Saving Your Retirement Nest Egg from the Next Market Crash (Video)

In part three of their video series, Mike Maloney and Peter Schiff explain why more and more Americans will have to continue working into old age or forgo retirement entirely. They discuss how the United States has become complacent as a global economic superpower, and warn about the devastating effects this complacency will have on future generations.

View part one of their conversation here.

View part two of their conversation here.

Learn Peter & Mike’s strategies for protecting your retirement wealth here.

This is part three of a series we’ve produced from this valuable discussion. Videos on new topics will be released weekly for the rest of the month.
Want to be the first to see them?
Click Here to Subscribe to Peter Schiff’s Gold News

Follow along with this full transcript:

Mike: Recently we’ve seen the U.S. since the year 2000, especially since 9/11 and the Patriot Act, we’ve seen the U.S. governments, the country, the score on economic freedom just absolutely plunging. Most of this is due to regulation that has been imposed on us by the government. And throughout the world and throughout history, you see that the freer a society is and that the less government there is, the more successful that that society is, as long as they recognize property rights and they have a strong rule of law. So tell me your thoughts on where we’re headed in the future with regulation and so on. You talked about prosperity and free markets now, when you talked about gold.

Peter: As if the dollar didn’t have enough trouble, the government just made dollars even less desirable by increasing the regulatory burden on everybody around the world that transacts in dollars. With FactANow and the Patriot Act, all these anti money laundering laws, it is very difficult now globally to bank and transact in U.S. dollars. And companies that do so subject themselves to onerous fines if they do something wrong or if something slips through the cracks. And so it’s really very self destructive what we’ve done. We’ve basically hastened the demise of our own currency, because now we’ve given people additional reasons to want to circumvent the dollar. And that’s what’s going on. You’re seeing that in Russia. You’re seeing that in China. You’re seeing that around the world as people try to move away from dollar denominated trade, because the government is making it so difficult. And that’s how arrogant we actually are. Because we don’t realize how dependent we are on the rest of the world using our currency. We’re actually taking advantage of this unique privilege that we have by actually biting the hands that feed us and expecting those hands to keep feeding us. Well, they’re not going to.

Mike: Right, but we’re also, at the same time, we’re making it harder for somebody to start a new business here. We’re making it harder for anybody that’s in business to stay in business with the amount of regulation and taxation.

Peter: That’s a whole different conversation. But sure, the regulatory burden is enormous, the cost of doing business, the war against employers with all the punishments and penalties. We’ve loaded up so many mandates because politicians, they go where the votes are, right? That’s why Willy Sutton, “Why do you rob banks?” “That’s where the money is.” The money to politicians are the votes and there’s a lot more people that want jobs and create them. You have more employees than employers. All the laws favor the employee, to the point that nobody can afford to employ people anymore. Because it’s so expensive and there are so many risks, there’s so many ways you can be sued by employees. So people don’t want employees. Yes, entrepreneurship is at generational lows right now in the United States.

Yes, you hear the stories of someone who starts a social media company and they become a billionaire, but those are the rare exceptions. Most young people can’t afford to start businesses. They’re loaded up with college debt. Our bright kids are too broke to invest any time in starting a business. And the barriers to entry now are so high. In fact, the only reason these kids can make money on these web companies is because they don’t have to make a profit. They’re coming up with a product that they can sell even though they lose money, because Wall Street is able to fabricate some kind of story and investors are able to profit even though companies themselves aren’t profitable. But entrepreneurship is sagging and people are leaving the United States. So much so, that the government keeps increasing the costs of renouncing your citizenship. The forms are now getting very expensive, as people are trying to look for better opportunities outside of the United States. And I think that trend is only going to continue, unfortunately.

Mike: I agree. I think it’s going to get a lot worse before it gets better. Especially as an entire generation of broke people that did not save for retirement. The majority of the baby boomers, they are going to have to work a lot longer than previous generations that did save. And the Federal Reserve has made sure that they can’t save, that they have to spend and speculate. They punish them for saving. So they haven’t saved anything because of the Fed. But when they get old and sick, so they can no longer work, then they’re going to vote for the government to take care of them. They think the government is some separate benevolent entity that can just provide stuff instead of the government actually being us.

Peter: I spoke about that earlier. Where all the jobs that are being created in this country are for people in their 60s and 70s. These are people who wanted to be retired but unfortunately, find themselves back in the workforce because their savings are inadequate for the increasing cost of living. And so retirement is already becoming a thing of the past. Pretty soon, it will be like the single breadwinner household. Where at one point in America, if a man had a job his wife didn’t need one and you can afford to support a family. Now it’s very rare. Most households, you need two people working and they can still barely make ends meet. But if you watch television shows from “the 1950s” and “1960s”, you’ll see the mom at home and the dad has a job. Well, pretty soon what people will watch television and they’ll see older people not working and say “Hey, what’s going on there? Why is that person not working? Oh, he’s retired. What’s that?” Right? Because it’s not going to be part of the American experience. Because we hired . . . we entrusted the government to take care of our retirement and they destroyed it. Whatever the government sets out to do . . .

Mike: But as these people get old and sick, I think they’re going to vote for more and more socialism. That’s the problem that I see coming.

Peter: That’s the irony of big government, is that when government interferes in the economy and creates poverty, now they create more voters, because people then look to the government as their salvation. Even though the government was the one that damned them to poverty in the first place. The government, they’ll break your leg and then they’re the ones that hand you a crutch. And now you appreciate the crutch. And see the government “Without me you wouldn’t have this crutch,” well without the government you wouldn’t need it. Because you could still walk, because they’re the ones that lamed you.

Mike: So the government comes along and they break another leg.

Peter: Then, see you need us. Don’t vote for the other guy and he’s going to take away that crutch I just gave you.

Mike: Now we’re going to talk about what you can do to protect yourself in this environment. And Peter, we were talking about gold potentially basing here?

Peter: Well I think it’s been building this base now for a couple of years. You’ll notice, every job we get down below 1200, people start saying “This is it. It’s going to collapse. Gold is going below 1000.”

Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!