 All right, the stock market retreating from record highs. Let's get some reaction now from Peter Schiff, CEO of Euro Pacific Capital. And Peter, it's been an incredible record run here. And the levels we're seeing now, even with this slight pullback, were record highs not too long ago. So what do you say? Well, the bubble keeps getting bigger. Donald Trump called it himself as a candidate. He said it was a big, fat, ugly bubble. He was right then. He's wrong now because now he denies that it's a bubble because he's now the president. And so it's his bubble. And so he'd rather it be a bull market. But the evaluations here really are extreme. The complacency is also extreme. I mean, investors are willing to pay very high prices and have very little worry that the stock market is going to go down. And people have very short memories. I mean, we've had two major 50% declines in the stock market this century, since 2000. So we've had the market cut in half twice. And it could easily happen again, yet nobody seems concerned. And I think one of the reasons is because the last two times the market went down, the Fed was able to bail out investors who bet on one bubble by inflating a bigger one. So a lot of investors may have been conditioned to believe that even if the market implodes, if they hold on, they'll get their money back. But the third time may not be the charm. It's possible that the Fed can't blow a bubble big enough to bail out investors this time. But still, Peter, you must acknowledge how well some of these companies are doing. I mean, to your point on valuations, look at how well Apple's doing. They have a pretty modest valuation. Other stocks like Amazon, Microsoft are doing so great. Roku. Companies are benefiting from these technology trends, right? Well, I think they're really benefiting from all the cheap money that's been coming out of the Federal Reserve. So yes, it's very easy for companies to do well when you have interest rates at historic lows. Let's see how well these companies perform when interest rates normalize. I mean, that is the key. It's like, yes, they're doing well on life support, but let's unplug all those gadgets and let's see how they do. I think if rates were allowed to normalize, what was that Warren Buffett used to say when the tide goes out? We see who's swimming naked. Well, I think there's a lot of people swimming naked, and you just don't know that because of all the water that the Fed has been sprinkling into the markets. But eventually the tide's going to go out, and it's not going to be pretty. So do you think that tide kind of turns in the next year? Hey, I don't know. There's no way to know. And I think Donald Trump has nominated somebody who will try to do his best to keep the air in the bubble, cut bait, QE4, exactly. But at some point, the market forces will overwhelm the Fed. The market will go down, and if it doesn't go down, the dollar will collapse instead. But either way, you're going to see the real value of U.S. stocks come way down, whether it happens nominally or not. And I have a feeling if the Fed prints enough money to prevent the market from going down dramatically, then the real losses will be even bigger because of the implosion of the U.S. dollar. Okay. So any advice then for investors in terms of where to put their money right now? If you're worried about U.S. stocks? Yeah, look, I've been putting my money outside the U.S. market for years. It was a great trade up until 2008, from 2001 to 2008. The returns were spectacular internationally in commodities and emerging markets. Then we had good years from 2009 through 2012, 2013, 2014, and 2015 were bad years for global investors. We had a big rise in the dollar, a drop in gold, a drop in commodities. But the tide has turned since January of last year. And I think we're riding a big wave here. People who are in the U.S. market are overlooking much better returns from much better valuation levels that are happening overseas. So I think people should take advantage of the overpriced U.S. stock market, the overpriced U.S. dollar, and sell and move money abroad, get into the international markets, develop an emerging, get into the commodity space, look at oil hitting a new two-year high again today. This is going on in commodities across the board. We are coming off of major bear markets where the infancy of new bull markets. And I think the dollar is about to get killed. This is the first year in many years now that the dollar is down. But I think it's the first of many. I think the dollar could fall for the next five to 10 years in a major, major bear market taking the dollar to all-time record lows. And this will enable enormous profits for people who are invested outside the U.S. and the right currencies, the right assets, the right companies. And that's what I think we're doing with our clients at your Pacific capital. And that's certainly what I'm doing with my own money. All right, Peter, I want to ask you about a specific market situation. There are reports that the Justice Department is asking for CNN to be spun off in order for AT&T's acquisition of Time Warner to close. Of course, Time Warner owns CNN. What's your reaction to something like this? Well, you know, I don't think it really matters much. But I really wish the government would stay out. I really don't like all of this antitrust legislation. It all started, you know, with the populist movement early in the last century. And I think over the years, it has done far more harm than good. I think the consumers are best served not by government regulators, but by the free market. So I think, you know, let companies compete, let companies merge. I think at the end of the day, the consumer is going to win. I am not worried about monopolies unless they exist by way of a government grant or government regulation that stifles competition. I think the free market and competition is the best thing that the consumer has. And we don't need the government to make the market free. I think the market does a very good job on its own. And when the regulars try to substitute their own judgment and try to determine that things are anti-competitive, I