Francis begins by asking Peter about the similarities between today's economy and the economy in 2006 and 2007. Many of the Great Recession era problems linger, but we have even more debt:

"The problem is that after we got the financial crisis, the government didn't learn from its mistakes at all. The Federal Reserve didn't acknowledge any role in creating the crisis and it simply did more of what caused it. And so now, a dozen years later or more, the economy is in much worse shape. We have far more debt now than we had in 2008. We have a much bigger bubble that encompasses a lot more than just residential housing. And we're on the precipice of a much greater economic crisis from which there could be no bailouts because the way they were able to bail everybody out before was to create inflation."

Meanwhile, gold is having a killer year– its best in over 40 years. With the Fed already cutting rates, the stage is set for the metal to have its best year ever:

"Gold is on pace to have its best year percentage-wise since 1979. And it's already its best year dollar-wise. Gold is up over $600 an ounce so far this year. But percentage-wise, it's the biggest since 1979. But 1979 was significant in that that was the end of the gold bull market, because 1980 was the top and gold turn, because Volcker raised interest rates up to 20%. But Powell and his cronies are about to cut rates, or they already have cut rates, and they're going to cut them more in 2025."

The presidential candidates have only one answer to complaints about the economy, and it's to create even larger deficits:

"She [Kamala Harris] wants to give everybody $25,000 to go out and buy a house, $50,000 to start a business, $7,000 to have a child. Where's this money going to come from? It's going to be bigger deficits that the Fed is going to have to monetize. Everybody's talking about tax cuts. Even though we have massive deficits, people want to make the deficits bigger."