Warsh admitted monetary policy caused inflation. Bessent thinks silver certificates still redeem at Fort Knox. And import prices are up 7.1%.

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Treasury Secretary Scott Bessent told Fox viewers that old silver and gold certificates can still be redeemed at Fort Knox. Gold certificates were repudiated in 1933 and silver certificates in 1968. Peter Schiff argues that if the man who signs the currency does not know basic monetary history, there is no reason to trust his assurance that the gold in Fort Knox is all there.

Markets confirmed the AI bubble is deflating. SpaceX fell 13.25% on the week to close below $124, under its $135 IPO price, and anyone who bought the post-IPO high near $225 is down 45%. Only about 5% of the company trades today, but lockups expire through year end and take the float to roughly 40%, an eightfold increase in supply. Gold closed at $4,017 and silver at $55.83, which Schiff calls a head fake created by the false narrative that war is bad for gold.

The honest inflation numbers tell a different story than the CPI: import prices are up 7.1% year over year and export prices are up 10.2%, against a reported 3.5%. Kevin Warsh admitted in Senate testimony that monetary policy caused the inflation, then offered a plan that amounts to talking about it while the Fed's balance sheet grew another $7.4 billion. Schiff also covers Trump selling paid early access to market-moving posts and explosive new FOIA emails showing Euro Pacific Bank was shut down for publicity, with the Australian Tax Office driving the operation to protect a journalist facing his defamation suit.

Chapters:

00:00 Trump Posts Paywall

01:23 Market Week Wrap

07:42 Gold Silver War

09:52 Inflation Data Reality

23:30 Warsh Hearing Grifts

37:59 AI Jobs and Progress

40:22 Trump Post and Fox Fallout

44:05 FOIA Trail and Censorship Claims

50:31 Nine Fraud Bank Shutdown Emails

57:07 Operation Atlantis PR Exposed

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In 1914 the Fed ran on 40 people and no computers. Today it takes 23,000. Fire them all and let AI do it... it can't do any worse.

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Kevin Warsh delivered his first congressional testimony as Fed Chair, and Peter Schiff breaks down a hearing where everyone discussed inflation while misdefining the term and ignoring their own role in causing it. June CPI came in at -0.4% versus the expected -0.1%, dropping year-over-year inflation to 3.5% — but the entire decline came from a temporary oil price drop that is already reversing as the Iran war reignites and oil climbs back 20% in July. Bond yields tell the real story: the 30-year is back near 5.1% and the 10-year near 4.6%, erasing nearly the entire post-CPI rally.

Schiff's biggest revelation from the hearing: the Fed employs 23,000 people to do a job that required just 40 when it opened in 1914 — with no computers — and argues the entire institution could be replaced by a single AI or abolished outright. He dismantles Warsh's claim of "regime change" at the Fed as being as fake as regime change in Iran, exposes the redefinition of "price stability" to mean prices that rise just slowly enough that people stop complaining, and shows how the 2% target was always a lie invented to justify inflation. He covers Warsh admitting inflation is a tax while planning to keep levying it, the court throwing out Trump's self-negotiated IRS settlement that granted his family immunity, and the AI CapEx bubble turning tech's biggest cash generators into massive borrowers that will break the bond market.

Chapters:

00:00 AI Spending Arms Race

01:08 Markets Brace for CPI

06:07 CPI Surprise and Gold Whipsaw

07:34 Oil Driven Inflation Mirage

11:40 What Inflation Really Means

14:11 Congress and Fed Share Blame

17:58 Fed Headcount Shock

22:32 Two Percent Target Myth

27:05 Regime Change and Price Stability

33:40 Day One Recap Continues

34:09 Grow My X Account

35:13 Congress Inflation Theater

36:06 Trump Grift Claims

37:30 IRS Settlement Outrage

39:51 Rates Versus Balance Sheet

41:08 Who Wins Low Rates

43:46 Fed And Black Workers

49:09 AI Bubble Warning

51:15 Hyperscalers Debt Spiral

55:38 Bond Market Breaking Point

58:16 Strategy Stock Dilution

01:00:30 Bitcoin Levels And Regrets

01:01:30 Subscribe And Sign Off

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A new housing law just passed that guarantees prices go higher. Bonds are breaking. And every bank bullish on Bitcoin refuses to buy Stretch.

