zoo's operations leaving only essential personnel behind which could put the baby panda at risk peter schiff i ask you have you no heart for the baby cloned off well i can tell you is is that we don't raise the debt ceiling is solid that governor doesn't have any money they just have the money that they collect in taxes which is still over two trillion dollars a year i'm sure somewhere out of that two trillion dollars of revenue they could find enough money to keep this little panda alive what i'd like to see the government do is get rid of all the programs in the spending that are unnecessary and then deal with the entitlements. they can actually cut government spending the government doesn't have to shut down the cost of operating the government including those who are that panda is is tiny it is a very small part of the budget most of what the government does it takes money from some people and gives it to other people who didn't earn it and to whom it doesn't belong so if they can't keep borrowing money then the redistribution of wealth has to stop and that and those parts of government

dollars and so too did the debt limit fight in two thousand and eleven and earlier i spoke with peter schiff c.e.o. and chief global strategist at euro pacific capital and i first asked him why deficit hawks are threatening such costly consequences and their efforts to reduce the deficit. well member the real consequence the real cost is raising the debt limit think of how many times we raise the debt limit over the years and think of all the additional debt that's been piled onto the u.s. economy that u.s. citizens are now responsible for repaying so that's what i'm concerned about it's the cost of the added debt and i would much rather see a nod increase in a debt ceiling even if it means you know we have some temporarily temporary losses associated with some kind of partial semi government shutdown that kind of pain is much greater from the pain that we're all going to have to endure because you're repeatedly raise the debt ceiling but it's estimated that just a half percent point increase in treasury rates which could stem from a default could cost about seventy five billion dollars a ye

i spoke earlier with peter schiff, the ceo and chief global's dreaded just at euro pacific capital. i asked him why deficit hawks are threatening such costly consequences in their efforts to reduce the deficit. >> the real consequence, the real cost is raising the debt limit. think of how many times we have raised the debt limit over the years and think of all the additional debt that has been piled onto the u.s. economy that u.s. citizens are responsible for repaying. that is what i am concerned about. it is the cost of the added debt and i would much rather see a non-increase in the debt ceiling even if it means we have some temporarily -- temporary losses associated with some partial; shutdown. that kind of pain is greater than the pain we will have to endure because we raised the debt ceiling repeatedly. >> it is estimated that i have to percent point increase that could stem from a default would cost about $75 billion a year. that means higher erring costs for homeowners, five -- car buyers, you name it. i get that we need this chicago boy shock treatment but there are millions

we'll also find out what peter schiff thinks, the eternal gold bug, if the fed does taper what does hehink gold is going to do. you can find out at 1:00 p.m. on futures now. make a date in your diary. >> we will. before we go, hey, killberg, we'll have a little impromptu debate, because josh brown was shaking his head when you were speaking. let's -- >> okay, j.b. >> he's stronger than me. he's an ex-football player. why do you have to tell him i was shaking my head. >> because, let's have a debate. >> killberg, what i think, we've retraced half of the bounce, so it's faltering off of the lows from the summer. frankly, if there's no taper, that would be the most bullish thing for gold, but no one is expecting it. let's say we have the taper as is, no longer talking about summers, already taken him out out of the equation. if year looking at yellen, extremely dovish, but the fed is in exit mode, why would that be positive for something that's supposed to be an inflation hedge in name only? >> so that's my argument, j.b., and the fact that bernanke can actually do 20 billion on the highe