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.

PPI hit 6%, yields hit 19-year highs, and gold dropped 4%. Traders are selling on the most bullish data gold has ever seen.

Gold fell 4% and silver dropped 10.5% on the week despite the most bullish inflation data in years. Peter Schiff explains why traders have it exactly backwards: April PPI surged 1.4% month-over-month — nearly the entire 2% annual target in a single month — pushing producer prices to 6% year-over-year. Core PPI tripled expectations at 1.0%, annualizing to 12.5%. Import prices jumped 1.9% on the month, proving Americans are paying every cent of the tariffs, while export prices exploded 3.3%, signaling internal US inflation pressure across the board.

The 30-year Treasury yield closed at 5.12%, a 19-year high, while the 10-year hit 4.59%. Algorithms are selling gold because they see rising yields as bearish — but Schiff argues they're completely missing that real interest rates are collapsing because inflation is rising faster than nominal rates. The Fed's easing bias in the face of 6% PPI is itself a form of monetary easing. Oil closed at $105 with no end to the Iran war in sight, Bitcoin is down 12.5% year-to-date, and the AI/crypto bubble is one bond market shock away from popping. Schiff's call: back up the truck on gold, silver, and mining stocks while traders are giving them away.

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PPI doubled estimates at 1.4%, yields broke 5% on $39T debt, and CNBC says sell gold stocks — that's the best buy signal I've ever seen.

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Kevin Warsh was confirmed as the new Fed Chair and immediately inherited a stagflation crisis: April PPI came in at 1.4% month-over-month — double the high end of estimates — pushing producer prices to 6% year-over-year. Core PPI tripled expectations at 1.0%, an annualized 12.5% rate. The CPI the day before showed 0.6% monthly with year-over-year inflation climbing to 3.8%. The 30-year Treasury yield broke above 5% for the first time in 19 years, with a bond auction requiring a 5% coupon — but unlike 2007 when the debt was $9 trillion, today it's $39 trillion.

Peter Schiff argues real interest rates are crashing even as nominal rates rise, making the environment extremely bullish for gold and silver — with silver hitting $89 intraday and leading gold for the first time this cycle. He highlights CNBC analysts recommending viewers sell gold stocks as a perfect contrarian buy signal, dismantles Trump's proposed ban on corporations buying homes as socialist policy, defends Jeff Bezos against critics who blame him rather than consumers for disrupting small businesses, endorses Thomas Massie's congressional primary fight, and promotes his new 10-minute FOIA evidence video exposing the IRS conspiracy to destroy Euro Pacific Bank.

Chapters:

00:00 Cold Open Montage

00:55 Show Begins Tech Issues

01:27 New Fed Chair Firestorm

03:26 CPI Breakdown April

05:24 PPI Shock And Stagflation

07:59 Trump Inflation And Politics

09:43 Bond Yields Debt Trap

13:20 Fed QE Dilemma

15:39 Ad Break NetSuite AI

17:01 Markets Misread Inflation

18:38 Real Rates Gold Silver

23:12 Metals Boom Copper Oil

24:51 Tariffs Beef And Constitution

29:09 Ad Break Outskill AI

31:42 Stocks Ignore Inflation Bubble

32:18 Bubble Mentality Critique

33:10 CNBC Chart Pattern Trap

34:30 Gold Stocks Contrarian Buy

35:38 Mining Stocks vs AI Hype

36:15 Trump Housing Ban Backlash

37:46 Why Rentals Need Investors

39:19 Backing Thomas Massie

42:25 Trump Grip on GOP

43:08 Trump China Summit Skepticism

45:05 Defending Bezos and Amazon

46:20 Consumers Drive Competition

49:07 Living Wage Reality Check

53:35 Rigged Playing Field Factors

55:31 Puerto Rico Inventory Tax

57:36 FOIA Bank Conspiracy Video

59:05 Demanding Government Accountability

01:00:35 Wrap Up and Next Plans

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The household survey says we've lost jobs every month of 2026. The establishment survey says record highs. One of them is lying.

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The April jobs report showed 115,000 jobs created against expectations of 63,000 — but 391,000 of those came from the birth-death model, meaning without statistical assumptions the economy actually lost jobs. The household survey confirms this: employment declined 226,000 in April alone, with net job losses every month of 2026 averaging 343,000 per month. Full-time jobs collapsed by 424,000 in a single month, dragging the total to its lowest since December 2024. Labor force participation fell to 61.8%, the lowest since October 2021.

Markets rallied to record highs on ceasefire optimism, with the Nasdaq up 4.5% and silver surging 9.4% on the week. Peter Schiff argues the AI spending driving GDP is a bubble comparable to dot-com — the technology is real but the stocks are wildly overvalued and most will go to zero. He dismantles Bernie Sanders' criticism of Jeff Bezos for layoffs, pointing out Bezos employs 1.5 million while Sanders has created zero private-sector jobs. On the debt, Schiff debunks the claim that $31.8 trillion in US government assets offset the national debt — most of it is illiquid land, national parks, and defaulting student loans that cannot service a single dollar of interest payments.

