Producer prices just annualized to 17%. Banks sit on $2 trillion in mortgage losses. Peter Schiff explains why 2008 and 2021 are both hitting at once.

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Producer prices just annualized to 17%, and banks are sitting on $2 trillion in mortgage losses before a single default.

Peter Schiff says the data looks like late 2020 and early 2021 all over again. September PPI rose 1.3% in one month, core PPI annualizes to 9%, import prices are up 8.1% year over year and export prices 11.6%. These are the leading indicators of consumer prices, and the CPI is already up 4% in the first nine months of 2026. Peter forecasts CPI above 7% in 2027, worse than any year under Biden, while Fed Chair Kevin Warsh has delivered a single 25 basis point hike.

Housing looks like 2007. Pending home sales just hit the lowest level in the index's history, builder confidence is the weakest since 2012, and new homes now sell for less than existing ones. Lenders hold $8.5 trillion in fixed-rate mortgages at an average 4.6% coupon, about $2 trillion underwater, four times the realized losses of the 2008 crisis. Peter explains why the Fed cannot bail out housing with QE while inflation is this hot, why Fannie and Freddie will need another bailout, and why the dollar sits at the center of what comes next.

Chapters:

00:00 Inflation and Housing Collide

02:42 Fed Averaging Target Nonsense

05:45 COVID Stimulus Fueled Inflation

09:36 PPP Fraud and Fed Balance Sheet

14:31 Transitory to Political Fallout

18:08 2026 CPI Surge and Weak Growth

22:42 Polls Turn on Trump Economy

26:17 Energy Shock and PPI Warning

29:30 Fed Behind Inflation

32:05 Import Export Price Shock

34:27 Gold Silver Mispricing

35:00 Housing Crash Parallels

39:07 Builders Slash Prices

42:32 Affordability Math Breaks

43:53 Banks Mortgage Loss Trap

51:05 Defaults And Bailouts Ahead

54:18 Fed Cornered By Inflation

56:54 Protect Wealth And Diversify

58:19 Politics Deficits And Dollar

01:00:22 Closing And Subscribe

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Producer prices rose 1.3% in one month, 17% annualized. Gold and silver fell anyway, and that is a gift.

Peter Schiff wraps a week of hotter-than-expected inflation data: September CPI up 0.6%, PPI up 1.3% against 0.5% expected with core up 0.7%, import prices up 1.1%, and export prices up 2.2% in a single month and 11.6% year over year. Traders sold gold, silver and bonds on the idea that the Fed will get tougher, but the numbers show the Fed has already lost. Fed Chair Kevin Warsh is a dove in hawk's clothing, with one 25 basis point hike in five months while the balance sheet and money supply keep growing. Gold ended near $4,145 and silver near $56.85, a buying opportunity for anyone who understands what comes next.

He explains why a mortgage crisis is brewing: $8 trillion of fixed-rate mortgages averaging 4.6% with rates at 7.5% means $2 trillion in unrealized losses before a single default, more than four times the losses of the 2008 crisis. Plus inflation under Trump versus Biden, oil above $101 as the Strategic Petroleum Reserve drains, $1.4 trillion in annual interest on the national debt, and why Peter is dressed as Goldmember.

September prices rose 0.6%, or 7.4% annualized. Peter Schiff explains why the Fed has already lost the inflation fight and housing is next.

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September prices rose 0.6% in a month. Annualized, that is 7.4% inflation, and Washington never reports it that way.

Peter Schiff breaks down the September CPI report: a 0.6% monthly gain, 3.7% year over year, and a hotter-than-expected core reading. Washington annualizes GDP to make it look bigger but never annualizes inflation. Markets sold off across bonds, gold, silver and tech, and the odds of an October rate hike jumped from about 15% to over 40%. Peter explains why Fed Chair Kevin Warsh is a dove in hawk's clothing, with one 25 basis point hike in five months while the money supply and balance sheet keep growing. The Fed has already lost the inflation fight, which makes the sell-off in gold and silver a buying opportunity.

He traces the spiral: deficits drive inflation, inflation drives rates, and higher rates widen the deficits again. With the 30-year mortgage above 7.5% and Fannie Mae and Freddie Mac down more than 20% in three days, home prices have to fall. Plus the Beige Book's stagflation signal, 479 new 52-week lows against 60 new highs, and why Richard Heart's arrest confirms Peter's call on HEX.