think they make more errors in judgment and I think they end up stifling innovation and growth. And I think at the end of the day, because of all the antitrust regulation, I think the consumer ends up paying higher prices than would otherwise be the case if the government just minded its own business. Even though if AT&T bulks up on content, they have more pricing power. So wouldn't the consumer lose potentially? There is so much competition for content. It's crazy to say that there's not going to be a competitive market. I remember when the government broke up the merger between Blockbuster and Hollywood Video because they said they would dominate the VCR rental market. The market doesn't even exist anymore. It was dotted a few years anyway and they were desperately trying to survive, yet the government blocked the merger because they wanted to make sure there was still competition to rent movies. Look at all the competition that exists, even without any rental company. This is nonsense. There's plenty of content. There's plenty of alternatives. Consumers have more options now than ever before. This is ridiculous. These companies need to actually merge together to remain competitive in an environment that is hyper-competitive right now. The thinking is Trump has criticized CNN's coverage of him. So is that the ultimate reason that he wants or the administration wants CNN sold? Look, I have no idea if it's that kind of petty vendetta or if the president has anything to do with going on. This is the type of stuff that's been happening. If Trump was going to drain the swamp, I'd like to see some swamp draining over there. Stop nitpicking. If private businesses want to get together, if the shareholders of these companies decide that it's in their economic interest to merge, let them merge. So Peter, what do you make of the latest surge of Bitcoin in recent days? It hit $7,800 at one point. How high can this go? Well, I don't know. I guess there's no limit because there's no real value, I believe, in Bitcoin. So if it can go to $8,000, it can go to $80,000. I suppose the odds are lower, the higher you get, because you get to prices that are so absolutely ridiculous. And of course, you have the temptation, people are holding out of these things. At some point, they're going to want to sell. They're going to want to buy stuff. So at some point, the market's going to go down. But I think what I've seen recently is more people looking at Bitcoin not as a fiat currency, not as an alternative for a medium of exchange. I think a lot of people are acknowledging that it's not going to be an alternative for typical people around the world to go out and buy a cup of coffee. They're not going to be paying for it with Bitcoin. Now the story is that it's an alternative to gold, that it's not really digital currency, it's digital gold, and that people could use it the way most people use gold now. Most people are not using gold as money, even though we've used gold as money in the past. Today, investors use gold as an inflation hedge, as a store of value, as a safe haven. And I think now they're trying to market Bitcoin as an alternative to gold, they're even calling it digital gold, and they're trying to get investors and hedge funds and larger buyers to come in. And to some extent, I think this marketing campaign is working. And of course, the returns have been so spectacular on Bitcoin. The people that bought in three, four, five, six years ago have made returns that we've never seen, even in the dot-com bubble or any other bubbles. I mean, the amount of money on paper and maybe, and for some people they've actually cashed out, but the returns have been enormous. And obviously those spectacular gains and the greed that it creates, people want to get in on it. I mean, people are hoping that the same thing can happen again, that it can go up another 50 times or 100 times. But it probably isn't going to do that. At some point it's going to implode, but I have no idea when. Do you think Bitcoin is a sort of legitimate alternative to gold? No. I don't think it is. I mean, it is an asset, it's a digital asset. What its actual value is remains to be seen. But it has nothing in common with gold. There are certain things that you could say it has in common with gold, but you can't do anything with it. None of the real-world uses of gold, gold is used in jewelry. You can't make jewelry out of a Bitcoin. Gold is used in consumer electronics, it's used in medicine, it's used in aerospace. There's no use for Bitcoin other than storing it as an asset. But that depends on other people valuing that asset. It's all based on trust. It's all based on confidence. That's one of the flaws that people who were initially buying Bitcoin saw in the dollar or in the euro or in the yen. All these fiat currencies created by government have no real backing, have no real value, so their value comes from confidence, comes from trust, comes from faith. But that's the exact same way that Bitcoin provides its value. Yes, Bitcoin is limited in supply, unlike dollars or euros that are unlimited, but there is an unlimited supply of other cryptocurrencies that can be created that are as good or are identical to Bitcoin or maybe will even be better. And so there you have unlimited supply as well. So I don't think that the currencies are going to work, but they have made people a lot of money, certainly the people who have cashed out. A lot of other people have big paper profits, whether they actually realize those paper profits, but we'll see. I think most of the paper profits are going to vanish, but some of them will be realized. But at the end of the day, I think it becomes a zero-sum game. And the people who make money on Bitcoin, those gains will come at the expense of the people who lose money. Just like any kind of pyramid or Ponzi scheme, somebody gets caught holding the bag. And it's the bag holders that end up providing all the profits for the people who got in early and who cashed out. Right. Could be the hot potato situation. You don't want to get caught with it when the music stops. Peter Schiff, always a pleasure chatting with you. Thanks so much.