They also discuss Trump's inconsistent views on crypto, the hidden costs of tariffs, and the fate of the dollar, cautioning that its decline could sharply impact the American standard of living.

Peter drops the painful truth early in the interview, pointing out that we are quite far from a healthy economy. We can't even see the light at the end of the tunnel:

It's going to get worse before it gets even worse. I mean, we're not at the point where it's going to get worse before it gets better yet, because we haven't actually done anything to bring about the kind of constructive pain that would eventually lead to long-term gain.

Of course, Trump's second term will probably make things relatively better than they would be under a Democratic president. But that doesn't mean it'll be good:

The pretend great economy that Trump had, by comparison to the pretend great economy that Biden has, wasn't as bad. So, it looks good by comparison. People would prefer to go back to where it was four years ago. Unfortunately, we can't. We have a lot more debt than we had four years ago. The economy is far more screwed up now than it was four years ago, and Trump's policies won't address those underlying problems.

Rachel and Peter spend much of the interview discussing Bitcoin, which has recently surged following the election. Peter cautions listeners to avoid the cryptocurrency:

Don't get distracted by the sideshow in Bitcoin. I know a lot of people in the Bitcoin community are trying to fool people into buying Bitcoin under the pretense that it's some digital version of gold that's better than gold. But that's just a bunch of hype. Yes, it's gone up a lot because people have bought into this nonsense. That's the dynamic of any kind of pyramid scheme, which is really what it is.