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The Iran peace deal collapsed and the war is back on, yet US stock markets barely reacted — the AI bubble powering tech kept the S&P and Nasdaq positive while gold and silver sold off, with gold closing at $4,019 and silver falling 3.5% below $60. Bond yields climbed back to cycle highs with the 10-year at 4.56% and the 30-year at 5.06%, and Peter Schiff sees a major breakdown ahead that will hit stocks, housing, and crypto simultaneously.

The 21st Century Road to Housing Bill became law without Trump's signature, and Schiff argues it will make housing worse, not better. Nine decades of government housing policy — every program sold as making homes more affordable — have produced the least affordable housing in American history, because subsidizing demand raises prices and the money ends up in sellers' pockets. Trump has openly said he wants home prices to rise, in the middle of an affordability crisis. Meanwhile SpaceX fell 36% from its highs in under two weeks with every open-market buyer underwater and lockup expirations still ahead. Every Wall Street firm covering Bitcoin is bullish — Citi at $82K, Standard Chartered at $100K, Bernstein at $150K, JP Morgan at $170K — yet not one is buying Stretch at $87.48, where a 13.7% yield proves the market doesn't believe Bitcoin can appreciate 12% a year. They don't believe their own forecasts.

Chapters:

00:00 Markets Defy Bad News

01:38 War Tensions and Metals

05:11 Bond Yields Warning Signs

06:57 AI Bubble and IPO Mania

11:42 Bitcoin Hype and Wall Street

17:07 Dollar Flat Oil Rising

18:09 Housing Bill Political Fight

19:54 Affordability Crisis Explained

24:16 How Subsidies Inflate Prices

32:03 Bubble Collateral Trap

32:58 Jobs Report Media Spin

34:40 Housing Supply Not Subsidies

37:20 Save America Act Debate

41:25 Voting Rights Republic Critique

52:49 Democracy Incentives Corruption

57:12 Two Party No Choice

58:42 Podcast Wrap Up

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Iran deal dead. DOGE dead. Saylor selling at a loss. Medieval serfs kept more of their income than you do. I warned you about all of it.

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The Iran peace deal collapsed and the war is back on, with Trump acknowledging he was "two weeks from a depression" when he agreed to the MOU — a confession Peter Schiff says handed Iran all the leverage. Oil jumped 6% to $75, but the real story is bond yields: the 10-year hit 4.58% and the 30-year 5.07% — nearly at cycle highs despite oil being 25% below its peak, proving the debt, not the war, is driving yields higher.

FOMC minutes revealed that 9 of 13 members now support rate hikes after zero did just 90 days ago — theatrics Schiff says Warsh is orchestrating to appear hawkish without ever delivering. The May goods trade deficit exploded to $106.5 billion despite Trump's tariffs, continuing the pattern from his first term. DOGE was officially shut down with zero spending cuts achieved. Strategy sold 3,588 Bitcoin at a $15,000 per coin loss while Stretch sank to $86, and Trump's new savings accounts give kids $1,000 in borrowed money they'll repay through inflation. Schiff closes by noting that medieval serfs kept 75% of their output — more than the average American keeps today — making modern taxpayers lower in status than feudal peasants.

