RUSH TRANSCRIPT It is ░░░░░░░░ kind of what they ░░░░░░░░ Liz you re on ░░░░░░░░ charlie Thank you Charlie ░░░░░░░░ Closing bell five minutes ░░░░░░░░ dow swing from trough ░░░░░░░░ peak 500 points Remember ░░░░░░░░ more than 120 crosses ░░░░░░░░ the unchanged line The ░░░░░░░░ comfortably higher by 250 ░░░░░░░░ The S P up ░░░░░░░░ The NASDAQ up 196 ░░░░░░░░ ago Peter Schiff sent ░░░░░░░░ warning flares about long ░░░░░░░░ effects at leaving interest ░░░░░░░░ at zero far too ░░░░░░░░ This weekend we see ░░░░░░░░ came to pass Peter ░░░░░░░░ europacific capital economist Peter ░░░░░░░░ said it would happen ░░░░░░░░ it did regulators sweep ░░░░░░░░ and rescue depositors Once ░░░░░░░░ the government has made ░░░░░░░░ mistake in a long ░░░░░░░░ of mistakes It is ░░░░░░░░ of the government that ░░░░░░░░ Valley bank was in ░░░░░░░░ position it was The ░░░░░░░░ it owned so many ░░░░░░░░ term U S owned ░░░░░░░░ and mortgage back the ░░░░░░░░ because the Fed kept ░░░░░░░░ rates at zero so ░░░░░░░░ The reason it chose ░░░░░░░░ assets regulators pushed banks ░░░░░░░░ treasurys mortgage backed securities ░░░░░░░░ them favorable accounting treatment ░░░░░░░░ don t take any ░░░░░░░░ They don t have ░░░░░░░░ market to market Now ░░░░░░░░ created a problem with ░░░░░░░░ bailout This will cost ░░░░░░░░ not a lot of ░░░░░░░░ not because their taxes ░░░░░░░░ be raised because the ░░░░░░░░ Reserve is financing a ░░░░░░░░ bailout creating more inflation ░░░░░░░░ pay for that at ░░░░░░░░ supermarket the gates station ░░░░░░░░ cost of living will ░░░░░░░░ way up If you ░░░░░░░░ inflation was bad last ░░░░░░░░ it is about to ░░░░░░░░ a whole lot worse ░░░░░░░░ that leads us to ░░░░░░░░ question how do you ░░░░░░░░ in this I want ░░░░░░░░ viewers to understand one ░░░░░░░░ their funds is best ░░░░░░░░ class Lipper morningstar but ░░░░░░░░ dividend income fund Specifically ░░░░░░░░ do you pick to ░░░░░░░░ into that that has ░░░░░░░░ you that bump higher ░░░░░░░░ you want to have ░░░░░░░░ companies that do well ░░░░░░░░ and inflationary time period ░░░░░░░░ rising rates We ll ░░░░░░░░ in that for the ░░░░░░░░ of this decade maybe ░░░░░░░░ You want to have ░░░░░░░░ that have real earnings ░░░░░░░░ now not in the ░░░░░░░░ future that pay good ░░░░░░░░ and importantly that sell ░░░░░░░░ and services that consumers ░░░░░░░░ to buy So they ░░░░░░░░ pricing power They can ░░░░░░░░ prices along with the ░░░░░░░░ maintain margins raise their ░░░░░░░░ I think most important ░░░░░░░░ Americans the dollar will ░░░░░░░░ tank We ll have ░░░░░░░░ currency crisis Not just ░░░░░░░░ financial crisis You will ░░░░░░░░ a much better hedge ░░░░░░░░ inflation if income streams ░░░░░░░░ coming from abroad because ░░░░░░░░ re paid to you ░░░░░░░░ foreign currencies When you ░░░░░░░░ them back into weakening ░░░░░░░░ S dollars that is ░░░░░░░░ dividends that will help ░░░░░░░░ rising cross of living ░░░░░░░░ you will be experiencing ░░░░░░░░ in the United States ░░░░░░░░ a result of past ░░░░░░░░ future risk excessive fed ░░░░░░░░ printing I m going ░░░░░░░░ brace myself on this ░░░░░░░░ before I ask this ░░░░░░░░ You have always been ░░░░░░░░ gold bug You like ░░░░░░░░ as an investment You ░░░░░░░░ not like Bitcoin You ░░░░░░░░ not a believer Why ░░░░░░░░ the past five days ░░░░░░░░ all the turmoil is ░░░░░░░░ up 3 while Bitcoin ░░░░░░░░ 11 over the same ░░░░░░░░ period People choosing Bitcoin ░░░░░░░░ gold Peter Well remember ░░░░░░░░ dropped precipitously before that ░░░░░░░░ It has a round ░░░░░░░░ It hasn t gone ░░░░░░░░ I don t like ░░░░░░░░ as an investment I ░░░░░░░░ it as money It ░░░░░░░░ alternative to the dollar ░░░░░░░░ the euro to the ░░░░░░░░ yen It is store ░░░░░░░░ value it preserves wealth ░░░░░░░░ like stocks to grow ░░░░░░░░ wealth but gold to ░░░░░░░░ it Gold is so ░░░░░░░░ because investors don t ░░░░░░░░ how bad inflation will ░░░░░░░░ in the future Overestimated ░░░░░░░░ Fed s ability to ░░░░░░░░ it You can make ░░░░░░░░ preserve it right now ░░░░░░░░ gold I think it ░░░░░░░░ to be repriced higher ░░░░░░░░ reflect reality of much ░░░░░░░░ inflation We re not ░░░░░░░░ back to 2 probably ░░░░░░░░ my lifetime It will ░░░░░░░░ much higher than that ░░░░░░░░ investors come to terms ░░░░░░░░ that they will bid ░░░░░░░░ the price of gold ░░░░░░░░ higher Liz on that ░░░░░░░░ rainbows note We thank ░░░░░░░░ Schiff Thank you very ░░░░░░░░ of