credit supply .

[@lightyplays3390]

@@sivi9741 why wwould you borrow it with interest if u have no interest on spending it?

[@saltiplumz2103]

@@sivi9741 The inflation (expansion) is the borrowing of the 1 billion. The consequence of inflation i.e. price rises is a result of spending the 1 billion.

[@brandonbaker5884]

Has the professor gone shopping at a grocery store lately ? My shopping bill tells me inflation is alive and growing.

[@YourBestFriendforToday]

Study monetarism to understand why he takes that stance.

[@Sola_Scriptura_1.618]

Dr. Henke lives in Academia, and Peter lives in the real world. Those who can do, do! Those who can't, teach!

[@Arteshir]

He is academic and academics are typically out of touch with society

[@Arteshir]

Prof H. He is an academic and academics are typically out of touch with society

[@veritas3179]

He's over paid from tuition money and have no idea how to work for it.

[@kevinbelcher5241]

Wow peter smoked this guy.

[@user-ty4wv1bf1q]

Peter is the King.

[@jasonwarner9595]

Jesus is king

[@jorgequintanillare]

Long live Peter the King!!

[@davidfranklin4534]

Inflation is always and everywhere a monetary phenomenon.

[@draymond5067]

They both agree on that

[@KMANWEBER]

Peter for the win. Difference between a professor and a business man in the real world.

[@glenngrowe7105]

Hanke follows a theory with one driver of inflation while Schiff considers a broader range of inflation drivers. I respect both and am uncertain who is right. In, say, 10 months or so we will know who the winner of this debate was. It will be significant for our understanding of economics. Another outstanding David Lin production.

[@rb4497]

Replace inflation with "price increase" in your comment and you are right.

[@sten260]

inflation is caused by only 1 thing which is creating money but prices go up (and down) for million different reasons

[@stinknut762]

I love it when he said "ok, forget about the dictionary" Lol, 'OK let me just make shit up for a second'

[@R-Woz]

One of your best interviews yet David, do this again if you can

[@shaundm78]

Great work @DavidLin for putting these two legends together! One of the best interviews I've seen in a long time!

[@pmtime407]

Peter is the clear winner in this debate. Steve is brilliant, but is just too status quo when it comes to the monetary system.

[@wills8705]

Before I start watching...... Hanke always comes off as ignorant in what's actually happening. I'm so biased about his opinion that I already know Peter will result as the clear winner when the dust has settled.

[@TheJacobnotowitz]

David, thank you for bringing together two amazing advisors. ONE suggestion, let each one answer fully before the other jumps in arguing. I enjoyed this interview immensely!!!

[@Tristan87688]

Peter Schiff and Steve Hanke are the best of the best. Gentlemens and Humanists.

[@bondvigilante4135]

Peter Schiff👑

[@JohnAnderson-wc2fw]

Wow! Hold up, I’m gettin the popcorn before I start this one…

[@joanndiaz3425]

Peter is a true gentleman. Made his points diplomatically.🏆 Peter 🏆 wins. 🏆

[@R-Woz]

Professor Peter Schiff. Absolutely wiped the floor with hanky. Didn't realize how smart Peter is

[@shawtvision]

im Japanese and western economist always says how japan didnt have inflation without actually living in japan. but simply by looking at fake figure created by Jaapnese Govt. ,but that is absolutely incorrect. Japan indeed had bad enough inflation in real street, and the last few year was an absolute inflationary disaster. many ppl can not afford basic needs like the ppl in the west. some aspect of inflation was suppressed due to the amount price competition there is in Japan. otherwise inflation is as bad in Japan just like the west.

[@sivi9741]

Japan was one of the most expensive place to live in the world in 1990 . Not anymore for a foreigners .

[@noellecms]

However, Japan had the longest housing deflation until recently but since the 90s.

[@shawtvision]

@@noellecms true. I remember that soon after the bubble burst in the 89 the real estate was no longer considered an investment opportunity.

[@bobjinessr7957]

That's just WEF.

[@james6401]

Is there general inflation in Japan now or are there plenty of affordable things like transport or home heating or food or PlayStations (or Toyotas)? How is the jobs market in Japan?

[@grantharding8868]

Peter's logic on debt adding to the money supply and govt deficits is correct in my view. How can credit not be included?

[@Sola_Scriptura_1.618]

Agreed! His point on the price of Oil impacting inflation numbers is also spot on. Peter is a brilliant economist. I try to find fault with him, but it is difficult, if not impossible!