Chapters:

00:00 Freedom Versus Slavery

00:46 Iran Deal Collapses

05:04 Markets React to War

07:15 Oil Bonds and AI Bubble

16:17 Fed Minutes Rate Hike Theater

21:28 Tariffs Inflation Excuses

26:10 Real Rates and Debt Trap

27:41 Trade Deficit Reality Check

30:03 AI Threat to Services Surplus

32:32 Democracy Deficits and Rights

34:59 Rights And Healthcare

36:28 Housing And Free Markets

40:08 Tax Cuts And Wealth Theft

45:55 Taxes And Modern Slavery

48:25 DOGE Shutdown And Bitcoin Crash

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Saylor authorized $1.25B in Bitcoin sales. 514K full-time jobs vanished. Trump made $2.2B selling access. 250 years later, we need another revolution.

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The June jobs report came in at 57,000 — half of the lowest estimate — with May revised down from 172,000 to 129,000. Full-time employment collapsed by 514,000 in a single month, bringing total full-time job losses since Trump took office to 2.24 million. The labor force participation rate dropped to 61.5% as 700,000 workers simply gave up, and manufacturing has lost 73,000 jobs despite Trump's tariff promises.

Michael Saylor officially surrendered the "never sell Bitcoin" thesis, establishing a "Bitcoin monetization fund" authorizing up to $1.25 billion in Bitcoin sales to maintain dollar reserves, buy back common stock, and repurchase Stretch preferreds trading at $87.80. He raised the Stretch dividend to 12% with mandatory increases ahead. Peter Schiff argues this transforms Strategy from the market's biggest buyer into its biggest seller, removing the bid that underpinned Bitcoin's price. Trump's financial disclosure revealed $2.2 billion in income — $1.4 billion from meme coins and tokens alone — while Mar-a-Lago membership hit $1 million and the Executive Club charges $500,000 for a restaurant seat next to cabinet members. Peter closes with a 250th Independence Day reflection, arguing Americans today face more tyranny than the colonists ever did under King George, and that the revolution we need now must happen at the ballot box.

Chapters:

00:00 Holiday Intro and July 4th Tease

00:37 Jobs Report Shock and Revisions

03:43 Full-Time Jobs Slide and Tariff Reality

07:29 Fed Rate Hike Theater and Gold Bounce

16:28 Bitcoin Strategy Turns Seller

29:57 Meme Coins as Bribes

31:09 Paying for Trump Access

34:26 Debt Gimmicks and Deficits

35:38 Independence Day and Founding Ideals

45:45 Modern Tyranny and Peaceful Revolution

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Stretch hit $71 intraday. Strategy down 85% from peak. The first lawsuit just landed. And CNBC has gone completely silent.

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The Strategy death spiral accelerated dramatically this week. Stretch preferred stock plunged 18% to close at $79 after hitting an intraday low of $71 — a 29% loss from par that wiped out more than two years of dividend income in weeks. Strategy common stock crashed 30% in a single week and is now down 85% from its peak, trading at a massive discount to its Bitcoin NAV. The first class action lawsuit was filed against Strategy, and Schiff expects tens of billions in total legal liability from both Stretch and common equity holders.

Saylor continued selling common stock to buy Bitcoin despite each purchase destroying shareholder value — diluting Bitcoin per share at the current discount. Schiff argues this is done solely to maintain the illusion that Strategy is still a buyer, propping up Bitcoin's price at shareholders' expense. Bitcoin fell 8.3% to below $60,000 but is only the beginning — with Strategy sidelined as a buyer and ETF holders sitting on losses, there is no marginal buyer left. Gold traded below $4,000 and silver dropped to $56 intraday before recovering, but Schiff sees this as the likely bottom of the correction and the buying opportunity of the cycle. Alan Greenspan died at 100, and Schiff eulogized him as the architect of modern monetary inflation who proved that even a gold bug will choose inflation when given the power of the printing press.

Chapters:

00:00 Death Spiral Warning

01:50 Stretch Ponzi Explained

09:36 Why It Must Collapse

18:41 This Week’s Crash Data

28:57 Lawsuits and Market Fallout

33:14 Gold and Silver Bottoming

34:43 Fed Hype and Inflation Reality

39:11 Greenspan Legacy and Gold Signal

43:21 Dump Crypto Buy Metals

52:43 Ford Wage Myth and Wrap Up

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Iran's regime survived, got $300B, and we reopened what we closed. Adam Schiff wants to steal Musk's trillion. Japan is about to blow.