Chapters:

00:00 Show Cold Open

00:56 Podcast Intro

01:20 April Jobs Beat

03:19 Job Quality Concerns

04:58 Participation Rate Drop

07:22 Household Survey Reality

07:52 Birth Death Model Critique

12:26 Full Time Collapse

14:57 War Talk Tease

15:29 Sponsor Odoo Ad

17:31 Markets Rally on Peace Hopes

21:48 AI Bubble Warning

25:03 Bezos vs Sanders Debate

30:34 Sponsor Hims Ad

31:16 Telehealth Weight Loss Setup

31:57 Metals Rally Recap

32:30 Copper and AI Demand

33:56 Miners and Physical Buying

36:12 Oil Dollar and War Fallout

37:10 War Narrative and Objectives

40:22 Bond Yields and Default Risk

45:10 Debt Math and Interest Spiral

50:31 Fake Asset Claims Debunked

57:05 Preparing Investors for Crisis

59:34 Final Sign Off

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The dollar erased every war gain, oil's back above $102, yields are at 4.5%, and mining stocks just gave you the buying opportunity of the year.

Gold settled the week at $4,612 with silver at $75.33, both drifting lower as investor attention shifted to record-high stock indexes. Mining stocks took the hardest hit with GDX down 6.25% — a buying opportunity Peter Schiff says is being created by the same complacency that preceded every major gold breakout.

The dollar index fell to 97.7, erasing every penny gained since the Iran war began — a historically weak bounce for a supposed safe haven currency. Oil climbed back above $102 while 30-year Treasury yields touched 4.5%, recreating the exact conditions that forced Trump to reverse Liberation Day tariffs. Schiff revisits Powell's claim of 40 years of controlled inflation, breaking it down decade by decade to show average CPI of 5.5% in the '80s, 3% in the '90s, and 2.6% in the 2000s — with only the post-crisis 2010s near the 2% target. He also highlights the Bitcoin conference where last year's darling Nakamoto is down 99% between conferences, while this year's pitch of "digital credit" is even worse than subprime.

Chapters:

00:00 Welcome and Subscribe

00:25 Gold Silver Weekly Recap

01:08 Mining Stocks and Fund Plug

02:00 Why Gold Bullish Now

03:14 Stocks High Oil Yields Rising

06:27 Fed Presser and Powell Exit

10:05 Money Supply Inflation Reality

17:32 Debt Deficits and Fed Failure

19:54 Tariffs Cars and Stagflation

22:48 Bitcoin Strategy Ponzi Talk

24:30 Dollar Weak Bonds to Gold

27:19 Gold Targets and Crypto Risks

29:15 Schiff Gold App Call to Buy

30:58 Wrap Up and Where to Follow

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Trump wants to buy Spirit Airlines at bankruptcy with taxpayer money to "save jobs." That's not capitalism — that's Bernie Sanders with a red tie.

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Jerome Powell's final press conference as Fed Chair featured a claim that inflation was "under control" for 40 years before the pandemic — a statement Peter Schiff demolishes decade by decade, showing average CPI of 5.5% in the 1980s, 3% in the 1990s, and 2.6% in the 2000s, with only the post-crisis 2010s anywhere near the 2% target.

The Fed held rates at 3.5% while oil surged past $108 WTI and $120 Brent, bond yields pushed back toward post-Liberation Day highs with the 30-year hitting 5%, and four FOMC members dissented on the dovish bias. Powell announced he'll stay on the board to protect "Fed independence," but Schiff argues he'll be irrelevant. The episode also covers Trump's plan to buy Spirit Airlines at bankruptcy — proof he doesn't understand capitalism — Michael Saylor's Bitcoin conference keynote pushing Stretch preferred stock as a thinly veiled Ponzi, and explosive IRS FOIA documents proving the agency collaborated with Puerto Rico's SIF to shut down Euro Pacific Bank as a PR stunt, with every email focused on publicity strategy rather than any actual wrongdoing.

Chapters:

00:00 Cold Open Montage

00:58 Fed Holds Rates

02:47 Powell Stays On

05:07 Fed Independence Debate

06:17 Inflation Mandate Critique

09:38 Reporters And Data

11:04 Decades Of CPI Reality

15:01 Ad Break Pebble

16:43 Powell On His Record

20:04 Inflation Fire Economy Weak

21:59 Oil Yields And Markets

27:18 Gold Silver And EPAM Pitch

29:15 Ad Break NetSuite

31:05 Trump Spirit Bailout

34:10 Bitcoin Conference Reality Check

37:21 Saylor Stretch Digital Credit

39:44 Ponzi Claims And Warning

42:57 Yield Over Bitcoin

43:26 IRS FOIA Fight

45:58 Explosive Email Evidence

47:02 Debanking Timeline

49:55 SIF Findings Breakdown

57:42 PR Motive Revealed

01:06:47 Press Conference Coordination

01:16:43 Why This Matters

01:20:08 Puerto Rico Potential

01:25:12 Final Call To Action

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