Disclosure: This episode was sponsored by Aura. This post may contain affiliate links or links to the sponsor’s website. If you purchase an item using this affiliate link, Impact Theory may receive commission. You can try Aura for free for two weeks at https://bit.ly/3KJd7mC. The Smart, Simple Way To Stay Safe Online. Unlock your potential and transform your life: https://bit.ly/42VcWfM We can agree we are in a time of transition, so what is the next best move? In today’s episode of Impact Theory, we’ve got a hot debate between economists and investing experts Raoul Pal and Peter Schiff as we discuss Bitcoin and the future of the economy. Raoul Pal has become a legend in global economics as one of the most successful former hedge fund managers (retired at 36), and his insights into the current recession, global economy, and volatile markets are well respected. Peter Schiff is a seasoned Wall Street prognosticator known for his spot on predictions of the stock market performance, including gold, commodities, and the mighty dollar. In this debate, we’re touching on: - Value vs. price - Potential currency collapse and its effects - Bitcoin's allure and the comparison with gold standard - Market impact predictions of the 2024 election - AI's potential to alleviate economic problems - Differing ways to prepare for hyperinflation or financial repression - Asset value in a volatile market - The growing national debt and potential hyperinflation - Historical patterns of financial repression - Blockchain technology and digital asset utilization - The future of Social Security This episode is a must watch for anyone who wants to look deep into the debates between gold and digital assets, investment strategies amid economic uncertainty, and the possibility of a great depression. Chapter Markers: [0:00] Let’s Agree on the Problem [32:58] Digital vs. Physical Assets [1:04:02] Eroding Value of Bitcoin [1:56:55] What About the National Debt? [2:07:19] Impact of AI and Robots on Economy [2:37:17] Ideas Causing the Underlying Problem Powerful Insights From the Debate: “Instead of taking your money by taxing you openly and directly or even indirectly through a sales tax, [the government] surreptitiously robs you of your purchasing power by just creating money out of thin air, usually with a complicit central bank." — Peter Schiff "I've always liked gold, but gold has not done particularly well in recent years. Against debasement on a globalized basis, it still works beautifully well as a global currency, and against global debasement over time. It works. But the really strong debasement we've been having in recent years, it just hasn't done well enough" — Raoul Pal "So I think people who are getting out of the dollar or the euro and buying bitcoin have jumped out of the frying pan into the fire." — Peter Schiff "What's harder is to say, what the hell does an economy mean after 2030, when you've got endless AI and robots and AGI? What what value do you provide in that world?" — Raoul Pal "Because the free market is trying to lower prices by increasing productivity, the government is raising them by creating inflation. And so it's a dance. But to the extent that we can have a huge surge in productivity that's driven by AI or robotics or a combination of the two, that's actually a good thing." — Peter Schiff “And I just urge all of us to just make sure that we don't get obsessed by our own mental models, because they will change, and the world changes. And sometimes we can be dead wrong, and sometimes we can be dead right." — Raoul Pal "Our ability to stimulate with QE, with inflation is predicated on the false belief that the fed could shrink the balance sheet, withdraw the liquidity, normalize interest rates, we can pay off the debt. When the markets come to the unfortunate realization that that's not true, then the bottom drops out and we can't kick the can down the road anymore because there's no more road." — Peter Schiff Follow Raoul Pal: Website: https://www.realvision.com/ Twitter: https://twitter.com/RaoulGMI LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ YouTube: null Follow Peter Schiff: Website: https://www.schiffsovereign.com/ Podcast: https://schiffradio.com/ X: https://twitter.com/PeterSchiff YouTube: null Follow Me, Tom Bilyeu: Website: https://impacttheoryuniversity.com/ X: https://twitter.com/TomBilyeu Instagram: https://www.instagram.com/tombilyeu/ If you want to dive deeper into my content, search through every episode, find specific topics I've covered, and ask me questions. Go to my Dexa page: https://dexa.ai/tombilyeu Themes: Mindset, Finance, World Affairs, Health & Productivity, Future & Tech, Simulation Theory & Physics, Dating & Relationships