The US needs to borrow $20 trillion this year. Saylor just blew 60% of his cash paying off 0% debt early. The dominoes are falling.

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Donald Trump spent Memorial Day weekend claiming an Iran deal was 90% done — oil dropped $10 to below $90, but bond yields barely moved, with the 10-year still at 4.5% and the 30-year above 5%. Peter Schiff argues the bond market is telling the real story: with $13 trillion in debt maturing this year plus $3 trillion in new borrowing, the US needs to convince creditors to roll over nearly $20 trillion — an amount without historical precedent.

The AI CapEx bubble is now consuming a trillion dollars a year, funded by layoffs and foregone investment in actual manufacturing. Schiff compares it to dot-com: the technology is real but the stocks are wildly overvalued and most will go to zero when rising interest rates prick the bubble. Meanwhile, Michael Saylor burned over 60% of Strategy's cash reserves paying off zero-interest convertible notes three years early — a move Schiff says was forced by behind-the-scenes pressure, not financial genius. Elizabeth Warren accidentally made the best case against payroll taxes by pointing out that companies are incentivized to replace workers with AI because hiring people is taxed while buying computers isn't — though her solution is more taxes, not fewer.

Chapters:

00:00 - Intro

00:53 - Iran War & Market Reaction

06:47 - Bond Market & The Debt Crisis

14:25 - Ad Break: Ethos

15:47 - The AI CapEx Bubble

26:23 - Gold, Silver & Mining Stocks

29:11 - IRS Lawsuit & Bank Documentary

32:12 - Ad Break: Rockwell Automation

33:35 - Elizabeth Warren's AI Tax Proposal

47:28 - Strategy, Bitcoin & The Coming Bust

57:25 - Tokenized Gold vs Bitcoin

58:42 - Summer Sign-Off & 250th Anniversary

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Trump says best economy in 250 years. Consumer sentiment just hit an all-time low. Saylor just went underwater on $64B. Pick a story.

Kevin Warsh was sworn in as Fed Chair today while the Dow hit a record 50,700 — and Peter Schiff fact-checked virtually every claim Donald Trump made at the ceremony in real time. Trump called it the greatest economy in 250 years of American history; consumer sentiment responded by hitting 44.8, the lowest reading ever recorded. Year-ahead inflation expectations surged to 4.8% and 10-year expectations hit 3.9%, demolishing the Fed's claim that expectations remain "well anchored" at 2%.

Gold closed the week at $4,508 with silver at $75.39, both pressured by rising bond yields — with the 30-year still above 5% and the 10-year above 4.5%. Schiff argues these pullbacks are buying opportunities as real rates continue to collapse. Bitcoin dropped below Michael Saylor's $75,700 average cost basis for the first time, meaning five years and $64 billion of buying has produced zero return — while the Stretch preferred stock continues to compound an 11.5% annual obligation regardless. Schiff dissects Trump's lies about job creation, tariff benefits, government spending cuts, and the claim that fired federal workers are now earning double or triple in the private sector.

Chapters:

00:00 Warsh Takes the Helm

01:38 Dow 50K Hype Check

03:42 Gold and Silver Pullback

05:12 Yields Mortgages and Oil

07:44 Bitcoin Decouples and Strategy Risk

11:00 Consumer Sentiment Hits Record Low

16:11 Trump Speech Fact Check Begins

16:30 Massie Lies and Deficit Hypocrisy

21:30 Jobs Numbers Reality Check

22:07 Fed Independence Spin

23:11 Booms Bubbles and Inflation

24:31 Dow Rally Credit Grab

26:16 Spending Cuts Claim Debunked

26:48 Fired Workers Fairy Tale

29:33 Foreign Investment and China Deals

32:26 Tariffs and the Mythical Boom

33:50 Pessimism vs Trump Prosperity

35:43 Crisis Warning and Gold Pitch

37:00 Bitcoin Exit and Mining Stocks

39:25 Rates Tailwind and Sign Off

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Gold and silver pull back as WTI tops $107 and the 30-year hits 5.14% — Peter says plunging real rates make this dip a gift.

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Peter Schiff goes live to break down the market moves since Wednesday's podcast, with gold and silver pulling back as oil surges past $107 WTI and bond yields punch higher — the 10-year at 4.62% and the 30-year at 5.14%. Schiff argues the short-term selloff is being driven entirely by the nominal yield move, but with inflation accelerating, real rates are actually plunging — a setup that is deeply bullish for precious metals and exactly the buying opportunity stackers have been waiting for. He points to the positively sloped yield curve across every maturity as the bond market's clearest signal yet that higher rates and higher inflation are still ahead.

Schiff also delivers another Bitcoin reality check, walking through BTC's ongoing underperformance versus gold and the recent debates around long-term holdings, and explains why physical metals remain the only credible vehicle for real wealth preservation. The episode wraps with the latest on exploding deficits and a ballooning government, why true conservatives — and gold owners — are needed now more than ever, and fresh insights from SchiffGold on Comex flows and the increasingly urgent case for a return to sound money.