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The Iran MOU is being celebrated as a great victory, but Peter Schiff argues it achieved nothing more than returning to pre-war conditions: no fighting and the Strait of Hormuz open — both of which were true before the war started. Iran's regime survived, got immediate sanctions relief, access to a $300 billion investment fund, and frozen assets returned. The only concession is a promise not to develop nuclear weapons — the same promise they were making before the war that Trump said wasn't good enough.

Schiff dismantles Adam Schiff's viral video calling for confiscation of Elon Musk's trillion-dollar wealth, showing that dumping that much stock would crash the price to a fraction of its value, destroy two companies, eliminate the incentive for future entrepreneurs, and give each household a one-time $7,500 check they'd spend in a week — the communist promise that has failed every time it's been tried. California's billionaire wealth tax made the ballot, threatening a 5% annual levy that would trigger a mass exodus. Meanwhile, Japan's debt crisis is accelerating with the yen breaking down past 160, 10-year JGBs at 2.65%, and a debt-to-GDP ratio of 250% — at 4% interest rates, two-thirds of Japanese tax revenue would go to interest alone. Schiff calls it a preview of America's future.

Chapters:

00:00 Crisis Without a Plan

00:48 Father’s Day Intro

02:21 Iran MOU Reality Check

09:40 Who Really Wins the Deal

17:10 Wealth Inequality and Billionaire Taxes

31:16 Why Capital Matters

32:29 Panama Wealth Conference

33:47 Schiff vs Billionaires

35:00 Confiscation Fallout

42:43 Japan Yen Crisis

50:58 Gold Fed Reality Check

54:23 Accountability and Wrap Up

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Warsh set up 5 task forces to study inflation. You only study a problem when you don't want to solve it. Same game, new players.

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Kevin Warsh's first FOMC meeting delivered a hawkish surprise — rates held at 3.5-3.75% unanimously, forward guidance was eliminated, and dot plots now project two rate hikes by year-end. But Peter Schiff argues it's all theater. Instead of actually fighting inflation, Warsh announced five new task forces to "study" the Fed's balance sheet, communications, data sources, jobs, and inflation itself — the classic government move of establishing committees to avoid solving problems.

Warsh acknowledged inflation is a choice, and Schiff agrees — the Fed has chosen inflation over the alternative of crashing markets and forcing fiscal responsibility since the Greenspan era. The question is whether Warsh will break that tradition when push comes to shove. Schiff says no: Trump won't tolerate a bear market, the Treasury Secretary is having weekly breakfasts with the Fed Chair, and the political pressure to print will overwhelm any hawkish posturing. Meanwhile, Strategy's death spiral accelerated with Stretch falling to $89 — wiping out the entire annual yield in one month — while Saylor continues diluting common shareholders to fund dividends he can't sustain. SpaceX soared past $3 trillion on a 4% float, sucking speculative capital away from crypto and accelerating Bitcoin's decline to $64,000.

Chapters:

00:00 Warsh Shocks Markets

00:45 Rates Hold Steady

01:26 Trump Versus Powell

03:42 Shortest Fed Statement

06:01 Ample Reserves Contradiction

07:13 Five Task Forces Announced

32:18 Term Insurance Not Investing

33:40 Fed Task Forces Skepticism

39:56 Inflation Tax And Politics

44:37 SpaceX IPO Mania

47:23 Bitcoin Strategy Death Spiral

55:37 Gold Silver Buy The Dip

56:29 Same Fed Same Game Wrap Up

58:29 Closing And Follow Me

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Musk is worth $1 trillion with zero income. We're spending $1.6 trillion on interest. CPI is on pace for 6.2%. This is the peak of the bubble.