Chapters:

00:00 Deficit Inflation Spiral

01:02 CPI Shock Breakdown

03:47 Markets React Rate Hike Odds

07:28 Gold Mispriced Opportunity

08:08 Fed Hawk Talk Exposed

10:18 Why Bonds Lose to Inflation

14:24 Housing Standoff Fannie Freddie

16:36 QE Return Dollar Risk

17:18 Buy the Dip Pitch

18:37 Inflation Hawks Smoke Mirrors

21:24 Socialism vs Capitalism Defined

28:20 Trump Ceasefire Reality Check

31:36 Tariffs and 5000 Check Promises

35:27 AI Work Guide Plug

36:10 Beige Book Stagflation

37:16 Stock Market Reality Check

39:18 Big Banks Double Standard

43:32 AmEx Deal Fallout

46:01 Debanking And Politics

48:22 Smoking Gun Email

57:44 FOIA Evidence Trail

01:00:11 Media And Government Corruption

01:05:54 Nick McKenzie Theory

01:12:21 Crypto Fraud Arrest

01:14:16 Gold Silver Signoff

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#Trump #Inflation #Gold

Consumers are more worried now than at 2022's 40-year inflation high. Peter Schiff shows why the 'greatest economy ever' is pure fiction.

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Consumers are more worried about their finances than at any point in 75 years. Washington calls it a boom.

Peter Schiff takes apart the claim that America has the greatest economy in history. The University of Michigan's current conditions index just fell to an all-time low in a survey that dates to 1951. Households were less worried during the Cuban missile crisis, the 1970s gas lines, 9/11, the 2008 financial crisis, COVID and the 40-year inflation high of 2022 than they are today. Loan delinquencies are the highest since 2010, and the biggest wealth gains are going to households headed by someone 75 or older, because the same policies that raise the cost of living also inflate the stocks they own.

Peter argues the weak economy explains the week's politics: a diesel deal with Russia three weeks after a law authorizing 100% tariffs on buyers of Russian energy, a pledge not to bomb Iran until after the midterms, and a committee of Trump appointees investigating Fed governor Lisa Cook. He also covers Fed minutes in which officials concede policy is not restrictive, a 30-year Treasury yield that reached 5.73%, why 7.4% mortgages are a return to normal, the week in gold, silver and Bitcoin, and why barring Microsoft from sponsoring foreign workers sends those jobs, taxes and spending overseas.

Chapters:

00:00 Record Low Confidence

01:03 Trump Boom Claims

03:39 Michigan Sentiment Shock

06:58 75 Years of Crises

11:19 Great Economy Fiction

11:36 Winter Prep Sponsor

12:46 Polls and Debt Stress

16:19 Who Benefits From Boom

17:54 Russia Diesel Flip Flop

22:29 Iran Timing and Markets

24:16 Rename AI to SI

26:06 Lisa Cook Probe Committee

28:51 Mortgage Fraud Politics

30:53 Fed Minutes More Hikes

32:02 Bond Yields New Normal

33:05 Bitcoin Real Estate Debate

36:40 High Debt High Rates

38:15 Weekly Market Recap

39:03 Gold Silver Buy Zone

40:27 Bitcoin Anniversary Reality

42:50 Treasury Yields Reality Check

44:43 H1B Visa Backlash

46:30 Who Owns The Job

52:42 Remote Hiring Consequences

56:29 Wrap Up And Sign Off

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#PeterSchiffShow #Inflation #Economy

Tariffs failed, imports hit a record, and France is rioting. Peter Schiff explains why America's sovereign debt crisis is next.

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Imports hit a record in August, the tariffs failed, and France just showed America where runaway debt ends.

Peter Schiff opens with the August trade deficit: $105.6 billion against a $99 billion forecast, with total imports at a record high despite Trump's tariffs. The tariffs did not reduce buying; they only made imports more expensive. Prices paid in the ISM services survey rose to 74, the highest since July 2022. Peter argues Republicans squandered two years of control and that Trump could have forced a balanced budget by vetoing debt ceiling increases, but pushed to abolish the ceiling instead.

France is the preview. Its 10-year yield of 4.75% now sits below America's 5.28%, its government spends 57% of GDP, and even timid proposals to slow spending growth are meeting protests in the streets. Peter explains why the eurozone failed exactly as he warned in the 1990s, then makes the case that keeping America out of World War I would have prevented World War II. With gold below $4,200 and silver near $60, he argues precious metals are the last safe haven as sovereign debt crises spread.