[@jorge1170xyz]

@@Sola_Scriptura_1.618 Where Peter (intentionally, in my view) drops the ball is when he talks about inflation becoming a massive problem any day now. Usually a severe bout with inflation - inflation in the things you NEED - leads to a severe bout of Deflation - in the things you WANT. We are already seeing deflation happen in fancy automobiles and a lot of other nonessential/luxury things. Housing is also coming down steadily in price...but still only in the places where inventory is allowed to expand organically. So history says that we "should" be seeing a fairly nasty deflationary episode (aka recession) BEFORE the money printer cones to the rescue and inflation makes all the problems "go away" (though not really of course). So I think Peter purposefully avoids talking about that likely deflationary scenario because he sells gold so he wants inflation to be the "forever" boogeyman, when it probably won't be a problem again for a couple of years still in my own view.

[@Sola_Scriptura_1.618]

@jorge1170xyz During the Industrial Revolution, we had deflation! It was the most productive time in American history. Bankers, bureaucrats, and Politicians propagate the deflation myth. They want to rob us of our wealth. Since when do we, as consumers, not benefit from reduced prices? I guess you refuse to buy things when they are on sale because deflation is bad for the economy? Lol

[@Charvo75]

​@@jorge1170xyzDeflation does hit the expensive stuff that is bought on credit first, but Schiff is mainly focused on everyday cost of living. His premise of the money supply being responsible for the rise of everyday goods and services holds true. It would take a 2008 level crash in asset prices in order to get some decent deflation on everyday goods and services. His investment thesis in gold is great. Do you really think the Fed wants a massive asset price crash? Even in 2022, they got uncomfortable with just a modest bear market in stocks.

[@TomTom-du5qv]

The process of debt expansion is inflationary, however debt needs to be paid back with interest which is deflationary. In order to maintain and fuel inflation requires constant and ACCELERATING debt creation in order to prevent the balloon from deflating. We can see a clear example with Government debt expansion.

[@publicspeaker3086]

This was amazing for real life economists 💪

[@Carlos-im3hn]

Great debate (even though they are really on the same side). Maybe this is why we are so messed up. Two great men are disagreeing, but they actually agree in so many ways. Both "Austrian Economics" men are both giants and have so much going in their direction. While the opposite Keynesians print, print, print and inflate the system to destruction. There is no center.

[@dixiederivatives]

David Lin, you outdid yourself! Great match up, Peter is always great entertainment!

[@IosafBennis]

When two people in a debate pretty much agree on everything while sounding like they completely disagree 😂 Reassuring to hear both Schiff and Hanke from their different perspectives and backgrounds converging on a consensus even as they are expressed as always in their own unique styles! A fascinating and illuminating discussion - only downside being that they are both underlining that sense of unease that exists around Monetary Policy globally and how it will impact us all going forward 🙏🏼

[@PishoiNassif]

THANK YOU for having Peter Schiff on! I've been waiting for this day to happen.

[@divizionx]

Thanks David for listening to your audience

[@mbrechenser2]

Peter Schiff 🐐🐐🐐

[@user-hf1ph3dg5w]

All the professor does is say how wrong Peter is, yet its Peter who was the one who made the most sense

[@DjmMik]

Peter destroyed the good professor in this debate.

[@PaulbylPaulbyl]

I watched and listened in total captivation. Both Peter and Hanke won this "debate", the win being for David's viewers. As Hanke said, the differences in their views are nuanced. This was awesome. Thanks, David! And thanks Peter and Hanke!

[@luckyPiston]

u mean Peter and Hanke , steve and hanke are the same guy.

[@tedkrygoske535]

@@luckyPiston😂

[@PaulbylPaulbyl]

@@luckyPistonthanks! I fixed it. I wrote that when half asleep 😂

[@assassin7754]

Peter spilling facts

[@LarryManiccia]

Thanks for assembling such a spirited conversation between two great guests, David. Great to see two people have a civilized conversation on things they dont agree on. Much to be learned from both of these guests.

[@anthonym9130]

David your killing it with the interviews

[@Fearzero]

@Anthony And you're killing the grammar. 💀

[@ardentenquirer8573]

I agree this was a great interview: Please do another one with the two of them after the election Who can really be certain about the cake that is being produced; As a dedicated follower of Peter Schiff's work, I deeply appreciate his insightful analysis. The recent exchange between Schiff and Professor Steve Hanke prompted Schiff to offer further clarification on his perspective, which proved beneficial. Hanke's challenge to Schiff's viewpoint motivated him to delve deeper into articulating his position. Their subsequent discussion was not only informative but also enriching. Both individuals underscored the critical importance of understanding the role of the money supply, monetary policy, and the associated lags in shaping inflation dynamics. Hanke's assertion that the current ingredients are in the mix, and the cake is baking, highlights the dynamic nature of economic factors. The introduction of new ingredients can alter the outcome, akin to peering into a crystal ball where uncertainty prevails, and only risks are certain.