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SpaceX debuted as the biggest IPO in history, raising $75 billion at a $1.8 trillion valuation before closing above $2 trillion — making Elon Musk the first person worth $1 trillion. Peter Schiff puts this in perspective: JD Rockefeller, the previous richest American ever adjusted for inflation, earned the equivalent of $2 billion per year in actual income from Standard Oil. Musk has essentially zero income — SpaceX loses money and trades at 100x revenue — making his trillion-dollar net worth entirely a function of bubble valuations driven by decades of monetary excess.

Meanwhile, the May federal deficit exploded 32% year-over-year to $293 billion, with interest expense surging 44% to $133 billion in a single month — $1.6 trillion annualized, consuming 30% of all tax revenue. That's the entire federal budget from 1997 spent on interest alone. CPI rose 0.5% in May, putting 2026 on pace for 6.2% annual inflation — the highest since 2022 and potentially headed for 1981 levels. PPI came in at 1.1% for the second straight month, annualizing to 14%. Gold successfully retested its March low at $4,040 before recovering to $4,218, with mining stocks posting a positive divergence despite metal weakness. The Strategy death spiral deepened as Saylor diluted common shareholders to buy Bitcoin, destroying the "Bitcoin yield" narrative he built the company on.

Chapters:

00:00 Cold Open and Intro

01:23 SpaceX IPO Mania

03:18 Musk vs Rockefeller Wealth

06:31 Bubble Valuations Explained

09:59 Markets Week and Metals Drop

11:47 Gold Retest and War Narrative

17:20 Deficits and Interest Time Bomb

26:30 Inflation Data and Fed Boxed In

37:43 Other Markets Crypto and Wrap Up

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Saylor sold Bitcoin for the first time, Stretch hit $90, and the self-perpetuating death spiral I've been warning about just started.

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The tech wreck Peter Schiff has been warning about may have finally started. Bitcoin plunged 16% on the week to below $60,000, wiping out all post-election gains and pushing Strategy's 840,000 Bitcoin position $12 billion underwater. Stretch preferred stock fell to $90, triggering a potential death spiral: Saylor must either raise the dividend to prop the price back up — burning through his already depleted cash reserves faster — or watch holders flee, which craters both Stretch and Strategy, forcing the liquidation of all 840,000 Bitcoin at fire-sale prices.

Strategy sold 32 Bitcoin this week — the first sale ever — and Schiff argues this was a warning shot, not a one-off. The Nasdaq dropped 4.6% on Friday after a jobs report that showed 172,000 jobs created, 158,000 of which came from the birth-death model alone. Tech layoffs hit pandemic-era highs as companies redirect payroll savings into AI CapEx. Meanwhile, Trump valued Fannie and Freddie at a trillion dollars — a fiction Schiff dismantles, since the companies' mortgage guarantees are liabilities, not assets. Gold dropped 3.3% and silver fell 8.7% on algorithmic selling, but Schiff calls it the buying opportunity of the year as every macro force — collapsing real rates, forced Fed money printing, and the flight from risk assets — points to precious metals.

Chapters:

00:00 Death Spiral Warning

00:34 Market Turbulence Setup

01:43 Jobs Report Reality Check

08:51 AI Bubble Funding Crunch

17:26 Crypto Crash and Strategy Unwind

28:19 Crypto Treasury Unraveling

29:09 Ethereum Leverage Warning

32:56 Gold Silver Safe Haven

34:57 Bitcoin Down Year Math

43:07 Fannie Freddie Valuation Myth

50:47 Dollar Stress Value Rotation Wrap

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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.

This episode is sponsored by Rockwell Automation. Download their 11th Annual State of Smart Manufacturing Report at https://rok.auto/sosm

This episode is also sponsored by Ethos. Protect your family with life insurance from Ethos. Get up to $3 million in coverage in as little as 10 minutes at https://ethos.com/gold. Application times may vary. Rates may vary.

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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