The commentary below is from Peter Schiff, Chief Economist and Global Strategist of Euro Pacific Capital and author of the The Real Crash: America’s Coming Bankruptcy. Please feel free to excerpt what you like with proper attribution. To speak with Peter, please contact Andrew Schiff at 203-662-9700 ex. 135 or aschiff@europac.net.

On Sesame Street they teach the basics: how to count, how to spell, and how to make good decisions. Through a slight alteration of a classic 3 minute bit with Ernie (Burt’s easy going roommate), well known economist Peter Schiff teaches a valuable lesson about the perils of slick salesmanship and trading away money for nothing. In the original sketch, Ernie is scammed into buying air in a bottle by Lefty, the neighborhood con-puppet. Peter re-released the clip with one important change – he substitutes the word “air” for “bitcoin.” The result is a hilarious and pot-stirring perspective that’s sure to get people talking and who knows, maybe even thinking. Bitcoin enthusiasts will object that air and bitcoin are fundamentally different. Try explaining that to Ernie.

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Best Selling author Peter Schiff is the Chief Economist and Global Strategist of Euro Pacific Capital. His podcasts are available on The Peter Schiff Channel on YouTube.