[@slobodanmatic4918]

Oh wow, we got absolute giants debate. Congrats David

[@Jaime-eg4eb]

I don't think anyone "owned" the debate, they basically agree on 90% or more.

[@Pangora2]

That's why people give it to Schiff. Schiff was talking about the economics and Hanke was focused on "beating" Schiff. He came off far worse despite mostly in agreement.

[@Lexman00]

David, thank you for bringing these two together here for the viewers, I really enjoyed the video. Peter and Professor Hanke are in agreement on everything, just some nuances here and there. Also, I hadn't seen that Jared Bernstein video before, I'm speechless...

[@martinvanpamelen5756]

The nutty professor needs to go back to school if he thinks inflation coming down. Sounds like the professor has a bit of contempt for Peter for some reason but i think Peter handled it well. Peter would give real life analisis and predictions while Hanke would just talk theory and run off at the mouth for most of it. I can tell the prof is not used to talking when there are grown ups in the room and it shows.

[@geraldhowse8597]

Exactly correct.

[@lionheart93]

inflation will always be there. it is needed or else we would be a 3rd country.

[@benfox383]

@@lionheart93you do realize most 3rd world countries have the highest inflation out of all the economies…inflation degrades the standard of living, deflation is the rise in standard of living. We need luxuries to become cheaper over time so lower and lower classes can afford them. Inflation creates a larger and larger wealth gap

[@sivi9741]

@@benfox383 Deflation creates depression too . I don’t think 1930s depression style help people very much ….

[@EMan-cu5zo]

@@lionheart93why do we need inflation? We are supposed to be more productive that would keep prices stable in the least. A good hit of deflation would be good for me and many others. It would be a disaster for others. I still don’t see how inflation is necessary to not be a third world. I see it opposite. Third world countries have high inflation way more often. I think you said it backwards

[@joshoverholt3141]

Peter Schiff is great.

[@Fearzero]

No he isn't. He keeps fighting against the greatest performing asset. Won't admit he's wrong.

[@davidjaylaw1920]

​@@FearzeroNSA paper How to Make a Mint: The Cryptography of Anonymous Electronic Cash from 1996 explaining the concept of SHA-256? Cryptographer on the NSA paper named Tatsuaki Okamoto/vs. Satoshi Nakamoto and their Obvious similarities? An Enviromentally friendly Blockchain 'computer game' that needs to use 200 Billion kilowatt-hours of Electricity/ 117 million barrels of oil per year? Chivo Wallet rolled out in 2021 in El Salvador, with currently less than 1% of business transactions actually being completed using BTC? The Greedy push for SEC approval to monitor & control Several Spot ETF'S operated by the likes of Deceptive Black Rock, Fidelity & VanEck? BTC was supposed to provide Stable, Affordable, Secure and Fast transactions, and it's currently failing to provide the majority of these qualities. Is BTC really the Monetary Savior for humanity? or yet another NSA/CIA psy-op playing off of our GREED to gain trust/acceptance into crypto, only to intentionally crash BTC and eventually usher everyone into their state mandated Safe and Effective Dystopian CBDC? If only JFK's head was still here to help explain it more clearly to us all...

[@davidjaylaw1920]

BUTTcoin a Limited Supply of Absolutely NOTHING

[@davidjaylaw1920]

​@@Fearzero BUTTcoin a Limited Supply of Absolutely NOTHING

[@userjoe4321]

BUTTcoin stinks!

[@Blueblackngold]

I thought for sure this would be a stalemate. Boy was I wrong. Peter won

[@rhymetimeuk]

I’m with Peter, he made excellent points, thank you gents for taking the time for this!

[@BetoG34]

Peter you pissed him off 😂😂

[@user-si6mj7ex2v]

No discussion of inflation is complete without noting the inflation of these two impressive thinkers and their respective egos. Peter Schiff wins this so called debate as the professor chooses to get bogged down in parochial technicalities as he tries to differentiate himself from Peter. As usual Peter’s paradigm is concise and coherent. Thanks.

