Valuetainment - May 14, 2026


＂They Called Me A CCP Agent＂ - CZ REVEALS The Truth About Crypto, China & The CCP

Hosted by
Patrick Bet-David
Mentioned
Jack Ma J. Paul Getty Peter Schiff Tuscany Nixon
＂Three Times BIGGER Than Manhattan＂ - MEGA AI Data Center Sparks Tech War With Americans ＂China Is The ENEMY＂ - Ken Paxton DEFENDS Texas' AI Data Center EXPLOSION

Episode Stats


Length

9 minutes

Words per minute

192.48

Word count

1,869

Sentence count

135

Harmful content

Hate speech

5

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I sit down with Peter Schiff to talk about the end of the gold standard and why it was a good or bad move. We talk about what happened behind the scenes of the decision to switch to a fiat money system, the reasons behind the change, and the impact it had on the world.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00 You ever been to, what is that museum in L.A. off the 405 freeway?
00:00:05 The Getty Center?
00:00:05 You ever been to the Getty Center?
00:00:06 I think I have been there 20 years ago.
00:00:08 Yeah, me too.
00:00:09 I've been there 20 years ago.
00:00:10 And this guy, J. Paul Getty, when he died, he created a museum that people can go to for free with the most amazing collection there.
00:00:19 And I think the dividends or whatever he makes off the money pays for it.
00:00:23 So at least that is a cause, right?
00:00:25 But unfortunately, if you had a museum, it would be an empty museum because you don't collect things.
00:00:29 No, I don't.
00:00:29 So if we created a car museum, there would be no cars in it.
00:00:32 There'd be a Lexus van in there.
00:00:33 They would say, this is CZ's van from Lexus.
00:00:37 Last question for you.
00:00:38 So you got all these things, and I'm curious to know how you're going to answer this.
00:00:44 You got all these things in the world that people want to know about.
00:00:47 You have money to be able to get answers to a question.
00:00:50 If you could use your resources to find out one thing that is not public to the world, what would it be?
00:00:56 Oh, that's an interesting one.
00:00:59 that's that's already known by other not known no no but people know like governments know
00:01:07 societies know but it's not to the public could be assassinations could be events that took place
00:01:12 could be you know you obviously said earlier you're not interested in noah satoshi you could
00:01:17 know anything one fact moon anything what would it be i think i will probably want to know how the
00:01:25 1971, when we switched off the gold standard.
00:01:29 Nixon.
00:01:29 What happened behind the things there?
00:01:33 What were these discussions?
00:01:34 Out of everything, that's what you would want to know.
00:01:37 I've only had five seconds to think about that.
00:01:40 That's pretty massive.
00:01:41 That's one of the things we talk about a lot.
00:01:43 Why that?
00:01:44 It's very relevant to our industry.
00:01:46 I want to know what were the factors forcing the decision to move away from the gold standard.
00:01:53 I actually kind of know the background,
00:01:54 but I kind of want to know
00:01:55 what were the real discussions.
00:01:57 The background is, you know,
00:01:59 no one has enough gold, right?
00:02:01 So they want to move it off
00:02:02 and the government can bring fiat money.
00:02:04 But I want to know what the conversations were,
00:02:08 et cetera, just to get the back.
00:02:10 I wish somebody wrote a book like my book.
00:02:14 Like what authentic discussions
00:02:16 that happened at the time.
00:02:18 Do you think it was a good move or bad move?
00:02:21 Or a necessary move?
00:02:22 Like you didn't have a choice.
00:02:23 It's a bit of both, to be honest.
00:02:25 I think this person comes for that move.
00:02:27 But I think it just staying on the gold standard
00:02:30 probably will limit the economic development.
00:02:34 I think some quantitative easing,
00:02:35 some inflation is okay, is good,
00:02:37 is also maybe necessary.
00:02:39 But the problem is inflation always goes too high,
00:02:41 too quickly.
00:02:42 And then, so this is a balance.
00:02:46 I'm not saying like, you know,
00:02:46 zero inflation is the best.
00:02:50 Usually when this kind of thing is first,
00:02:52 very similar to the to the sort of trust of foundations or a charity that you're talking
00:02:56 about when this thing first start they always with good intentions but with time like you know
00:02:59 the board changes and the mission moves and then people get more greedy and then it's just
00:03:04 a poorly managed um so that's just that's just human nature that you know things evolve usually
00:03:11 things evolve and often degrade over time so i don't think it's a bad move at the time particularly
00:03:17 But it's hard to maintain that over time.
00:03:21 Yeah.
00:03:21 I mean, you know, like you say, you're limited, right,
00:03:24 on how much you can lend because the limited supply.
00:03:27 So we almost had to get off of it.
00:03:29 But once we got off of it, fiat, what is it backed by?
00:03:32 A promise?
00:03:33 And this goes to Peter Schiff arguments, right?
00:03:35 This is why gold.
00:03:36 This is why gold.
00:03:37 This is why gold.
00:03:37 And gold has a lot of limits, right?
00:03:41 So, you know, you don't know whether it's real or not.
00:03:44 It's not divisible.
00:03:45 It's not transportable.
00:03:46 funny when you handed it to him he's like i don't even know if this is real because i don't know
00:03:48 who minted it remember when he said yeah you didn't even trust i don't even know if this is
00:03:52 real gold yeah you're like no i bought pay pay you paid 130 000 for it at the time whatever the
00:03:57 price was 4200 yeah yeah you're right so and by the way even with nixon with the whole china deal