Chapters:

00:00 Global Debt Unrest

00:42 Stocks Hit Records

02:37 Trade Deficit Shock

07:40 Tariffs Backfire

10:48 Inflation Signals Rising

12:51 GOP Spending Failure

16:28 Veto Power Missed

18:25 MAGA Loyalty Machine

25:09 France Bond Spread Alarm

30:47 France Cuts Spark Protests

32:55 Welfare State Backlash

33:41 Pension Changes Explained

34:40 Healthcare and Sick Pay Tweaks

36:27 Freezes and Token Cuts

38:24 Debt Crisis and ECB Limits

39:18 Eurozone Moral Hazard

43:23 ECB Bailouts and Inflation

44:26 France as US Warning

45:11 Brazil Election Market Reaction

47:38 Tucker Interview on War

49:31 Why WWI Led to WWII

55:13 Unintended War Consequences

01:00:09 Wrap Up and Gold Pitch

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#PeterSchiffShow #Tariffs #SovereignDebt

Peter Schiff on a 29,000 jobs miss, weak wage growth, a $132.6B trade deficit, Trump's inflation remark, and why bonds sold off anyway.

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Peter Schiff breaks down the September jobs report: just 29,000 jobs against an 85,000 estimate. July was revised back to negative 10,000 and August down to 133,000. Unemployment rose to 4.2%, private payrolls added 46,000, and average hourly earnings rose only 0.1%, the smallest monthly gain in more than five years, while August CPI rose 0.4%. Peter had forecast both the miss and the downward revisions on Tuesday's podcast.

Peter explains why the bond market sold off despite the weak report and softer August PCE data, even as the odds of an October rate hike fell sharply. The 10-year Treasury closed the week at 5.28% and the 30-year at 5.63%, which he calls classic bear market action. He also covers personal income rising 0.2% against spending up 0.9%, a 4.1% savings rate, and an August trade deficit of $132.6 billion, the fourth worst in US history, which he says shows tariffs have not reduced imports and that importers are the ones paying them.

On stocks, Peter notes the Nasdaq hit an intraday record while 147 stocks made new 52-week lows against 38 new highs on the week, breadth he compares to 1999-2000 and 1973. He responds to President Trump's interview comment that inflation will pay off the debt, arguing it amounts to a sell signal for bondholders, and disputes Trump's claim that he inherited inflation from Biden.

Peter reviews gold near $4,140, silver at $60.37 and the miners, Bitcoin near $84,500 and Strategy's Stretch trading back near par, and argues the data points to stagflation, with AI capital spending propping up GDP. He discusses the G7's 100 million barrel oil reserve release, mortgage rates he thinks could reach 8% this month, risks to housing, autos, credit and Fannie and Freddie, $40 trillion in debt at 5% interest, Janet Yellen's past comments on low rates, and Rick Santelli's final day at CNBC. He closes by urging listeners to buy the dip in gold and silver, with support near $4,000 and $60.

Chapters:

00:00 Bond Crisis Warning

01:02 September Jobs Shock

03:02 Revisions and Labor Details

06:22 Wages Lag Inflation

08:16 Bonds Sell Off Anyway

12:36 Income Spending PCE

15:47 Trade Deficit Tariffs

20:13 Stocks Ignore Rising Yields

26:48 Trump Inflation Pays Debt

28:06 Inflation Pays Debt Claim

29:02 Who Owns Inflation Blame

30:17 Bondholders Get Burned

31:20 Weekly Market Scorecard

31:49 Gold Silver Yield Paradox

34:13 Stagflation And AI Distortion

36:17 Bitcoin Strategy Stretch Update

38:35 Bond Vigilantes Take Over

40:21 Oil Reserves And Mortgage Shock

45:08 Debt Math And Crisis Setup

49:51 Midterms And Voter Reality

51:56 Buy Metals And Wrap Up

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#PeterSchiffShow #JobsReport #BondMarket

Peter Schiff on record bond yields, a 12-year low in consumer confidence, the end of the 40-year refi era, and why gold is the last safe haven.

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Bond yields hit new highs on weak data, consumer confidence sank to a 12-year low, and Peter says the end game has arrived.

The 30-year Treasury touched 5.62% and the 10-year closed at 5.26%, two weeks after 5% was supposed to be the ceiling. What makes this week different is that bonds sold off on bad news: consumer confidence collapsed to 81.9, the lowest in 12 years and below the depths of the pandemic, job openings missed, and yields rose anyway. Peter's warning is direct: if Friday's jobs number is weak and bonds still fall, the orderly grind lower becomes a crash. Gold's $170 drop is the market getting this backwards. Money leaving bonds ends up in gold, the last safe haven standing.

