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Title:

Peter Schiff: "We know from practical experience that fiat currencies never work, they always fail."

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I have painstakingly typed this transcript from the show, in order to highlight a fascinating debate about the lasting value of gold and the tendency for all paper currencies to eventually become worthless due to the irresistibility of printing more of it. At 21 mins 50 seconds: Peter Schiff: “The next call is John from Canada.” John from Canada: “There is an argument going around about going back to the Gold standard: We have 4.5 billion ounces of gold in the world, and 6.7 billion population and counting. That’s only 0.7 ounces per person and dropping. So if we go back to the gold standard, there’s not enough money to go around, and the economy would be anemic. The result would be that we would go back to the fiat currency, anyway. What’s your take on that?” Peter Schiff: ...

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