00:04:02 at the time because china was weak yeah you know it was number eight nine ten and gdp and russia
00:04:07 was at the top and they were worried about ussr and communism and whatever so let's strengthen
00:04:11 these guys, and I look at China
00:04:13 now.
00:04:15 Do you go back to China often
00:04:19 or no? I haven't been to
00:04:21 China for the last seven years
00:04:23 or longer. Any reason or no reason? 0.99
00:04:26 China is not... 0.53
00:04:27 China has not...
00:04:29 China actually explicitly said that
00:04:31 they don't allow cryptocurrency exchange
00:04:33 businesses.
00:04:35 China's banned crypto exchanges.
00:04:37 If I go back, people will know I'm back.
00:04:39 People will want to have meetings with me.
00:04:40 people want to have chats i don't want to be that seen i guess like you know promoting uh you're
00:04:45 not worried about safety like if you go and they'll keep you there that's not your concern
00:04:48 i'm not sure to be to be very frank probably not a risk worth taking yeah so uh yeah so like look
00:04:57 i i don't try to cause problems for people i don't try to go where like i'm not welcome
00:05:02 potentially like i think i'm welcome to go like i think that's just as a traveler etc but people
00:05:08 would want to meet with me.
00:05:10 They would want to talk about crypto.
00:05:11 They would want me to go on stage,
00:05:12 do a talk.
00:05:14 Did you talk to Jack Ma,
00:05:16 or no?
00:05:17 No, I've never talked to Jack Ma.
00:05:18 I talked to other people
00:05:20 very senior at Alibaba.
00:05:22 But I never talked to Jack Ma.
00:05:24 Really?
00:05:25 I thought you guys
00:05:26 would have talked for sure.
00:05:27 There was a couple
00:05:28 of potential chances.
00:05:29 He visits Masayoshi-san
00:05:32 in Japan.
00:05:34 We miss each other by a day.
00:05:36 like finance japan that'd be an interesting sit down that'd be a very interesting sit down
00:05:41 yeah yeah if you did an event like in singapore you know uh and for him to fly out that would
00:05:48 be an interesting i think the world would show up to entertain that conversation for sure but i
00:05:53 think jack ma has also became much more low-key he has so he's what happens when you talk a little
00:05:58 bit and you say stuff about the government they may silence you for whatever reason he's not much
00:06:04 more low-key so i don't think he's gonna do too it seems that he's not doing too many public talks
00:06:08 etc do you think there was a conversation behind closed doors hey you better relax and not criticize
00:06:13 us most likely most likely so you never know for sure yeah because he was everywhere there was a
00:06:19 time that he was one of the main entrepreneur voices yeah and his stuff would go viral all
00:06:24 the time yeah and he was a likable guy he was a guy that you he had a sense of humor you know 0.92
00:06:28 personality so yeah it's interesting he's been a little bit quiet uh uh would would china look at 0.97
00:06:34 you as they made you in their eyes because you were born there is it kind of like hey we made 0.96
00:06:40 you we taught you our values and principles without the way uh of our living you wouldn't
00:06:45 be where you are right now is that kind of how they would view it i don't think so i left at 12
00:06:48 so um you don't think that's the pride because the temperament you have is a very good temperament
00:06:54 Yeah. When people ask me, as you asked, do I identify as Chinese or not? Ethnicity, I'm definitely Chinese. But education, culture, the way you think about your value system is really built in your teenager years. So I spent that in Canada. And then after work, I was mostly outside of China.
00:07:16 Right. So most of my work styles are thinking is more capitalist, capitalism, et cetera.
00:07:24 So my way of doing business is more, much more American than Chinese, I would say.
00:07:29 So, yeah, so, but I know I have many, many Chinese friends, but there was also another
00:07:37 like no common attack that people try to attack me with is because I look Chinese,
00:07:42 I'm part of the CCP or anything like that.
00:07:44 That's completely false.
00:07:47 You're part of the CCP.
00:07:49 Yeah, it's just completely false.
00:07:50 I've been away from China for 30-something years.
00:07:52 My business couldn't operate in China.
00:07:53 I'm a business guy.
00:07:54 I'm never political.
00:07:56 Yeah, so that's also...
00:07:57 I don't think China will try to view me as a Chinese business.
00:08:01 I think we just don't have those touch points.
00:08:05 But the likelihood of you taking a trip to China in the next 5 to 10 years
00:08:08 is probably slim to...
00:08:10 I'm open to it.
00:08:11 Okay, all right.
00:08:12 Like, for example, if I get invited, I will go, but I probably wouldn't go unsolicited.
00:08:17 So if Xi invited you to say, hey, we would like to have a meeting, you'd go?
00:08:20 Oh, yeah.
00:08:21 Well, of course.
00:08:22 So if anybody that's in here invites me, I'll go.
00:08:25 So then that means your fear isn't a real high fear that you think if you go there, they may not let you leave.
00:08:31 Oh, no, no, no.
00:08:31 I'm not feeling that.
00:08:32 But I visit countries who are pro-crypto.
00:08:35 So if China says, look, come in, help us with the crypto regulations, I'd be happy to go.
00:08:40 And that's why you're in UAE.
00:08:41 You feel safe being there because they're pro-crypto.
00:08:43 That makes you feel safe.
00:08:44 Yeah, I feel safe in many countries,
00:08:46 but I don't spend time in non-pro-crypto countries
00:08:49 because if they're against crypto, what am I doing there?
00:08:51 I'm just a sore in their eye.
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