[@goldensilver793]

Thanks for having them both...

[@ronrussenberger5085]

That was epic, thanks David

[@USjewden]

Peter Schiff should be a professor because Steve Hanks book knowledge is disconnected from reality.

[@CommanderRiker0]

You have to expect that a professor is going to be a little off base vs somebody in the trenches and front lines like Peter. They are both pretty close on views.

[@robbie2002]

He was quoting from his own books

[@tomsawyer4857]

I know one thing, Peter definitely NOT reading from the press.

[@diamondbot1605]

Guys, the point of a debate is for educational purposes and not to say who won or lost. Peter Schiff, from my understanding, has a lot of real world experience while Steve Hanke is more of an academic. Saying in the comments that someone won or not deturs from the learning experience which I believe David is trying to show to his audience. They both had valid points and good arguments, some were better than others, but they, in general, were mostly in agreement, even if it didn't seem like it. I wish for the both of them to come back on the show and show their brilliant outputs and differing view points and experience on the show so that we can learn more and understand better the economical world. Thanks for bringing us this debate.

[@rb4497]

I recently a watched a famous European youtuber organize a debate between two local high-profile people of the like of Peter and Prof Hanke (but these europeans disagreed more on fundamentals). So I just wanted to congratulate David because you did a great job at structuring and moderating the debate. After watching this aweful european debate (that lasted 3 hours), I can tell you that not everybody has the natural leadership and charisma required to keep such debates on track. Beside this, thank you: I've long wanted to hear these people confront their ideas. My takeaway is that Peter's outlook successfully faced the scrutiny of the profesor, the exchange was interesting.

[@anotheruser5654]

The professor is quoting the WEF. Last year Japan experienced a 4% jump in inflation even with negative rates. I agree with Peter in this debate.

[@therelaxedgamer360]

Wow! This is it! Thanks, David, for bringing this dream come true conversation with Peter and Prof. Steve!

[@PaulRayProductions]

What’s funny is that the professor started off challenging Peter, now he’s agreeing with him..

[@Infodawg2012]

When you have these two experts agreeing on the potential rise in the price of gold, no one can argue about it. Off to the gold shop for me tomorrow.

[@EMan-cu5zo]

Hard to scratch money to buy oz for me. I don’t want to take money out of my trading account but I have been skimming a little off the top the last few months to grab some though. The premiums were ridiculous the last few years and still are high in my opinion especially on silver. US minted metals I am staying away from due to premiums still though.

[@sten260]

gold miners are much better investment if you want to actually grow wealth, gold is just good for saving money. Especially because gold miners are still pretty cheap compared to gold itself

[@Infodawg2012]

@@sten260 can you recommend a few gold miners as good value investments.

[@sten260]

@@Infodawg2012 newmont and barrick

[@Infodawg2012]

@@sten260 Thanks, much appreciated.

[@jarinorvanto4301]

Mr Schiff is usually right, and very sincere, in my opinion. Unusual qualities.

[@Fearzero]

His take on bitcoin is abysmal.

[@davidjaylaw1920]

​@@FearzeroNSA paper How to Make a Mint: The Cryptography of Anonymous Electronic Cash from 1996 explaining the concept of SHA-256? Cryptographer on the NSA paper named Tatsuaki Okamoto/vs. Satoshi Nakamoto and their Obvious similarities? An Enviromentally friendly Blockchain 'computer game' that needs to use 200 Billion kilowatt-hours of Electricity/ 117 million barrels of oil per year? Chivo Wallet rolled out in 2021 in El Salvador, with currently less than 1% of business transactions actually being completed using BTC? The Greedy push for SEC approval to monitor & control Several Spot ETF'S operated by the likes of Deceptive Black Rock, Fidelity & VanEck? BTC was supposed to provide Stable, Affordable, Secure and Fast transactions, and it's currently failing to provide the majority of these qualities. Is BTC really the Monetary Savior for humanity? or yet another NSA/CIA psy-op playing off of our GREED to gain trust/acceptance into crypto, only to intentionally crash BTC and eventually usher everyone into their state mandated Safe and Effective Dystopian CBDC? If only JFK's head was still here to help explain it more clearly to us all...