The bigger story is housing. America is now in the worst quadrant, high debt and high rates, which it has never lived through. For 40 years mortgage rates only fell, from 18% in 1981 to 2.65% in 2021, and homeowners rode that wave with serial cash-out refis that turned the house into an ATM. At 7.4% and headed past 8%, that era is over: no more refis, no cash out, no wealth effect, with homes at five times income and down payments at 13.8%. Fannie and Freddie are down 75% while the government buys more mortgage bonds. Neither party will name a cut. Every crisis Peter has warned about is converging, and he says to get your plan B in order.

Chapters:

00:00 Bond Crash Warning

01:02 Yields Surge and Mortgages

02:59 Gold Dip and Safe Haven

07:11 Weak Data Ignored

13:21 Housing Market Cracks

14:48 Password Security Ad

16:00 High Debt High Rates Era

19:17 Housing Bubble Math

23:56 Refi Boom Ends

28:24 Home Prices Next Drop

31:30 Noom Weight Loss Pitch

33:07 GSE Stocks Get Crushed

35:50 Trump Hype And Dump

39:39 PSA Or Campaign Ad

42:41 Deficits Nobody Will Cut

47:59 Affordability Promises Backfire

50:08 Socialism Messaging Trap

52:12 AI Hope Versus Debt Crisis

56:02 Fed Out Of Tricks

56:43 Prepare For The Storm

57:28 Wrap Up And Plan B

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#PeterSchiffShow #BondMarket #MortgageRates

Peter Schiff on why 86% of the S&P is already in a bear market, the 1973 and 2000 parallels, 5% Treasury yields, and new IRS emails on his bank.

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Market breadth has only been this bad twice in 100 years, and both times the S&P 500 fell nearly 50%.

Peter Schiff opens with the relentless rise in long-term yields: the 10-year Treasury closed at 5.16%, the 30-year at 5.49%, and the five-year at 5.00%, while stocks shrug it off. Mortgages sit above 7% only because the Trump administration ordered Fannie and Freddie to buy, and Peter expects 8% regardless. Bond yields rose even as oil fell from $100 to $92, showing the bond market has decoupled from the Fed narrative. The S&P is 0.7% from a record, but the average stock is 19% below its high, 60% of stocks are in bear territory, and new lows outpaced new highs three to one. Peter compares this to January 1973 and early 2000, the only two precedents, both followed by roughly 49% declines. He also covers the Michigan sentiment drop to 48.1 and the hoarding psychology behind it, Bill Ackman's call to raise the inflation target, why rising yields are bullish for gold, and the Trump-Xi meeting that produced no commitments. The second half returns to Euro Pacific Bank: newly unredacted IRS emails reveal an MOU with OCIF and no answer when the IRS-CI chief asked what the bank did wrong, while the receiver has repaid 78 of roughly 3,500 customers in four years and paid himself over $850,000.

Chapters:

00:00 Breadth Crash Warning

00:59 Bond Yields Surge

04:40 Global Rates and Mortgages

07:37 Oil Link Breaks

11:01 Consumers and Hoarding

14:58 Markets Misread Gold

18:47 Hidden Bear Market Breadth

21:06 History Rhymes Again

23:21 Ackman and Inflation Target

29:15 China Summit and Tariffs

33:05 Bank Shutdown FOIA Fight

38:20 FOIA Fight With IRS

39:11 Settlement And New Disclosures

42:03 Press Conference Double Standard

43:46 Jim Lee Email Questions

47:10 MOU Proof Of Coordination

50:56 Unanswered Questions Expose Narrative

55:02 Publicity Stunt Motive

56:04 Portugal Freeze Fallout

57:23 Receivership Numbers Breakdown

01:04:40 Government Vs Free Market Rant

01:06:41 Congress Won't Act

01:07:41 Wrap Up And Investing Pitch

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Peter Schiff serves as Global Strategist of Euro Pacific Asset Management, LLC (“EPAM”), an SEC-registered investment adviser. The views and opinions expressed are those of Mr. Schiff as of the date of recording and may change without notice. Certain statements concerning historical events and regulatory matters reflect Mr. Schiff’s interpretation of the facts and information available to him.

Market and investment commentary is provided for informational purposes only and does not constitute individualized investment advice or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. International investing involves additional risks, including currency, political, economic and regulatory risks.

For information regarding EPAM’s investment advisory services, please visit europac.com. Registration with the SEC does not imply a particular level of skill or training.