[@davidjaylaw1920]

​@@Fearzero😂NSA paper How to Make a Mint: The Cryptography of Anonymous Electronic Cash from 1996 explaining the concept of SHA-256? Cryptographer on the NSA paper named Tatsuaki Okamoto/vs. Satoshi Nakamoto and their Obvious similarities? An Enviromentally friendly Blockchain 'computer game' that needs to use 200 Billion kilowatt-hours of Electricity/ 117 million barrels of oil per year? Chivo Wallet rolled out in 2021 in El Salvador, with currently less than 1% of business transactions actually being completed using BTC? The Greedy push for SEC approval to monitor & control Several Spot ETF'S operated by the likes of Deceptive Black Rock, Fidelity & VanEck? BTC was supposed to provide Stable, Affordable, Secure and Fast transactions, and it's currently failing to provide the majority of these qualities. Is BTC really the Monetary Savior for humanity? or yet another NSA/CIA psy-op playing off of our GREED to gain trust/acceptance into crypto, only to intentionally crash BTC and eventually usher everyone into their state mandated Safe and Effective Dystopian CBDC? If only JFK's head was still here to help explain it more clearly to us all...

[@lawtutoring]

​@@FearzeroWaffen buffet also agrees with Schiff on Bitcoin.

[@Fearzero]

@@lawtutoring Old fiat cucklords. Disconnected from technology. 15 years, millions of attacks on bitcoin. It's impervious. You clearly know absolutely nothing about it though. The code is open source. Very simple. BTW Gold is negative 40 percent vs inflation since 2014, bitcoin is +23000 percent since then. Unless you have put 100 hours into researching bitcoin, you are flying blind.

[@JohnReynolds-ni5lv]

Schiff nails it. The professor is the type of guy that can’t admit he’s wrong. Schiff ran circles around the professor. This shows me that degrees are not as meaningful as well thought out common sense. Brilliant performance by Schiff. The professor eventually comes around but and I think the professor was having a hard time being set straight by a guy that he probably doesn’t consider a peer.

[@peterschiff]

Hanke is a smart guy, and he understands the issues better than most. But this bubble has been inflating for so long that it's hard for anyone to accept that its about to pop. To be fair I thought it would have popped years ago, but I got that wrong. And there is a chance that I'll be surprised again. But I wouldn't want to bet on that.

[@jjwatt5126]

A lot of us are with you Mr Schiff. Keep doing the lords work and we will have our day.

[@ardentenquirer8573]

I am not so sure. However, Peter's position makes sense but: Who can really be certain about the cake that is being produced; As a dedicated follower of Peter Schiff's work, I deeply appreciate his insightful analysis. The recent exchange between Schiff and Professor Steve Hanke prompted Schiff to offer further clarification on his perspective, which proved beneficial. Hanke's challenge to Schiff's viewpoint motivated him to delve deeper into articulating his position. Their subsequent discussion was not only informative but also enriching. Both individuals underscored the critical importance of understanding the role of the money supply, monetary policy, and the associated lags in shaping inflation dynamics. Hanke's assertion that the current ingredients are in the mix, and the cake is baking, highlights the dynamic nature of economic factors. The introduction of new ingredients can alter the outcome, akin to peering into a crystal ball where uncertainty prevails, and only risks are certain.

[@ImRickSanchez]

Schiff is wrong

[@geraldhowse8597]

You're right. Professor is way to arrogant.

[@MacroAnarchy]

What a great discussion, thank you very much for setting this up David 🤝 Great men having an honest discussion searching for truth, so rare these days.

[@crouchhill]

Well done David for getting these two guys together 😊

[@smallscreentv1204]

Sorry, but the professor is wrong Since QE began just prior to 2008 the money supply has massively increased

[@MBarberfan4life]

He didn't deny that M2 was increasing, just not anywhere near what happened in 2020 alone.

[@runswithtrees6173]

Woah did you get an MBA in “NoShitenomics”? Because you might be on to something here! Just kidding. This guy is ridiculously out of touch and such a book-tard

[@Sola_Scriptura_1.618]

Austrian Economics is the crystal ball for our future!

[@prolific1518]

That'll definitely keep us in a depression for a long time. Nice 👍🏿

[@YourBestFriendforToday]

@@prolific1518No, that’s the feds job.

[@RaRd8z]

@@prolific1518 Last time we were closest to austrian economics we had a massive industrial revolution in america.

[@prolific1518]

​@@RaRd8z Reaganomics is the reason for the economic inequality we have now. Is that trickle down still yellow and warm?

[@joshuas8912]

@@prolific1518 No, the reason for the growing inequality is the deficit spending and socialization of the money supply due to the FED. When inflation is created by government, those that own lots of assets (read: The Rich) get more wealthy as prices increase, and those with fewer assets get poorer. With free-markets, or Reaganomics, the rich get richer by producing more stuff, which is sold by the middle-class and poor, which raises their standard of living. They're better off, you just don't really know what you're talking about.

[@nulldreamer]

I’ve been waiting for these two to debate forever! Thank you David!

[@adm58]

This format with different perspectives being debated is very useful. Thank you all for sharing this.

[@rickhayes-oh2zm]

Professor is finally agreeing. He has a heart

[@babbusingh271]

Both are coming from their perspectives. Prof is timing fall in inflation for 2025 whereas Peter is talking long term where QE is up again and hence inflation, maybe long term. Maybe both are right!! Great debate irrespective, good learning for me

[@yavor19121]

Trump has to pick Peter Schiff as a VP 🇺🇲

[@highclimber25]

Treasury secretary

[@michaeljacobs4546]

Kudos to David - this debate was epic and very instructive! We need more of this and less of one talking head talking his or her proverbial "book".

[@Barnardrich]

*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*

[@AdrianaOliveira-hk4ys]

Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?

[@DaveSpencer18]

Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Angela Christine Derle, has been an amazing experience.

[@LawrenceCahill]

YES!!! That's exactly her name (Angela Christine Derle) so many people have recommended highly about her and am just starting with her 😊from Brisbane Australia🇦🇺

[@KurtFischer-yo4ni]

Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down 🤦‍♀️of myself because of low finance but I still believe in God

[@LouisAntony-lx9lq]

I'm favoured, $60K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Ms Angela 😊🎉

[@rebeccatan8]

Great episode ! Thanks David for bringing these 2 favourites together!! 👍

[@SOUTHAUSSIEGUY]

This is why Peter has been one of my mentors for two decades.

[@carrimycalifor]

Hanke called the 9% inflation on the dot and within a few months of it occurring, so he has had some great timing. He can't be discounted. He's also just an intelligent guys who's been around the block a thousand times. Both are outstanding individuals.

[@truhunk1]

I can't pick sides when two smart people are arguing about something I know nothing about.

[@Turnedleaf]

According to Hanke, the groceries in Japan are the same price as they were in the 90s. Since there hasn’t been inflation in Japan since the 90s. Professor Potato was in over his head. He also mentioned multiple times how he didn’t use a crystal ball. However shortly after saying that, he kept taking credit for his predictions.

[@sivi9741]

Japan suffered greater deflation force then inflation force . So even tho Japan had some inflation it always end up negative in real terms . That is why now many western country could buy real estate in Japan cheaply today compare to 30 years ago .

[@Turnedleaf]

@@sivi9741 weird how people in Japan say the cost of living is out of control. Even on this comment section they mentioned it.

[@Lexman00]

@@Turnedleaf Lemme try to explain, Japan has been doing massive QE for a long time after their bubble burst '92 caused massive deflation, and according to their own central bank, they now have inflation, which is what they wanted. However, the massive deflation their country suffered for decades made the people poorer, that is why they suffer. There are two kinds of deflation, one based on your massive debt that stagnates your growth, even though Japan is a net exporter, and the good kind that makes goods and services cheaper because of increase in productivity. Japan's economic problems today come down to terrible demographics, AND cooperating with the West on anti free commerce, aka sanctions, that end up biting Japan in the ass, because now Japan can't doesn't have access to cheaper energy.

[@Turnedleaf]

@@Lexman00I agree that backing the west on sanctions drove up the the cost of energy recently. However this fantasy of only deflation in the Japanese economy since the 90s would be reflected in actual real prices. Prices that would actually be so attractive that the whole world would be flocking there as we speak. That’s the way the free market works (even with Japans hard stance on immigration policy). I think there is a huge disconnect between what the numbers say and what things actually are. Macro / micro or whatever it would be reflected in would be trying to play itself out. With the exception of Africa (or maybe India) all populations are experiencing a decline in working age growth. I would argue that that doesn’t keep countries of banks from increasing this debt based system we currently have.

[@Turnedleaf]

Countries *and banks ( it won’t let me edit )

[@virgilv]

I love this. Thanks David for bring these guys in!

[@jad1079]

Steve Hanke isn't in the crystal ball business. Peter Schiff is.

[@derekballard5947]

The professor was schooled by the student

[@maxwolf8055]

👍 PETER SCHIFF absolutely right 👉

[@yingkleung1907]

Peter is very sharp and logical in his arguments. Steve is no match for him. Undoubtedly, Peter is the real Professor!